From a local peak on July 12, Bitcoin tanked from a high of $11,950 to a low of $9,857. Meanwhile, most altcoins experienced even larger double-digit losses. Some of the biggest losers include Ethereum, Bitcoin Cash, Litecoin, and Bitcoin SV—dropping 16.8 to 21.6 percent while XRP held strong relative to BTC.
Following President Donald Trump’s negative tweet about Bitcoin and cryptocurrency, the markets went on to rally and peak 21 hours later at a high of $11,950. Since then, the markets have gone into a downtrend—even monetarily going below $10,000 support. From its peak to the current price of $10,075, BTC lost 15.7 percent.
Reported Bitcoin trading volume is up slightly, from a 7-day average volume of $25.4 billion to $26.0 billion—an increase of 2.36 percent. The 7-day average price of one BTC was $11,832.
On a weekly chart, Bitcoin was rejected from major resistance at $13,868 and $13,203 and now looks to challenge support at $9,500 and $8,400, according to analyst DonAlt.
Aggregate sentiment among popular cryptocurrency traders and analysts was bearish, with many forecasting a potential breakdown to sub $9,000 levels.
Uhhh, this is what I expected without the wick.
With the wick on top, this looks utter garbage.
Pray to god this weekly doesn’t close like this, if it does I’ll be looking for 8000 minimum. pic.twitter.com/q5Iu0NpbAF
— DonAlt (@CryptoDonAlt) July 11, 2019
Hold off on your bearish bias until that weekly closes in 2 hours. Could see us potentially reclaiming $11k here before then, as a surge to close the 1W.
IF the new 1W opens & this one is looking like garbage, look for $9.5k-$10k touch, with $9.1k & $8.6k below if needed. pic.twitter.com/M9XtkRpxgF
— Parabolic Thies (@KingThies) July 14, 2019
$10,900-$11,100 has been support.
A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea.
Weekly chart looks heavy with price being accepted below $11,700 area.
Bullish bias only above major S/R. pic.twitter.com/maGjLyL6ec
— Cred (@CryptoCred) July 14, 2019
Top Goon X is no joke
I warned earlier this week that a bounce to the 0.786 fib is usually a strong short opp according to my indicator
Bad news is the 0.236 fib broke. Needs reclaimed otherwise we go lower
Last time BTC got a dcb signal it dropped 35% which is $8.4k pic.twitter.com/x2jLHwurP2
— NebraskanGooner📈 (@nebraskangooner) July 15, 2019
The overall altcoin market fared even worse. Based on aggregate market capitalization excluding Bitcoin (a measure that can gauge the performance of all altcoins weighted by market capitalization) from the July 14 market peak of $99.8 billion, altcoins dropped to a low of $78.9 billion:
Based on the current figure of $82.8 billion, the average altcoin weighted by market cap lost 17.0 percent. From market open on July 13, some of the biggest losers included the two major Bitcoin forks: Bitcoin Cash (-19.9%) and Bitcoin SV(-18.2%)—and Ethereum (-20.3%) and Litecoin (-16.74%).
These are my ETH levels.
I’ll keep an eye on any kind of accumulation in the green zone this week.
If that should happen I’d play the bounce and reshort either $230 or $270.
If it doesn’t ETH is in major trouble.
R: ~$230 & $270
Honestly not looking great. pic.twitter.com/Sln2PH1R0h
— DonAlt (@CryptoDonAlt) July 15, 2019
The ETH/BTC pair is trading at its lowest since May 17, 2017, (when a single Ether was trading for $35) at a range between 0.021 and 0.022 BTC per coin. Although some say Ethereum will lead the next altcoin run, there are others who suggest another altcoin run comparable to what happened during the 2017-18 bull market is unlikely to reoccur.
One major outlier was XRP, which only lost 5.38 percent from open on July 14. Relative to BTC, XRP is up 4.53 percent over the last 24-hours.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.