In the past few hours (08:10 UTC,) there was a strong increase in bearish pressure on bitcoin below the USD 7,850 support level. BTC/USD declined below the USD 7,700 and USD 7,600 levels to trade to a new weekly low. The price is currently holding the USD 7,520 support, but there is a risk of more losses before the bulls stage a fresh upward move. Similarly, there were downsides in most major altcoins, including ethereum, ripple, bitcoin cash, EOS, litecoin, binance coin and tron. ETH/USD is down more than 8% and it is now trading well below the USD 240 support. Ripple is also down around 9% and it could soon test the USD 0.350 support area.
Moreover, only 16 coins out of the top 100 by market capitalization kept their weekly gains, while the top 10 coins lost 5%-19% of their value (except BNB, which is up by almost 15% in the past week.)
Total market capitalization
After yet another failure above USD 7,900, bitcoin price started major downside correction below the USD 7,850 and USD 7,720 support levels. BTC/USD even broke the USD 7,600 level and it seems to be heading towards the USD 7,500 level. The next main supports for the bulls are near USD 7,340 and USD 7,280.
On the upside, an initial resistance is near the USD 7,650 level, above which the price may struggle to clear the USD 7,720 level. Above USD 7,720, the price could face a strong resistance near USD 7,800.
Ethereum price declined below the USD 250 and USD 240 support levels. ETH/USD is down more than 8% and it could even test the USD 230 support level.
The next key support is near the USD 225 level. On the upside, an immediate resistance is at USD 240, above which the price could revisit the USD 245 resistance area.
Bitcoin cash, eos and ripple price
Bitcoin cash price is also down around 8% and it recently broke the key USD 400 and USD 390 support levels. BCH/USD is under pressure and it could revisit the USD 375 support area. If there are more losses the price may even head towards the USD 265 level. On the upside, the main hurdles are near the USD 380 and USD 385 levels.
EOS failed to stay above the key USD 6.20 and USD 6.00 support levels. EOS/USD is down around 10% and it is now trading well below the USD 5.85 support. The next important supports are near USD 5.75 and USD 5.70.
Ripple price is down around 10% and traded below the USD 0.390 and USD 0.380 support levels. XRP/USD is currently well below USD 0.375 and it may continue to move down towards the USD 0.360 support. The next key supports are near USD 0.355 and USD 0.350.
Other altcoins market today
In the past three sessions, many small cap altcoins declined and are down more than 10%, including AOA, ICX, XEM, ENJ, RVN, KMD, QTUM, THETA, DCR, ADA, MITOA and GNT. Out of these, AOA is down around 30% and ICX fell nearly 13%.
Overall, bitcoin is moving lower and it may continue to move down towards the USD 7,500 or USD 7,400 support levels. BTC/USD could start a fresh upward move once the current downside correction completes near USD 7,400 or even USD 7,280.
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