Last week we saw heavy downturns in bitcoins below the USD 6,000 support area. BTC / USD remained in a bearish zone and opened with a negative tone this week. The price recently broke the support of $ 5,500 and traded at a low of 2018. Similarly, ethereum suffered strong selling pressures as it broke the support of USD 175. Currently (UTC 08:30 AM) falls by over 10% and sellers appear to have control below USD 160. Both BCHABC and BCHSV fell heavily below USD 250 and USD 100 respectively. The current market sentiment is clearly bearish and it appears that the bitcoin could extend the decline to USD 5,000 in the next sessions.
Total market capitalization
There were heavy downtrend moves below the $ 5,600 level in the bitcoin price. BTC / USD have recently traded below the support levels of USD 5,550 and USD 5,400 to move further into a bearish area. A new high of 2018 was formed around 5,300 USD and it seems that the price could continue to fall in the short term.
The main weekly support level is 5,000 USD, below which there is an open space of up to 4,400 USD. On the upside, immediate resistance is $ 5,500, above which the price may rebound to USD 5,750. The key weekly resistance is 6,000 USD, which was a crucial support previously.
The price of Ethereum has declined in recent hours and has fallen below support levels of USD 170 and USD 160. ETH / USD is currently down about 13% to USD 155.
Immediate support is at USD 150, below which the price could plummet to USD 130. On the upside, an initial resistance is USD 170, above which the price could test 180 USD. The main weekly obstacle for buyers is close to the 195 USD level.
Price in cash and Bitcoin ripple
Both Bitcoin cash coins have declined significantly. BCHABC is down about 15% and has recently traded below USD 250 support. The next major buyer support is close to the USD 200 level. BCHSV collapsed and fell by around 30% to 90 USD. If it continues to decline, it could test the USD 80 level in the short term.
The price of the ripple has been recovered recently, but buyers have failed to maintain gains above the levels of 0.520 and 0.505 USD. The XRP / USD followed the bitcoin route and reduced by about 5%. It is currently trading near USD 0.475 and could test the level of $ 0.450.
Other altcoin markets today
Many altcoins fell heavily and recorded losses of between 15% -20%, including LRC, ICX, WAN, AION, ELF, SRN, VET, IOST and MKR. Of these, LRC decreased by 18% and ICX decreased by 17%.
To sum up, bitcoin and altcoin have moved further into the red zone. BTC / USD may continue to decline to USD 5,000 and if buyers can not defend more losses, the price may fall. Likewise, ethereum must remain above the USD 150 level to avoid a decline in USD 130 and USD 125 levels in the near future.
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