Bitcoin and Altcoins are Facing an Uphill Task
This past week, bitcoin and altcoins started a major downside correction. BTC/USD declined below the USD 12,500 and USD 11,500 support levels. The price even broke the USD 11,000 support area and it is currently consolidating losses in a broad range. Similarly, there were heavy downsides in ethereum and ripple. ETH/USD broke the USD 320 and USD 300 support levels. XRP/USD settled below USD 0.420 and even spiked below the USD 0.400 support level. Overall, the crypto market is currently (08:10 UTC) in the red zone, with signs of more possible losses in the near term.
Total market capitalization
After trading close to the USD 10,500 level, bitcoin price corrected higher. However, BTC/USD struggled to recover above the USD 12,000 and declined once again. It is currently consolidating near USD 11,000, with an immediate support at USD 10,800. The main weekly support is at USD 10,500, below which the price might trade towards the USD 10,000 support area.
On the upside, an initial resistance is near the USD 11,500 level. If the price settles above the USD 11,500 level, it could test the key weekly pivot level near the USD 12,250 level.
Ethereum price settled below the USD 325 and USD 320 support levels, which are now acting as resistance. ETH/USD is trading below the USD 300, with an immediate support near the USD 290 level. If there is a downside break, the price could test the weekly support at USD 275.
If there are more losses, the price may perhaps test the USD 250 level. On the upside, the main resistances are near the USD 320 and USD 325 levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined and even spiked below the USD 400 level. BCH/USD is currently consolidating above the USD 400 level and it seems to be struggling to clear the USD 420 and USD 428 resistance levels. The next key resistance is near the USD 445 level. On the downside, a clear break below USD 400 might push the price towards USD 360.
EOS settled below the key USD 6.000 support area, which is now acting as a crucial hurdle for an upward move. The price is trading near USD 5.900, with supports near USD 5.800 and USD 5.720. If there is a close above USD 6.100, the price might recover towards the USD 6.500 level.
Ripple price declined and settled below the USD 0.440 and USD 0.420 support levels. XRP/USD even broke the USD 0.400 level before correcting from the USD 0.382 support. The price is now trading above USD 0.405, but facing many resistances near USD 0.424, USD 0.428, USD 0.432 and USD 0.440.
Other altcoins market today
In the past three sessions, a few small cap altcoins extended losses by more than 8%, including NRG, BCN, HC, ONT, DCR, LINK, ELA, LAMB, VSYS, GXC, CRO and OMG. Out of these, NRG is down around 13% and BCN declined nearly 11%.
Overall, bitcoin price is currently trading in a bearish zone below USD 11,500. To start a fresh increase, BTC/USD must break the USD 11,500 resistance and settle above the USD 12,250 pivot zone.
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