After a minor upward move, bitcoin price failed to gain strength above the USD 8,800 area. It seems like the USD 8,850 resistance played well, resulting in a bearish reaction in BTC/USD. There was a break below USD 8,650 and the price even spiked below USD 8,550.
Similarly, most major altcoins are slowly declining after they struggled to continue higher, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is facing a strong resistance near USD 170 and it is currently (09:00 UTC) declining below USD 166. XRP/USD is down 3% and it is now trading below the key USD 0.232 level.
Total market capitalization
After a strong rejection below USD 8,850, bitcoin price started a slow and steady decline. BTC/USD broke the USD 8,700 and USD 8,650 levels. BTC/USD even tested the USD 8,550 support and it is currently consolidating. If there is a bearish close below USD 8,850 and USD 8,500, it could start a sharp decline. The next key support could be USD 8,150.
On the upside, an initial resistance is near the USD 8,650 level. However, the main resistance for bitcoin bulls is still near the USD 8,850 level, above which the price may perhaps rally to USD 9,250.
Ethereum price also struggled to gain momentum above the USD 170 resistance. ETH/USD is sliding and it is likely to test the USD 162 and USD 160 support levels. Any further losses might lead the price towards the USD 152 level.
On the upside, the bulls need to gain strength above the USD 170 resistance level to start another decent increase. The next major resistance is near the USD 178 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above USD 340 and it is slowly declining. An initial support is near the USD 330 level. The main support for BCH/USD is near the USD 325 level, below which there is a risk of a downside break towards the USD 300 support. On the upside, the main hurdles for the bulls are near USD 350 and USD 355.
Litecoin is sliding below USD 56.50 and it might even struggle to stay above the USD 55.50 support area. If there is a clear break below USD 55.50, LTC/USD could continue to slide towards the USD 52.50 support. On the upside, the USD 58.50 level is a key hurdle before USD 60.00.
XRP price is facing an increase in selling pressure and it is now trading below the USD 0.232 support level. The next key support is near the USD 0.225 level, below which the bears are likely to aim a test of the USD 0.218 support level.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins extended their decline by more than 5%, including BCN, KMD, BSV, QNT, BTG, BCD, AE, MIOTA, VET, LINK and CRPT. Out of these, BCN is down more than 13% and KMD declined nearly 10%.
To sum up, bitcoin price is facing an uphill task near the USD 8,800 and USD 8,850 levels. The bulls need to lead BTC/USD above USD 8,850 for more gains. If not, there is a risk of a drop towards USD 8,150 or USD 8,000.