Yesterday, we discussed the possibility of more losses below USD 3,400 in bitcoin. BTC/USD did move down and broke the USD 3,350 support. It seems like sellers may push the price further into the red zone below the USD 3,300 and USD 3,250 support levels. Similarly, ethereum extended losses below the USD 90 support and it even traded below the USD 88 support. Ripple also broke the key USD 0.300 support to enter a bearish zone. The current price action (UTC 08:20 AM) is bearish and it seems like bitcoin may slide further towards USD 3,200 or USD 3,050 in the near term.
Total market capitalization
There was a downside extension below the USD 3,400 level in bitcoin price . BTC/USD failed to break the USD 3,450 and USD 3,500 resistance levels, resulting in a bearish wave below the USD 3,350 and USD 3,320 support levels. The price is currently down around 2% to USD 3,315, with an immediate support at USD 3,300.
If the price continues to move down, it could break the USD 3,300 and USD 3,250 supports as well. On the upside, an initial resistance is at USD 3,350, above which the price may find a strong barrier near the USD 3,400 level (the previous support).
Ethereum price failed to stay above the USD 90 support and it even broke the USD 88 support. ETH/USD is down around 2.5% and it may continue to slide towards the USD 85 support.
If there is a break below the USD 85 support, the price may even test the USD 82 support. On the upside, the previous supports at USD 88, USD 90 and USD 92 are likely to act as resistances in the near term.
Bitcoin cash and ripple price
Bitcoin cash price declined heavily below the USD 95 and USD 90 support levels. BCH/USD is down around 8% and it may continue to slide towards the USD 85 support. BCHSV also fell more than 8% and broke the USD 80 support. If the current selling pressure remains intact, the price may slide towards the USD 75 or USD 70 level.
Ripple price failed to recover above the USD 0.312 resistance and declined below the USD 0.300 support. An immediate support is at USD 0.294, below which sellers could push the price towards USD 0.285.
Other altcoins market today
During the past few hours, a few small cap altcoins declined heavily between 8%-40%, including DEX, WAX, MANA, XTZ, STRAT, NPXS, MCO, PIVX, MAID and GNT. Out of these, DEX performed bad and declined more than 35% below the USD 0.280 support.
Overall, bitcoin moved further into the red zone below USD 3,400. It seems like BTC/USD could decline further below USD 3,300 or even USD 3,200 if the current market sentiment stays bearish. The key resistances are at USD 3,400 and USD 3,500. Similarly, ethereum, ripple, BCH, EOS and stellar may continue to slide if sellers remain in action.
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