In the past two sessions, there was a sharp rise in selling on bitcoin below the USD 7,200 support. As a result, BTC/USD declined heavily and broke the main USD 7,000 support area. It tested the USD 6,850 support and is currently (09:00 UTC) consolidating losses.
Also, there was a nasty decline in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is down more than 5% and it broke the USD 135 support. XRP/USD is also down close to 8% and it tested the USD 0.1950 support. The crypto market is struggling and there are chances of more downsides.
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Total market capitalization
After a close below USD 7,200 bitcoin price gained bearish momentum below USD 7,050. BTC/USD broke the USD 7,000 support area to move further into the red zone. It tested the USD 6,850 support and is currently consolidating losses. On the upside, the previous supports near USD 7,000 and USD 7,050 are now likely to act as hurdles.
On the downside, the price might struggle to stay above the USD 6,850 level. Therefore, there are chances of a bearish extension towards the USD 6,650 level.
Ethereum price is down close to 7% and it broke the USD 140 and USD 135 support. ETH/USD even tagged the USD 130 level and it is currently correcting higher. On the upside, the price might struggle to recover above USD 135 and USD 136.
On the downside, if there is a fresh decline below the USD 130 support, the price could slide towards the USD 124 support zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the USD 205 and USD 200 support levels. BCH/USD is now trading near the USD 195 level and it may perhaps continue to move down. The next major support is near the USD 185 level, below which it could slide further towards USD 180.
Litecoin declined and it even traded below the USD 42.00 and USD 40.20 support levels. LTC/USD is trading below USD 40.00 and it might soon test the USD 38.50 support area. On the upside, there are resistances near the USD 40.50 and USD 41.20 levels.
XRP price is declining and it recently broke the USD 0.210 and USD 0.200 support levels. XRP/USD is down around 8% and it seems like it could even struggle to stay above USD 0.1950. Therefore, the next stop for the bears may perhaps be near the USD 0.1850 level. On the upside, the USD 0.200 and USD 0.202 are key hurdles.
Other altcoins market today
In the past three sessions, many few small capitalization altcoins declined more than 8%, including EKT, DCR, XVG, ZEC, RLC, LUNA, DASH, QTUM, CRPT, OMG and STRAT. Out of these, EKT is down more than 15% and DCR declined nearly 12%.
Overall, bitcoin is gaining bearish momentum, while altcoins are declining sharply. If BTC/USD slides further below USD 6,850 and USD 6,800, it will most likely drag the whole market further lower with a risk of another 5% slide in the near term.