Bitcoin declined 6%, and it is now trading under USD 18,500. Ethereum declined under USD 565 and USD 550, XRP might continue to move down under USD 0.550. While KSM, ZIL, UNI, and LSK are down over 11%.
After a long struggle, Bitcoin began a bearish wave under the USD 19,000 support level. BTC broke the USD 18,500 support level and moved into a short-term bearish zone. BTC is currently (05:00 UTC) down 6%, and it could struggle to stay above the USD 18,000 level.
Likewise, there was a strong bearish move in most significant altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH/USD declined over 7%, and it even broke the USD 550 support level. XRP/USD declined heavily under USD 0.585, and it could accelerate further under USD 0.550.
Total Market Capitalization
Bitcoin Price
After various failed efforts, Bitcoin began a steady drop under the USD 19,000 support. BTC even broke the USD 18,500 support level and traded close to the USD 18,000 level. The current BTC action suggests the bulls are losing control under USD 18,500. If there is a downside break under USD 18,000, Bitcoin could decline towards the USD 17,650 level.
An upside correction above the USD 18,300 level might face hurdles. The first key resistance is near the USD 18,500 level. The primary resistance is now forming near the USD 18,800 level.
Ethereum Price
Ethereum followed bitcoin, and it declined sharply under the USD 585 and USD 580 support levels. ETH even cleared the USD 565 buy wall and spiked under USD 550. Any more losses may perhaps lead Ether towards the USD 520 level in the near term.
On the upside, ETH might face sellers near USD 560 and USD 565. The key hurdle is now forming near the USD 580 level (the recent breakdown zone).
Bitcoin Cash, Litecoin, and XRP Price
Bitcoin cash declined sharply under the USD 280 support. BCH traded under the USD 270 level, and it is even struggling to stay above USD 265. If the bears drive the BCHunder USD 260, the next target could be near the USD 250 level. Conversely, a recovery wave towards the USD 275 and USD 280 levels may face hurdles.
Litecoin (LTC) gained bearish momentum after an apparent break under the USD 80.00 support level. LTC is down almost 10%, and it is approaching the USD 75.00 support. The next significant support is seen near the USD 72.00 level. Any more losses might prompt for a test of the USD 70.00 level.
XRP failed to stay above the USD 0.600 support level and declined heavily. There was a clear break under the USD 0.585 support, and the XRP even traded under USD 0.565. It is now trading near USD 0.550, and it seems like there could be more losses towards the USD 0.532 and USD 0.520 levels.
Other Altcoins Market Today
In the past few hours, many altcoins declined over 10%, including KSM, ZIL, UNI, LSK, AVAX, RSR, ALGO, ADA, OMG, UMA, STX, YFI, AAVE, VET, and XLM. Out of these, KSM is accelerating losses under the USD 50.00 support zone.
In summary, Bitcoin is exhibiting bearish flags under the USD 18,500 support zone. If BTC breaks the USD 18,000 support, there is a risk of a drop towards the USD 17,500 level in the near term.
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