Bitcoin and Altcoins Correcting Losses
Recently, bitcoin price started a major drop below the USD 12,500 and USD 12,000 support levels. BTC/USD even broke the USD 11,000 support and trimmed most its weekly gains. The recent decline was sharp and the price traded close to the USD 10,500 level. It is currently (08:00 UTC) correcting losses, but there are many hurdles for buyers near USD 11,500 and USD 12,000. Similarly, there were sharp declines in ethereum, ripple, bitcoin cash, EOS and a few other major altcoins. ETH/USD even broke the USD 300 support and XRP/USD tumbled below the USD 0.442 support level.
Total market capitalization
After forming a crucial top, bitcoin price started a major downside correction below USD 13,000. BTC/USD trimmed most its weekly gains and even broke the key USD 11,500 support area. Finally, the USD 10,500 level acted as a support and the price recently corrected above USD 11,000 and USD 11,200.
At the moment, the price is facing resistance near the USD 11,500 and USD 11,650 levels, above which the next important resistance for the bulls is near the USD 12,000 level. On the downside, an initial support is near the USD 11,200 level. If there are more losses, the price might revisit the USD 10,500 support.
Ethereum price nosedived below the USD 340 and USD 320 support level. The decline was such that ETH/USD even broke the USD 300 and tested the USD 280 support level. It is currently correcting higher and is trading near USD 300.
An immediate resistance is near USD 310, above which there are chances of an extended upside correction towards the USD 320 and USD 325 levels. On the downside, the main supports are near USD 292 and USD 280.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined around 15% and broke the main USD 435 and USD 420 support levels. BCH/USD even spiked below USD 400 and it is currently correcting above USD 400. An immediate resistance is near the USD 420 level. If there are more gains, the price could recover towards the USD 435 level.
EOS declined more than 20% in the past two days. It even broke the USD 6.000 support level and traded close to the USD 5.650 level. It is currently consolidating losses, with an initial resistance near the USD 6.000 and USD 6.100 levels.
Ripple price declined after it settled below the USD 0.450 and USD 0.435 support levels. XRP/USD even cleared the USD 0.422 support and traded close to the USD 0.412 level. The current price action is bearish, suggesting more losses in the near term.
Other altcoins market today
In the past three sessions, many small cap altcoins extended losses and declined more than 8%, including INB, DENT, AOA, TRX, ABBC, BTM, HC, THR, OMG and QTUM. Out of these, INB is down around 21% and DENT declined nearly 14%.
Overall, bitcoin is clearly struggling to hold the ground above the USD 11,000 level. BTC/USD must climb back above USD 12,000 and USD 12,200. If not, there is a risk of more losses below USD 11,000 and USD 10,500.
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