Bitcoin and Altcoins Tumble Below Crucial Uptrend Supports
Bitcoin price failed to stay above the main support near USD 11,200 and USD 11,000. As a result, BTC declined over 10% and it even traded towards the USD 10,000 support zone. It is currently (08:30 UTC) correcting losses, but it still might correct lower in the coming sessions.
Similarly, most major altcoins declined sharply and broke crucial uptrend supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, and ADA. TRX was again an exception, as it climbed over 10% for the second day in a row. ETH/USD is down over 12% and it settled below the USD 400 support. XRP/USD declined below the USD 0.260 and USD 0.250 support levels to move into the red zone.
Total market capitalization
After yesterday’s slide, bitcoin price failed to recover and there was an increase in selling pressure below USD 11,500. BTC declined over USD 1,000 and it even traded close to the USD 10,000 level. The price is currently correcting above USD 10,200, but the bulls might face a strong selling interest near USD 10,380, USD 10,440, and USD 10,500.
On the downside, the USD 10,000 support is a massive support. If there is a daily close below USD 10,000, the price might continue lower towards USD 9,500.
Ethereum price is facing a strong bearish momentum below USD 420 and USD 400. If ETH breaks the USD 375 support, it might even decline below the USD 260 level. The next major support on the downside is near the USD 350 level.
On the upside, the USD 395 and USD 400 levels are now barriers for a fresh increase. A successful daily close above USD 400 is needed to start a real recovery.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is down 15%, and it broke the USD 250 and USD 240 support levels. BCH tested the USD 205 level and it is currently consolidating near the USD 225 level. On the upside, the price might struggle to recover above USD 235 and USD 240. The main support on the downside is near USD 405 and USD 400.
Chainlink (LINK) is down over 40% from its all-time high and it is now trading well below the USD 15.00 level. The price tested the USD 10.80 support and it seems like the bears might test the USD 10.00 support zone. Any further losses may perhaps lead the price towards the USD 8.800 support.
XRP price tumbled below the USD 0.262 support level. It even traded below the USD 0.250 level and tested USD 0.238. XRP is currently recovering, but it might face a strong resistance near USD 0.250 and USD 0.252. The main resistance is now forming near the USD 0.255 level. On the downside, the bulls might fight to protect USD 0.235.
Other altcoins market today
In the past three sessions, many small altcoins dived more than 20%, including SUSHI, YFII, AMPL, BAND, HEDG, REN, RUNE, QTUM, UMA, VET, BAL, ZEC, FXC, WAVES, ONT, RSR, ATOM, BTS, and ALGO. Out of these, SUSHI, YFII, AMPL, and BAND weakened over 30%.
To sum up, bitcoin broke many important supports near USD 11,000 and USD 10,500 to start a substantial bearish wave. If BTC continues below USD 10,000, there is a risk of a medium-term downtrend.
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