Bitcoin corrected sharply and resided under USD 18,800. Ethereum is checking out the USD 580 support, XRP struggles to keep its head above USD 0.600 with SUSHI, which didn’t go very fishy, rallied over 25% to clear the table USD 2.10 resistance.
Recently, there was a definite bearish resistance in bitcoin from the USD 19,900 region. BTC declined above USD 1,500, and it ended below USD 18,800. BTC is currently (05:00 UTC) trading near USD 18,500, below which there is a chance of more downsides.
The Alts seems to be following their big brother since there was a sharp decline in most major altcoins, including Ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD settled below USD 600, but it is holding the USD 580 support zone. XRP/USD is struggling to stay above USD 0.600 support and remains at a risk of a sharp decline.
Total market capitalization
Bitcoin Price
After a sharp bearish reaction from the USD 19,900 zone, bitcoin started a sharp decline. BTC broke the USD 19,000 and USD 18,800 support levels to move into a short-term bearish zone. The price is now trading near the USD 18,500 support, below which the bulls might put a strong fight near USD 18,200. If there are more losses, the next stop for the bears might be USD 17,800.
On the upside, there is a key resistance forming near the USD 18,800 level. The first major resistance sits at the USD 19,000 level, above which the price could revisit USD 19,500.
Ethereum Price
Ethereum declined sharply below the USD 610, USD 600, and USD 595 levels. ETH even spiked towards USD 575, and it is currently consolidating above USD 580. The price faces a couple of major hurdles near the USD 595 and USD 600 levels on the upside.
On the downside, the price finds strong bids near USD 580 and USD 575. Any more losses might lead the price towards the USD 550 level.
Bitcoin Cash, Litecoin, and XRP Price
Bitcoin Cash is down over 8%, and it is now trading well below the USD 300 level. BCH is trading near the USD 285 support, below which the price could decline towards the USD 272 and USD 270 levels. Conversely, a fresh increase might face hurdles near the USD 295 and USD 300 levels. A close above USD 300 is needed for a decent increase in the coming sessions.
Litecoin (LTC) retreated lower from USD 90.00 and traded below the USD 85.00 support. LTC is consolidating near USD 84.50, with immediate support at USD 83.50. The next major support is near the USD 82.20 level. On the upside, the bulls might face resistance near the USD 86.50 level.
XRP is down over 6%, and it is trading below the USD 0.620 support. The price is struggling to stay above the USD 0.600 level. A successful close below USD 0.600 could spark a strong decline in the coming sessions. The next key support is near the USD 0.588 and USD 0.585 levels.
Other Altcoins Market Today
Many altcoins declined over 8% in the past few hours, including ZEN, HEDG, NXM, ETH, TRX, ADA, DASH, XLM, RSR, EOS, and ALGO. Conversely, SUSHI, YFI, RUNE, KSM, CRV, AAVE, and AMPL are up over 5%.
In summary, Bitcoin is trading in a seemingly short-term bearish zone and holding the USD 18,500 support. If BTC declines below USD 18,500 and USD 18,200, there are possibilities to drop towards USD 17,800 or even USD 17,500.
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