In the past two days, there was an increase in selling pressure on bitcoin price below the USD 7,400 and USD 7,350 support levels. Moreover, BTC/USD traded below the USD 7,250 support and tested the USD 7,100. It is currently (09:00 UTC) trading near USD 7,200 and struggling to start a decent increase.
Similarly, most major altcoins are trading near important levels, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is consolidating near USD 125, with supports near USD 122 and USD 120. Besides, XRP/USD is struggling to climb above the USD 0.190 and USD 0.192 resistance levels.
After settling below USD 7,350, bitcoin price extended its decline. BTC/USD even broke the USD 7,250 support and tested the USD 7,100 support area. It is currently correcting higher and traded near USD 7,200. To start a decent increase, the price must climb above the USD 7,350 resistance area.
On the downside, initial supports are near USD 7,150 and USD 7,100. If there is a downside break below USD 7,100, the bearish could even aim to push the price below the key USD 7,000 support area.
Ethereum price extended its decline a few points below the USD 125 support. However, ETH/USD found support near the USD 122 level and it is likely to trade in a range in the short term. On the upside, a clear break above the USD 128 and USD 130 resistance levels could start a strong rise.
On the downside, the key supports are near USD 122 and USD 120, below which the bears are likely to take full control in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is moving lower and it is struggling to stay above the USD 182 and USD 185 support levels. If there is a downside break, BCH/USD might test the USD 170 support area. On the upside, the main hurdle for the bulls is near USD 200, above which the price is likely to move into a bullish zone.
Litecoin is trading in a range near the USD 40.00 support area. If there is a daily close below USD 40.00, LTC/USD may perhaps accelerate its decline towards the USD 38.50 and USD 36.20 support levels. On the upside, the USD 42.50 level is a major resistance for a fresh increase.
XRP price is showing bearish signs below the USD 0.192 and USD 0.190 resistance levels. XRP/USD is likely to accelerate lower if it continues to struggle near USD 0.192. On the downside, the next key support is near USD 0.184, followed by USD 0.180.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins extended their decline by more than 5%, including BCN, SLV, XTZ, THETA, VET, ENJ, MATIC, BCD and STEEM. Out of these, BCN declined more than 10% and SLV is down around 8%.
To sum up, bitcoin price is trading near key supports at USD 7,100. If it fails to recover above USD 7,350 and USD 7,400, there is a risk of another bearish wave towards USD 6,650. Otherwise, BTC/USD could rally towards the USD 7,500 level.
Daniel Köhler is specializing as editor at Cryptocurrencies at Financial Magazine . Has a degree in mathematics science and a master’s in management from the London School of Economics. Initially working as a TV journalist, he then became an editor at several financial publications. He is passionate about new technology and has the potential to completely see new ways in the world of cryptocurrencies.