Yesterday, we discussed the possibility of a downside extension in bitcoin towards the USD 8,250 and USD 8,050 support levels. BTC/USD did decline recently and broke the USD 8,250 support area. The price is now (09:00 UTC) struggling to stay above the USD 8,050 and USD 8,000 support levels.
Similarly, most major altcoins extended their decline below key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD broke the key USD 178 support and recently tested the USD 175 support area. XRP/USD declined heavily and tested the USD 0.242 support, where buyers appeared.
Total market capitalization
In the past few hours, bitcoin price faced a renewed selling pressure below USD 8,320. As a result, BTC/USD declined below the USD 8,250 support area and traded close the USD 8,050 and USD 8,000 support levels. The price is currently consolidating and it seems like there is a risk of more losses below the USD 8,000 level.
The next major support is near the USD 7,850 level. On the upside, the previous supports near the USD 8,250 and USD 8,320 levels may perhaps act as key resistances if the price corrects higher in the short term.
Ethereum price failed to stay above the USD 180 support area and extended its decline. ETH/USD even broke the USD 178 support and traded close to the USD 175 support. The next supports are near the USD 172 and USD 170 levels.
On the upside, the USD 182 level is an initial resistance area. The main resistances on the upside are near the USD 185 and USD 186 levels, followed by the all-important USD 190 zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price traded below yet another key support near the USD 265 level. BCH/USD is down more than 7% and it is trading below the USD 250 support. If there are more downsides, the price could test the USD 225 support area in the near term. On the upside, the USD 260 and USD 265 levels are now significant…