Bitcoin reached near USD 24,000 resistance zone and started a new decline. The price is trading below the USD 23,200 support level and is currently (05:00 UTC) struggling to improve.
Similarly, most major altcoins are gaining bearish momentum, including ethereum, XRP, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH / USD declined significantly below USD 590 and even experienced a USD 550 support zone. XRP / USD analysis accelerated and the price even traded close to the USD 0.200 support zone.
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The price of Bitcoin
After yet another failure near USD 24,000 resistance, the price of bitcoin began a new decline. BTC cut the support levels USD 23,500 and USD 23,200. It even spiked below USD 23,000 and traded close to USD 22,600. The price is currently consolidating losses, with immediate resistance near USD 23,200.
The first major upside resistance is close to the USD 23,500 level. On the downside, the first major support is close to the level of USD 22,500. The next major support is close to the level of USD 22,250, below which there is a risk of a larger decline towards the levels of USD 21,500 and USD 21,200.
Ethereum Price
The price of Ethereum fell significantly below USD 600, following an XRP dive below USD 0.300. ETH cut support levels of USD 595 and USD 580. It proved the level of USD 550 and initiated a decent recovery wave. Break was above the USD 570 level, but there are many upside down barriers.
Initial resistance is close to the level of USD 588. The main resistance now forms near the levels of USD 595 and USD 600.
Bitcoin, litecoin and XRP cash price
Bitcoin’s cash price is down over 10% and is now trading well below the USD 300 support level. BCH cut support levels of USD 285 and USD 280. The price is now moving closer to the USD 270 support level. the next major support will be close to USD 250. On the upside, the USD 285 and USD 288 levels are initial hurdles for the bulls.
Spiked Litecoin (LTC) below USD 100.00 support level and tested USD 95.00 domain. It is currently recovering higher and trading above USD 100.00. Initial upstream resistance is close to the USD 105.00 level. The first major resistance is close to the level of USD 110.00. On the downside, the price could even prove USD 92.00 if there is a fresh break below USD 100.00.
The price of XRP is down over 50% this week, and broke down a lot of major maintenance near USD 0.3500 and USD 0.300. The decline was so much that XRP was even trading close to the USD 0.200 level. Currently it corrects higher, but increases could be limited near USD 0.300 and USD 0.320 levels.
Market other altcoins today
In the past few hours, many altcoins fell over 10%, including DOGE, QTUM, MIOTA, LINK, NEO, HBAR, ZEC, RSR, EOS, BAND, VET, ALGO, KNC, YFI, ETC, BNT, and XLM.
Overall, the price of bitcoin could continue to move down if there are clear closures below USD 22,800 and USD 22,500. Conversely, the bulls could make another attempt to clear the resistance levels of USD 23,500 and USD 24,000.
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