This past week, we saw a strong bearish reaction in bitcoin price from the USD 10,000 resistance. BTC/USD broke the USD 9,500 and USD 9,000 support levels to move into a bearish zone. The price is currently consolidating above USD 8,500 and remains at a risk of more downsides.
Similarly, most major altcoins are declining and facing an increase in selling pressure, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD traded below the key USD 202, USD 200, and USD 192 support levels. XRP/USD is now (08:30 UTC) trading well below USD 0.200 and it could continue to move down towards USD 0.185 or USD 0.180.
Total market capitalization
After a failed attempt near USD 10,000, bitcoin price reacted to the downside. BTC broke many key supports near USD 9,500 and USD 9,000 to move into a short term bearish zone. It tested the USD 8,200 support zone and currently consolidating losses above USD 8,500. On the upside, an initial resistance is near USD 8,850, but the main weekly resistance is now near USD 9,000.
On the downside, a break below the USD 8,500 support could open the doors for more downsides towards the USD 8,200 and USD 8,000 levels in the near term.
Ethereum price failed to stay above the USD 202 and USD 200 support levels. ETH even settled below USD 192 and it is currently consolidating near USD 185. If there are more downsides, the next major support is seen near the USD 178 and USD 175 levels.
On the upside, an initial resistance is near the USD 192 level. The main weekly resistance is now near the USD 200 zone (the previous key support), above which the price could revisit USD 220.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined heavily below the USD 245 and USD 240 support levels. BCH/USD tested the USD 220 support zone, but it is now trading in a bearish zone. To start a fresh increase, the bulls need to push the price above USD 230 and USD 235 levels. On the downside, a break below USD 220 might call for a test of USD 205.
Litecoin declined sharply below the USD 45.00 support level. LTC even broke the USD 42.20 level and tested the USD 40.00 level. It is currently correcting higher, but the USD 42.20 and USD 43.20 levels are likely to act as key hurdles for the bulls in the near term.
XRP price declined sharply from well above USD 0.215 and settled below the USD 0.200 support. It tested the USD 0.182 support zone and currently attempting a decent recovery. However, the previous supports near USD 0.200 and USD 0.202 are likely to act as major hurdles for the bulls.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including CRPT, SNT, RCN, LEND, RDD, ZIL, BHT, TNT, ENJ, REP, and FXC. Conversely, HYN, THETA, ZRX, XTZ, BCN, BSV, and NEO are down more than 8%.
Overall, bitcoin price is showing bearish signs below USD 8,850. To start a fresh upward move, BTC must climb and settle above USD 9,000. If not, the bears are likely to aim a test of the USD 8,000 support.