Bitcoin and Altcoins at Risk of Further Declines

Recently, there was a minor upside correction in bitcoin price above USD 11,400. However, BTC/USD struggled to continue above the USD 11,500 resistance. The current price action indicates a negative bias and it seems like BTC might continue to weaken in the near term. Similarly, there were bearish moves in most major altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin and cardano. ETH/USD is trading below the USD 220 resistance and XRP/USD is extending losses below the USD 0.300 support.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

In the past few hours (08:20 UTC), bitcoin price traded in a range below the USD 11,500 resistance, with bearish moves. BTC/USD is trading below USD 11,400, with an immediate support near the USD 11,200 level. If there is a downside break below USD 11,200, the price could continue to slide below USD 11,000.
On the upside, an initial resistance is near the USD 11,420 level. The main resistance is near the USD 11,500 level, above which there are chances of a recovery towards USD 11,750.

Ethereum price

Ethereum price remained in a bearish zone below the USD 220 resistance. At the moment, ETH/USD is facing a strong resistance near USD 215. The next key support is near the USD 202 level.
On the upside, the bulls need to gain strength above the USD 215 and USD 220 resistance levels to push the price back in a positive zone. If not, the price could slowly decline below USD 202.

Bitcoin cash, eos and ripple price

Bitcoin cash price failed to continue above the USD 340 resistance. BCH/USD trimmed yesterday’s gains and traded below the USD 330 level. The main support is near the USD 320 level, below which the price could turn short term bearish. On the upside, the USD 340 level is an immediate hurdle, followed by USD 350.
EOS struggled to correct higher and declined below the USD 4.200 support level. The price is now trading just above the USD 4.000 support, with a bearish angle. If there is a…

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