Bitcoin and Altcoins goal extra weak point
- Bitcoin price settled below the USD 6,400 pivot, which is a bearish sign.
- Ethereum, bitcoin cash and ripple are under a lot of bearish pressure.
- VET, WTC, REP and EOS posted roughly 10% losses.
All through the past few periods, there was a upward thrust within the bearish pressure on bitcoin after it didn’t settle above USD 6,550. BTC/USD commenced a drawback flow and broke the USD 6,420 and USD 6,350 support stages. it’s far presentlytrading close to the USD 6,250 aid with some bearish signs and symptoms. similarly, ethereum settled underneath USD two hundred – USD 205 and it seems like it can hold to transport down. usual, the present day marketplace sentiment is bearish and if bitcoin rate fails to get better above USD 6,400, there can be extra declines in the coming days.
Total market capitalization
Bitcoin price started a new bearish wave and broke the USD 6,420, USD 6,350 and USD 6,300 support levels. There was even a spike below the USD 6,250 level before buyers appeared near USD 6,200. The price is currently (UTC 08:40 AM) recovering and but it is likely to face sellers near the USD 6,300 and USD 6,400 resistance levels.
On the downside, the most important support is near the USD 6,200 level. Below this, there are chances of more losses in the near term towards the USD 6,100 and USD 6,000 support levels.
Ethereum trimmed most of its gains – ETH/USD is currently down 8% and is trading with a bearish angle below the USD 205 support.
If sellers remain in action, there could be sharp losses towards the USD 180 and USD 175 support levels. On the upside, the USD 205 and USD 210 levels are now likely to act as resistances. The weekly barriers for buyers is near the USD 225 – USD 230 zone.
Bitcoin cash and ripple
Bitcoin cash price is down around 7% and is currently trading above the USD 400 support. If BCH/USD breaks the USD 400 support, there could be further declines in the near term. On the upside, the broken supports near the USD 440 and USD 450 levels are likely to act as hurdles for buyers.
Ripple price is stable above the USD 0.270 level, but it is also trading in a bearish zone. XRP/USD may continue to move down towards the USD 0.260 and USD 0.250 support levels later this week.
Other altcoins market today
Many small cap altcoins posted around 10% loss during the past few hours, including AOA, XIN, MOAC, ELA, BAT, VET, WTC, DGD, ARK, REP, EOS and ELF.
Overall, bitcoin is back where it started and is trading near key support zone at USD 6,200. Should there be a downside break below USD 6,200, it could increase heavy selling pressure on BTC/USD and altcoins in the coming days.
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