Bitcoin and Altcoins Retreating From Recent Highs

Yesterday, we saw a decent upward move in bitcoin price above the USD 10,750 resistance. However, BTC/USD struggled to continue above the USD 10,900 and USD 11,000 resistance levels. As a result, there was a fresh decrease and the price declined sharply below the USD 10,650 and USD 10,500 support levels. Similarly, there was a sharp decline in major altcoins, including ethereum, ripple, BCH, EOS, ADA, BNB and XLM. ETH/USD broke the USD 190 support and XRP/USD is down more than 5% (08:00 UTC). All these are bearish signs, but the bears could only take control if bitcoin price settles below the key USD 10,000 support area.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a bearish reaction from the USD 10,900 area, bitcoin price declined below the USD 10,500 support. BTC/USD even gained bearish momentum below the USD 10,320 support and it is down roughly 6%. An immediate support is near the USD 10,050 level. However, the main support is near the USD 10,000 level, below which the price could turn medium-term bearish.
On the upside, an initial resistance is near the USD 10,320 and USD 10,400 levels. To start a fresh increase, the price needs to surpass the USD 10,500 resistance area.

Ethereum price

Ethereum price declined more than 6% and broke the USD 195 and USD 190 support levels. The next key support is at USD 185, below which ETH/USD could extend its decline towards the USD 175 support area.
Any further losses may perhaps call for a move towards the USD 160 support area. On the upside, the recent support near USD 190 and USD 192 might act as hurdles. However, the main resistance for a strong rally is near the USD 200 level.

Bitcoin cash, eos and ripple price

Bitcoin cash price is under a lot of pressure and it recently declined below the USD 305 support area. Therefore, there are chances of more downsides below the USD 300 support. In the mentioned case, the price could decline towards the USD 280 support level in the near…

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