Bitcoin and Altcoins Signaling Downtrend Continuation

Bitcoin and Altcoins Signaling Downtrend Continuation
(Source: www.tradingview.com)

In the past few days, there were heavy downsides in bitcoin. BTC/USD traded below many supports such as USD 8,000, USD 7,650 and USD 7,050 to move further into a downtrend. It recently tested the USD 6,550 support zone and currently (09:00 UTC) remains at a risk of more losses.

More importantly, there were sharp losses in most major altcoins, including ethereum, bitcoin cash, ripple, EOS, BNB, TRX, ADA, and XLM. ETH/USD is down more than 10% today and it even tested the USD 135 support area. XRP/USD is also under a lot of pressure below USD 0.220 and it recently tested the USD 0.202 support area.

Total market capitalization

Bitcoin price

After a downside break below the USD 7,500 support, bitcoin price declined heavily. It is down around USD 1,000 and recently tested the USD 6,550 area. If there are more downsides, the next stop and a major support zone is seen near the USD 6,250 level. On the upside, an initial resistance area is near the USD 6,800 level. The main resistances are near USD 6,950 and USD 7,000, above which there are chances of a decent upside correction. The next weekly hurdles are near USD 7,350 and USD 7,400.

Ethereum price

Ethereum price is bleeding and it recently traded below a few major supports near USD 165 and USD 150. ETH/USD tested the USD 135 support and there are still no signs of an upside correction. On the downside, the main weekly supports are USD 135 and USD 122. If there is a clear break below the USD 122 support, the price could extend its decline towards the USD 110 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down more than USD 100 in the past few days. BCH/USD traded below the USD 210 support level and even settled below USD 200. It seems like the bears are not done yet and they are eyeing a test of the USD 185 and USD 175 support levels. Litecoin is also down more than 10% and it settled below the USD 50.00 and USD 46.50 support levels. LTC is now trading below USD 45.00, with an immediate support near the USD 42.50 level. The main weekly support is near the USD 40.20 level. On the upsides, there are many resistances near USD 48.00 and USD 50.00. XRP price fell significantly after it failed to stay above the USD 0.250 support area. XRP/USD broke the USD 0.232 and USD 0.220 support levels to move further into a bearish zone. It recently tested the USD 0.202 support and is currently correcting higher. However, upsides are likely to remain capped near USD 0.220.

Other altcoins market today

In the past three sessions, many small capitalization altcoins are down more than 12%, including BTMX, VSYS, HC, MKR, HT, ZB, MOF, BTM, REN, STEEM, ENJ, DCR, BTT, DGTX and XVG. Out of these, BTMX and VSYS are down close to 20%.

Overall, bitcoin price is trading in a downtrend and it is even struggling to stay above USD 6,550. If the bears remain in action, BTC/USD could even test the USD 6,000 support in the near term. __

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