This past week, bitcoin and altcoins struggled to continue higher. BTC/USD topped near the USD 13,000 resistance area and recently started a significant downward move below USD 12,000 and USD 11,000. The price dipped more than USD 1,000 in a few hours and tested the USD 10,000 support area. Similarly, there were heavy losses in major altcoins, including ethereum, ripple, bitcoin cash, EOS, binance coin, ADA and XLM. ETH/USD even tested the USD 200 support level and XRP/USD spiked below the USD 0.300 support zone. The overall market sentiment is bearish, but we cannot discard a short term upside correction before the next major move.
Total market capitalization
After a successful daily close below the USD 11,000 support, bitcoin price declined heavily. BTC/USD broke many important supports such as USD 10,600, USD 10,500 and USD 10,250 to post a massive daily drop. It even broke the USD 10,000 support area and traded to a new monthly low near USD 9,800. At the moment (08:10 UTC), the price is correcting higher above USD 10,200, but there are many resistances on the upside.
An initial resistance is near USD 10,400 and USD 10,500. The main weekly resistance is near the USD 11,000 level, above which the price may turn bullish again. On the downside, the USD 10,000 level is a major support, followed by USD 9,650.
Ethereum price declined more than 20% below the USD 250 and USD 225 support levels. ETH/USD even broke the USD 210 level and traded close to the USD 200 level. The pair is currently correcting above USD 220, but it could face a strong resistance near the USD 240 and USD 250 levels.
On the downside, a daily close below the USD 200 support level might put a lot of pressure on the bulls. The next key supports are near USD 185 and USD 170.
Bitcoin cash, eos and ripple price
Bitcoin cash price tumbled below the USD 350 and USD 325 support levels. BCH/USD even broke the USD 300 support and tested the USD 260 level. It is currently correcting higher, but the bulls may struggle to push the price back above the USD 300 handle.
EOS extended its decline below the USD 4.500 support level. The decline was such that the price even spiked below USD 4.000 and traded to a new monthly low near USD 3.950. On the upside, the previous supports near USD 4.500 may now act as a key resistance.
Ripple price also extended losses below the USD 0.350 support level. XRP/USD broke the USD 0.322 support and spiked below USD 0.300. It is currently recovering, but upsides are likely to remain capped near USD 0.322 and USD 0.330.
Other altcoins market today
In the past three sessions, many small cap altcoins declined more than 15%, including ICX, REN, QBIT, SOLVE, BSV, HC, BTM, ARDR, BCD, AOA, AE, ZIL, ONT, GNT, BAT and ISOT. Out of these, ICX is down around 32% and REN declined nearly 25%.
Overall, bitcoin price broke a few important supports to move into a short term downtrend. BTC/USD might continue to decline towards USD 9,500 or even USD 9,150 unless the bulls push the price back above USD 11,000.