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Bitcoin price failed to extend gains above USD 19,500. As a result, BTC reacted to the downside below the USD 19,200 and USD 19,000 support levels. The price is currently (13:00 UTC) trading below USD 19,000 and there seems to be potential for further disadvantages below USD 18,800 and USD 18,500.
Likewise, there has been a bearish break in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH / USD broke the key USD 600 support level and even traded below USD 595. XRP / USD fell more than 5% and traded below the USD 0.600 main support zone.
Total market capitalization
Bitcoin price
After a rejection close to USD 19,500, the bitcoin price reacted to the downside. BTC broke the USD 19,000 support level to enter a short-term bearish zone. The price is approaching the USD 18,800 support and it looks like it may continue to drop towards the USD 18,500 support. Any further losses could require a push towards USD 18,200.
On the upside, the previous support near USD 19,000 could act as resistance. The main resistance is still near the USD 19,500 level.
Ethereum price
Ethereum’s price followed a similar trend and fell below the USD 600 support. The ETH fell 3% and is trading near the USD 590 level. Initial support is near USD 585, followed by USD 580. A break down below USD 580 could require a push towards the USD 570 level.
On the upside, the price may struggle to break out of the USD 598 and USD 600 resistance levels. A close above USD 600 is required to initiate a new rise towards USD 615 and USD 620.
Bitcoin cash, litecoin and XRP price
The cash price of bitcoin is now trading well below the USD 300 level. BCH was trading below the USD 290 level and may continue to slide towards the USD 282 and USD 280 levels. The next key support is near the USD 270 level. On the upside, the bulls may encounter strong selling interest near the USD 300 level.
Litecoin (LTC) is moving below the USD 86.50 support level. LTC is testing the USD 85.00 level and may retest the USD 83.20 support soon. Any further losses could require a push towards the USD 80.50 and USD 80.00 support levels. On the upside, the price may encounter resistance at USD 88.50.
The XRP price fell heavily after failing to gain pace above the USD 0.635 level on many occasions. The price fell more than 5% and was trading below the USD 0.600 support. The next important support is at USD 0.575, below which the price may fall towards the USD 0.550 support.
More altcoin markets today
In the past few hours, many altcoins have fallen by more than 5%, including QTUM, RSR, ICX, ZIL, HBAR, SNT, DGB, ENJ, MIOTA, LTC, NMR, NANO, SNX, UMA and UNI. Of these, QTUM is gaining bearish momentum and may be trading below the USD 2.65 support.
To sum it up, the bitcoin price broke the USD 19,000 support to enter a short-term bearish zone. BTC is now at risk of further losses below the USD 18,800 and USD 18,500 support levels in the near term.
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