Bitcoin and Altcoins Signaling Bearish Continuation

There was hardly any upside correction in bitcoin above the USD 8,950 and USD 9,000 resistance levels. BTC/USD is mostly following a bearish path and it seems to be facing many resistances near USD 8,850 and USD 8,950.

Similarly, most major altcoins are trading (09:00 UTC) in a downtrend, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD made another attempt to surpass the USD 188 and USD 190 levels, but it failed. Conversely, XRP/USD extended its decline and traded below the USD 0.272 and USD 0.270 support levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

There was a steady decline in bitcoin price below the USD 9,000 and USD 8,850 levels. BTC/USD even settled below the USD 8,850 level and recently tested the USD 8,550 support area. The price is currently correcting higher, but it is facing a lot of hurdles on the upside near the USD 8,850 and USD 8,950 levels.
On the downside, the main support is near the USD 8,550 level. If there are more downsides, the price could decline towards the USD 8,320 level. Conversely, a close above the USD 8,950 is needed for a fresh recovery.

Ethereum price

Ethereum price is still facing a strong resistance near the USD 188 and USD 190 levels. Besides, ETH/USD is holding the USD 185 support area, which is a crucial breakdown area. A close below USD 185 and USD 182 might start a solid decline in the near term.
Conversely, a successful close above the USD 190 resistance might start an upward move. The next key resistance is at USD 195, followed by USD 198. The main hurdle is near the USD 200 level.

Bitcoin cash, eos and XRP price

Bitcoin cash price declined recently after it failed to surpass the USD 300 resistance. BCH/USD is now trading near the USD 285 support area. The next key support is USD 280, below which the price could extend its decline towards the USD 265 level. On the upside, there are resistances near USD 295, USD 300 and USD 305.
EOS is currently trading below the USD 3.500 level, with a minor bearish angle. An initial support is near the USD 3.450 level. If the price continues to move down, it could test the main support near the USD 3.350 level. On the upside, there are hurdles near the USD 3.650 and USD 3.700 levels.
XRP price is still under a lot of bearish pressure and it recently broke the USD 0.272 and USD 0.270 support levels. XRP/USD tested the USD 0.267 level and it is currently consolidating losses. On the upside, there are many resistances, starting with USD 0.275 and up to USD 0.282.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins jumped more than 5%, including AOA, NEO, KMD, ONT, CHZ, HOT, QNT and SEELE. Out of these, AOA rallied more than 25% and NEO is up around 14%.

Overall, bitcoin is facing a lot of selling interest below USD 8,950 and USD 8,850. If it continues to struggle to correct above USD 8,850, there is a risk of another break below the USD 8,650 and USD 8,550 support levels.
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Bitcoin and Altcoins Signaling Bearish Continuation 102
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