Recently, there were swing moves in bitcoin price. BTC/USD surged above the USD 8,600 and USD 8,700 levels. However, BTC/USD struggled to surpass USD 8,800 and recently started a decline. The price is down more than USD 400 and it broke the USD 8,500 support area. Similarly, there was a decent upward move followed by a strong decline in many major altcoins, including ethereum, EOS, bitcoin cash, ripple, litecoin, binance coin, ADA and XLM. ETH/USD is topped near the USD 196 level and it is currently (08:00 UTC) trading below USD 190. XRP/USD is facing renewed selling pressure and it is now trading below the USD 0.270 support area.
Total market capitalization
In the past few hours, bitcoin price saw a lot of volatility above the USD 8,500 level. First, BTC/USD climbed above the USD 8,700 resistance area. However, BTC/USD faced a major resistance near USD 8,800 and it failed to continue higher. As a result, there was a sharp decline below the USD 8,600 and USD 8,500 support levels.
The price is down more than 3% and it is trading below the USD 8,400 level. If there are more downsides, the price may perhaps test the USD 8,200 support. On the upside, the USD 8,500 level could once again act as a resistance, followed by USD 8,600.
Ethereum price failed to gain strength above the USD 195 and USD 196 levels. ETH/USD reacted to the downside and broke a couple of important supports near USD 190 and USD 188. The price is now testing the USD 184 support, below which it could test the USD 180 level.
On the upside, the USD 190 level may perhaps act as a decent resistance. The main hurdle is near the USD 195 and USD 196 levels.
Bitcoin cash, eos and XRP price
Bitcoin cash price is down more than 5% from the USD 240 swing high. BCH/USD is trading near the USD 220 support. If there are more downsides, the next stop for the bears might be near the USD 205 level. On the upside, an initial resistance is USD 230. The key resistance is near the USD 235 level.
EOS failed to climb above the USD 3.300 resistance and recently started a fresh decline. The price is down 3.5% and it is currently testing the USD 3.050 support area. If there are more downsides, the price might even trade below the USD 3.000 support.
XRP price was the first to start a fresh decline and it broke the key USD 0.272 support area. XRP/USD even traded below the USD 0.270 support and it is currently testing the USD 0.265 support. The next key supports are near the USD 0.262 and USD 0.260 levels.
Other altcoins market today
Recently, a few small capitalization altcoins trimmed gains and declined more than 6%, including ZIL, SEELE, NEX, HOT, BCD, CRPT, MCO, WAVES, NEXO and XEM. Out of these, ZIL is down around 17% and SEELE declined nearly 12%.
Overall, bitcoin is trimming gains and is showing bearish signs below the USD 8,500 support. If BTC/USD slides below the USD 8,200 support, it could move into a negative zone and start a fresh downtrend.