Bitcoin and Altcoins Likely to Continue Bleeding

In the past three sessions, there was a sharp increase in selling pressure on bitcoin, resulting in a downside break below the USD 7,850 support area. BTC/USD declined more than 7% and traded below the USD 7,650 support. It is currently (09:00 UTC) trading near USD 7,500, with a negative bias.

Also, many major altcoins dived between 5%-10%, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA, TRX and XLM. ETH/USD broke many supports near USD 165 and even tested the USD 155 zone. Conversely, downsides in XRP/USD were contained and the pair is currently consolidating above the USD 0.240 level.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

In the past few hours, bitcoin price declined heavily and broke many supports such as USD 7,850 and USD 7,650. BTC/USD even tagged the USD 7,500 area and it is currently struggling to start an upside correction. An immediate resistance is near USD 7,620, followed by the USD 7,650.
On the downside, an immediate support is near the USD 7,500 level. If there is a downside break below the USD 7,500 level, there is a risk of more downsides towards the USD 7,250 and USD 7,180 support levels.

Ethereum price

Ethereum price is down around 10% and it declined below the main USD 165 support area. ETH/USD is now trading near the USD 155 support and it seems like the price may perhaps decline further below the USD 150 support.
On the upside, the previous pivot levels such as USD 162 and USD 165 are now likely to act as strong resistance levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price nosedived below the USD 235 and USD 225 support levels. BCH/USD even broke the USD 220 level and tested USD 215. Any further losses might call for a test of the USD 200 support. To start an upside correction, the price must climb above the USD 235 and USD 240 resistance levels.
Litecoin declined heavily after it settled below the USD 53.80 support level. LTC/USD even broke the USD 51.20 support and tested…

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