Bitcoin and Altcoins Could Target Additional Weakness

Bitcoin price failed to stay above the key USD 6,500 pivot level. As a result, BTC/USD started a sharp downward move and tumbled below the USD 6,450 and USD 6,400 support levels. Major altcoins also followed bitcoin and declined sharply between 6%-12%. Ethereum is down more than 10% and is currently (UTC 06:40 AM) struggling to hold the USD 200 support. Ripple and bitcoin cash also fell significantly and moved further into a bearish zone. The market turned red and it seems like there could be more losses in the coming sessions.

Bitcoin price
After a continuous failure to move above the USD 6,700 and USD 6,800 resistances, bitcoin price started a downward move. BTC/USD dropped more than 5% and broke the key USD 6,400 support. The price traded towards the USD 6,250 support, which held losses.
Buyers are currently fighting to protect more losses below USD 6,250. However, if sellers remain in action, there is a risk of more losses below the USD 6,250 support. The next major support awaits near the USD 6,100 – USD 6,110 zone.

Ethereum price
Ethereum price also followed bitcoin and declined heavily after it broke the USD 215 support. ETH/USD is down more than 10% and it recently spiked below the USD 200 support.
The price is currently consolidating losses around the USD 200 level. An initial resistance is near USD 205, above which the price may perhaps recover towards the USD 215 resistance (the previous support).

Bitcoin cash and ripple price
Bitcoin cash price dropped significantly after sellers cleared the USD 500 support. BCH/USD is down more than 12% and it remains at a risk of more losses towards the USD 440 and USD 420 levels. On the upside, resistances are visible around the USD 470 and USD 485 levels.
Ripple price dropped close to the USD 0.400 support. XRP/USD seems to be under a lot of bearish pressure and if sellers break USD 0.4000, the price could tumble towards the USD 0.350 support.

Other altcoins market today
Many altcoins dropped sharply and are down more than 10%, including DCN, THETA, NAS, NANO, CMT, WAN, MIOTA, XLM, XEM, DROP, AION, WTC and PPT.
The crypto market clearly moved into the red zone and if bitcoin fails to stay above the important USD 6,250 support, there could be nasty downsides. To recover, BTC/USD needs to move back above the USD 6,400 and USD 6,500 resistance levels. Similarly, a daily close below the USD 200 support may increase selling pressure on ETH/USD in the coming sessions.


Source
Author: Aayush Jindal
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Bitcoin and Altcoins Extending Downside Correction

  • Bitcoin price corrected lower and declined below USD 6,600 and USD 6,500.
  • Ripple is under a lot of pressure as it declined by more than 15%.*
  • Ethereum and bitcoin cash are down more than 5% and moved into a bearish zone.

    Yesterday, we discussed that bitcoin price could start a downside correction below USD 6,700 in the short term. BTC/USD did move down and broke a couple of important supports like USD 6,600 and USD 6,500. Similarly, major altcoins like ethereum and bitcoin cash declined between 5% – 8%. More importantly, ripple price fell by more than 15% and moved below the USD 0.500 support level. Going forward, there could be more losses, but bitcoin price must hold the USD 6,250 support.

Bitcoin price
Bitcoin price declined below the USD 6,500 support recently and is currently down around 3.2%. BTC/USD is about to test the USD 6,400 support and it seems like it could continue to move down towards the USD 6,300 and USD 6,250 support levels.
If there is an upward move, the USD 6,500 level may act as an initial resistance. Above this, the price could test the previous support near the USD 6,600 level, which is likely to act as a resistance in the near term.

Ethereum price
Ethereum price also followed bitcoin and started a downside correction below the USD 240 level. ETH/USD may perhaps continue to move down towards the USD 200 level, which is a crucial support.
On the upside, an initial resistance is near the USD 220 level, followed by the all-important USD 235 level. Above this last, the price will most likely retest USD 250.

Bitcoin cash and ripple price
Bitcoin cash price broke the USD 460 and USD 450 support levels to move into a bearish zone. BCH/USD is currently under pressure and it could test the USD 420 support. The most important support is close to USD 400. On the upside, the USD 460 level must be breached for a push towards USD 480.
Ripple price was one of the worst performers as it declined around 18% and settled below the USD 0.500 support. The next important supports for XRP/USD are USD 0.430 and USD 0.422.

Other altcoins market today
Today, many small cap altcoins declined between 5%-15%, including AION, MONA, WAN, EOS, SNT, ONT, ADA, FUN, SC, XLM, ICX and TRX.
Overall, the current price action for bitcoin is slightly bearish below the USD 6,600 level. On the downside, the USD 6,250 support could play an important role for the next move in BTC/USD and altcoins in the near term.


Source
Author: Aayush Jindal
Image Credit