Bitcoin and Altcoins Hesitate But Further Losses Seem Likely

This past week, bitcoin price followed a bearish path and traded below the USD 8,650 and USD 8,550 support levels. BTC/USD traded to a new monthly low and it is currently (09:00 UTC) consolidating losses above the USD 8,400 level. The technical formation is bearish, suggesting more losses towards USD 8,250 or USD 8,000.

Likewise, most major altcoins remained in a downtrend and failed to recover, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD settled below the USD 185 level, but it managed to stay above the USD 178 support. Besides, XRP/USD is under a lot of pressure and it recently settled below the USD 0.265 and USD 0.262 support levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

There were mostly bearish moves in bitcoin price below the USD 8,650 level. BTC/USD even settled below USD 8,550 and traded close to the USD 8,400 level. The price is currently consolidating losses above the USD 8,400 level and it seems like there are chances of more losses.
An immediate support is near the USD 8,250 level. However, the main weekly support is near the USD 8,000 level, below which bitcoin might decline heavily. On the upside, there are many hurdles near the USD 8,650. The key weekly resistance is near the USD 8,850 level.

Ethereum price

Ethereum price failed to stay above the USD 185 support area. ETH/USD broke the USD 182 level and found support near the USD 178 level. The price is currently consolidating above USD 180, with resistances near USD 188 and USD 190.
On the downside, the main weekly supports are USD 180 and USD 178. If there is a clear break below the USD 178 support, the price could extend its decline towards the USD 160 level.

Bitcoin cash, EOS and XRP price

Bitcoin cash price failed to stay above the USD 280 support area and it even broke the USD 265 support. BCH/USD tested the USD 260 level and it seems like there could be more downsides towards the USD 250 level. On the upside, the USD 280…

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