Bitcoin topped near the USD 24,000 resistance zone and started a fresh decline. The price traded below the USD 23,200 support level and is currently (05:00 UTC) struggling to recover.
Similarly, most major altcoins are gaining bearish momentum, including ethereum, XRP, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH/USD declined heavily below USD 590 and it even tested the USD 550 support zone. XRP/USD breakdown gained pace and the price even traded close to the USD 0.200 support zone.
Total market capitalization
Bitcoin price
After yet another failure near the USD 24,000 resistance, bitcoin price started a fresh decline. BTC broke the USD 23,500 and USD 23,200 support levels. It even spiked below USD 23,000 and traded close to USD 22,600. The price is currently consolidating losses, with an immediate resistance near USD 23,200.
The first major resistance on the upside is near the USD 23,500 level. On the downside, the first major support is near the USD 22,500 level. The next major support is near the USD 22,250 level, below which there is a risk of a larger decline towards the USD 21,500 and USD 21,200 levels.
Ethereum price
Ethereum price dropped heavily below USD 600, following XRP’s dive below USD 0.300. ETH broke the USD 595 and USD 580 support levels. It tested the USD 550 level and started a decent recovery wave. There was a break above the USD 570 level, but there are many hurdles on the upside.
An initial resistance is near the USD 588 level. The main resistance is now forming near the USD 595 and USD 600 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down over 10% and it is now trading well below the USD 300 support level. BCH broke the USD 285 and USD 280 support levels. The price is now moving closer towards the USD 270 support level. The next major support might be near USD 250. On the upside, the USD 285 and USD 288 levels are initial hurdles for the bulls.
Litecoin (LTC) spiked below the USD 100.00 support level and tested the USD 95.00 zone. It is currently recovering higher and trading above USD 100.00. An initial resistance on the upside is near the USD 105.00 level. The first major resistance is near the USD 110.00 level. On the downside, the price could even test USD 92.00 if there is a fresh break below USD 100.00.
XRP price is down over 50% this week, and it broke many major supports near USD 0.3500 and USD 0.300. The decline was such that XRP even traded close to the USD 0.200 level. It is currently correcting higher, but upsides might be limited near the USD 0.300 and USD 0.320 levels.
Other altcoins market today
In the past few hours, many altcoins declined over 10%, including DOGE, QTUM, MIOTA, LINK, NEO, HBAR, ZEC, RSR, EOS, BAND, VET, ALGO, KNC, YFI, ETC, BNT, and XLM.
Overall, bitcoin price might continue to move down if there is a clear close below USD 22,800 and USD 22,500. Conversely, the bulls might make another attempt to clear the USD 23,500 and USD 24,000 resistance levels.
_____
Source: Cryptonews
