Bitcoin and Altcoins are Facing an Uphill Task

This past week, bitcoin and altcoins started a major downside correction. BTC/USD declined below the USD 12,500 and USD 11,500 support levels. The price even broke the USD 11,000 support area and it is currently consolidating losses in a broad range. Similarly, there were heavy downsides in ethereum and ripple. ETH/USD broke the USD 320 and USD 300 support levels. XRP/USD settled below USD 0.420 and even spiked below the USD 0.400 support level. Overall, the crypto market is currently (08:10 UTC) in the red zone, with signs of more possible losses in the near term.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After trading close to the USD 10,500 level, bitcoin price corrected higher. However, BTC/USD struggled to recover above the USD 12,000 and declined once again. It is currently consolidating near USD 11,000, with an immediate support at USD 10,800. The main weekly support is at USD 10,500, below which the price might trade towards the USD 10,000 support area.
On the upside, an initial resistance is near the USD 11,500 level. If the price settles above the USD 11,500 level, it could test the key weekly pivot level near the USD 12,250 level.

Ethereum price

Ethereum price settled below the USD 325 and USD 320 support levels, which are now acting as resistance. ETH/USD is trading below the USD 300, with an immediate support near the USD 290 level. If there is a downside break, the price could test the weekly support at USD 275.
If there are more losses, the price may perhaps test the USD 250 level. On the upside, the main resistances are near the USD 320 and USD 325 levels.

Bitcoin cash, eos and ripple price

Bitcoin cash price declined and even spiked below the USD 400 level. BCH/USD is currently consolidating above the USD 400 level and it seems to be struggling to clear the USD 420 and USD 428 resistance levels. The next key resistance is near the USD 445 level. On the downside, a clear break below USD 400 might push the…

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