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Yesterday, there was a strong bearish reaction in the bitcoin price from the USD 19,900 zone. BTC fell over USD 1,500 and traded below USD 18,800. The price is currently (05:00 UTC) trading close to USD 18,500, below which there is a risk of further disadvantages.
Likewise, there has been a steep drop in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH / USD has traded below USD 600 but holds the USD 580 support zone. XRP / USD is struggling to stay above the USD 0.600 support and remains at risk of a steep decline.
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Bitcoin price
After a strong bearish reaction from the USD 19,900 zone, the price of bitcoin began a steep decline. BTC broke the USD 19,000 and USD 18,800 support levels to move into a short-term bearish zone. The price is now trading near the USD 18,500 support, below which the bulls could fight intensely near USD 18,200. If there are more losses, the next stop for the bears could be USD 17,800.
On the upside, there is a key resistance forming near the USD 18,800 level. The first major resistance is found at the USD 19,000 level, above which the price could revise USD 19,500.
Ethereum price
The price of Ethereum dropped dramatically below the USD 610, USD 600 and USD 595 levels. ETH has even soared towards USD 575 and is currently consolidating above USD 580. On the positive side, the price is facing a couple of major hurdles near the USD 595 and USD 600 levels.
On the downside, the price finds strong offers near USD 580 and USD 575. Any further losses could drive the price towards the USD 550 level.
Bitcoin cash, litecoin and XRP price
The cash price of bitcoin has dropped more than 8% and is now trading well below the USD 300 level. BCH is trading close to the USD 285 support, below which the price could fall towards the USD 272 and USD 270 levels. Conversely, a fresh hike could face hurdles near the USD 295 and USD 300 levels. A close above 300 USD is needed for a decent rise in the coming sessions.
Litecoin (LTC) retreated lower from USD 90.00 and was trading below the USD 85.00 support. LTC is consolidating near USD 84.50, with immediate support at USD 83.50. The next major support is near the USD 82.20 level. On the upside, the bulls may encounter resistance near the USD 86.50 level.
The XRP price fell more than 6% and is trading below the USD 0.620 support. The price is struggling to stay above the USD 0.600 level. A positive close below USD 0.600 could trigger a steep drop in the coming sessions. The next key support is near the USD 0.588 and USD 0.585 levels.
More altcoin markets today
In the past few hours, many altcoins have fallen by more than 8%, including ZEN, HEDG, NXM, ETC, TRX, ADA, DASH, XLM, RSR, EOS and ALGO. Conversely, SUSHI, YFI, RUNE, KSM, CRV, AAVE and AMPL increased by more than 5%.
Overall, the bitcoin price is trading in a seemingly short-term bearish zone and holds the USD 18,500 support. If BTC falls below USD 18,500 and USD 18,200, there are chances of a drop to USD 17,800 or even USD 17,500.
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