This week, bitcoin price faced an increase in selling pressure below USD 7,350. As a result, BTC/USD settled below the USD 7,250 support and recently tested the USD 7,120 support. The current market sentiment suggests high chances of more downsides below USD 7,100 in the short term before a possible recovery.
Similarly, most major altcoins are slowly declining (09:00 UTC) and trading below key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is struggling to stay above USD 130 and it could even tag the USD 126 support. Besides, XRP/USD is likely to extend its decline below USD 0.190 and USD 0.188 in the near term.
Total market capitalization
After a successful close below USD 7,350, bitcoin price broke the USD 7,250 support area. BTC/USD is now consolidating above USD 7,100 and it seems like there are chances of more downsides. An immediate support is near USD 7,020, below which the bears are likely to target the USD 6,850 support area in the coming sessions.
On the other hand, the bulls need to push the price above the USD 7,250 and USD 7,350 resistance levels to start a strong recovery wave towards USD 7,550 and USD 7,650.
Ethereum price is slowly declining and trading below the USD 132 support. ETH/USD might continue to move down towards the USD 126 and USD 125 support levels. Any further losses may perhaps decrease chances of a near term recovery above USD 135.
On the upside, the main resistance is near the USD 134 and USD 135 levels, above which the bulls are likely to take over and gain momentum. On the downside, the next key support below USD 125 is USD 120.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down around 2% and it broke the USD 205 support. If BCH/USD continues to move down below the USD 200 support, there is a risk of a downside break below the USD 190 level. The main support below USD 200 is seen near the USD 184 level. On the upside, there are hurdles near USD 215 and USD 225.
Litecoin traded below the USD 42.50 support area, extending bearish moves. LTC/USD is now trading near the USD 41.20 support and it could slide further towards the USD 40.50 level. On the upside, there are resistances near the USD 42.50 and USD 43.50 levels.
XRP price is showing bearish signs below the USD 0.194 support level. XRP/USD is likely to extend its decline below USD 0.190 and USD 0.188 support levels. The main support where the bulls may emerge is near USD 0.182.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained traction, including BCN, SEELE, MATIC, MANA, RLC and XVG. Conversely, EKT, LUNA, MAID and CENNZ are down more than 5%.
Overall, bitcoin price is slowly moving lower towards the USD 7,100 and USD 7,000 support levels. If BTC/USD slides further below USD 7,000, there is a risk of a larger breakdown in the near term.
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