After a break below USD 18,200 support, the price of bitcoin extended its decline below USD 17,800. The price (13:00 UTC) is currently trading below USD 18,000 and showing signs of further losses towards the USD 17,500 level.
Similarly, there are signs of more setbacks in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH / USD is now trading below USD 550 support and is struggling to stay above USD 540. XRP / USD also gained bearish momentum and traded under the USD 0.550 support.
Total market capitalization
The price of Bitcoin
Over the past two sessions, the price of bitcoin saw bearish movements below USD 18,200 and USD 18,000. Initial support for BTC is close to the level of USD 17,800. The first major support is near the level of USD 17,650, followed by USD 17,500. A drawback cut below the USD 17,500 level could open the doors for a sharp decline.
On the upside, the USD 18,000 is pivot level. The first key resistance is close to the level of USD 18,200, but the main resistance is still close to USD 18,500.
Ethereum price settled below USD 550 support and is struggling to initiate a recovery wave. Initial support for ETH is near the USD 240 level. The first key support is close to the USD 530 level, below which there is a risk of falling below USD 520 and USD 515.
If there is an upside correction, the price could face obstacles near the USD 560 and USD 565 levels. The main breakout zone still forms near the USD 580 level.
Bitcoin, litecoin and XRP cash price
Bitcoin’s cash price is trading under the support of USD 260 and is slowly moving lower. It seems that BCH could continue to move down towards the USD 250 support level. Any larger disadvantages could possibly lead the price towards USD 235. Support, on the upside, the price could have it difficult to improve above USD 275 level.
Litecoin (LTC) holds USD 70.00 support level. It may shrink higher, but the bears could face resistance near levels of USD 74.00 and USD 75.00. Conversely, a downside cut below the USD 70.50 and USD 70.00 support levels could open the doors for a sharp decline towards the USD 65.00 level.
XRP price is down more than 4% and broke key support level by USD 0.550. The bears are accelerating and there seems to be a chance of a fall towards USD 0.520 and USD 0.515 levels. The next major support is near the USD 0.505 level. On the upside, USD 0.565 is a pivot zone for the bulls.
Market other altcoins today
In the past few hours, many altcoins fell over 5%, including SNX, AAVE, YFI, RSR, MIOTA, COMP, KSM, THETA, LRC, XLM, ANT, ALGO, HEDG, HBAR, and OCEAN.
In summary, the price of bitcoin is showing signs of more setbacks below USD 17,650 and USD 17,500. To avoid further losses, the bulls need to gain strength above the USD 18,200 level in the near term.