Bitcoin and Altcoins Extended Losses
This past week, there were mostly bearish moves in bitcoin and altcoins. BTC/USD failed to hold the key USD 8,200 and USD 8,000 support levels. Bears gained control below USD 8,000 and pushed the price towards the USD 7,500 support area. The price is currently (08:20 UTC) consolidating losses and it might correct higher in the near term. However, there are many hurdles on the upside near USD 8,000 and USD 8,200. Similarly, many altcoins are currently recovering, but they may face hurdles on the upside. Ethereum price is currently trading below USD 240 and it is likely to struggle near USD 245 and USD 250. Ripple price also settled below USD 0.400 and it might slide further below USD 0.380.
Total market capitalization
There was a sharp slide in bitcoin price below the USD 8,000 level. The BTC/USD pair even broke the USD 7,850 support area and it tested the main USD 7,500 support area. Recently, the price started an upside correction and traded above USD 7,700. However, there are many resistances on the upside near the USD 7,850 and USD 7,900 levels. The main weekly resistance is at USD 8,000, above which the price might turn bullish.
On the downside, initial support is at USD 7,600, followed by the main weekly support at USD 7,500. If there is a downside break below USD 7,500, the next stop might be USD 7,200.
Ethereum price declined below the key USD 230 support area. ETH/USD tested the USD 225 support area and it is currently correcting higher. An initial resistance is near the USD 240 level, above which the price might test the USD 245 level.
On the downside, initial support is at USD 230, below which there is a risk of more losses below the USD 225 support area in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price settled below the USD 400 support area and recently tested the USD 370 support area. BCH/USD is currently correcting higher, but it is likely to face a strong resistance near the USD 390 and USD 400 resistance levels. On the downside, the main supports are near USD 370 and USD 350.
EOS spiked below the USD 6.000 support area once again and it is currently correcting higher. An initial resistance is at USD 6.300, above which there are chances of more upsides above the USD 6.500 resistance area.
Ripple price is down more than 4% and it recently tested the USD 0.380 support area. XRP/USD is slowly recovering, but there are many hurdles near USD 0.400 and USD 0.405. On the downside, the main support is at USD 0.380, below which there is a risk of more losses towards USD 0.360.
Other altcoins market today
In the past three sessions, a few small cap altcoins started a fresh upward move and gained more than 6%, including NAS, GXC, NULS, XZC, ONT, QTUM and PAI. Out of these, NAS is up around 45% and GXC gained nearly 35%.
To sum up, bitcoin price is currently correcting higher, but a close above USD 8,000 is a must for a fresh upward move and rally towards USD 8,200 and USD 8,500 in the near term.
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