Bitcoin and Altcoins Hesitate But Further Losses Seem Likely
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This past week, bitcoin price followed a bearish path and traded below the USD 8,650 and USD 8,550 support levels. BTC/USD traded to a new monthly low and it is currently (09:00 UTC) consolidating losses above the USD 8,400 level. The technical formation is bearish, suggesting more losses towards USD 8,250 or USD 8,000.
Likewise, most major altcoins remained in a downtrend and failed to recover, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD settled below the USD 185 level, but it managed to stay above the USD 178 support. Besides, XRP/USD is under a lot of pressure and it recently settled below the USD 0.265 and USD 0.262 support levels.
Bitcoin price
There were mostly bearish moves in bitcoin price below the USD 8,650 level. BTC/USD even settled below USD 8,550 and traded close to the USD 8,400 level. The price is currently consolidating losses above the USD 8,400 level and it seems like there are chances of more losses.
An immediate support is near the USD 8,250 level. However, the main weekly support is near the USD 8,000 level, below which bitcoin might decline heavily. On the upside, there are many hurdles near the USD 8,650. The key weekly resistance is near the USD 8,850 level.
Ethereum price
Ethereum price failed to stay above the USD 185 support area. ETH/USD broke the USD 182 level and found support near the USD 178 level. The price is currently consolidating above USD 180, with resistances near USD 188 and USD 190.
On the downside, the main weekly supports are USD 180 and USD 178. If there is a clear break below the USD 178 support, the price could extend its decline towards the USD 160 level.
Bitcoin cash, EOS and XRP price
Bitcoin cash price failed to stay above the USD 280 support area and it even broke the USD 265 support. BCH/USD tested the USD 260 level and it seems like there could be more downsides towards the USD 250 level. On the upside, the USD 280 level is now a major resistance for a fresh increase.
EOS is settled below the USD 3.400 support level and even struggled to hold the USD 3.350 support. The price is currently consolidating above USD 3.350, with many hurdles near USD 3.450 and USD 3.500. A clear break above USD 3.500 could push the price towards USD 3.700. Conversely, the price may perhaps test USD 3.200.
XRP price is under a lot of pressure below the USD 0.265 and USD 0.262 support levels. XRP/USD is facing an increase in selling and it seems like the price could even visit the USD 0.250 support. The next key support is near the USD 0.245 level.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 5%, including DX, EKT, KMD, ICX and NEXO. Out of these, DX is up more than 20% and EKT climbed nearly 10%.
Overall, bitcoin price is likely to continue lower towards USD 8,250 or USD 8,000. Conversely, BTC/USD must move above USD 8,650 and USD 8,850 to start a fresh increase. On the downside, the USD 8,000 support holds the key for the next major move.
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George Brown is a main editor in Bitgraph Network Team.