In the past few sessions, bitcoin price declined below the USD 9,350 and USD 9,250 support levels. BTC/USD is now trading below USD 9,150 and it seems like it could continue to slide towards the USD 9,000 and USD 8,850 support levels.
Similarly, altcoins started a fresh decline below key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is now trading below the USD 188 and USD 185 support levels. Also, XRP/USD broke a major support area near the USD 0.292 level and it is trading well below USD 0.284.
Total market capitalization
There was an increase in selling pressure on bitcoin price below the USD 9,350 and USD 9,250 support levels. BTC/USD could continue to weaken, but the USD 9,000 support zone might play an important role. If the price fails to stay above USD 9,000, it could extend its decline towards the USD 8,850 support area.
On the upside, the price is facing hurdles near the USD 9,250 and USD 9,350 levels. Having said that, a successful close above the USD 9,400 level is a must for the price to move into a positive zone.
Ethereum price failed to stay above the USD 190 level and it declined below the USD 188 support. ETH/USD is trading below USD 185 and it might continue to decline. An immediate support is near the USD 180 level, below which the price may perhaps test USD 178.
On the upside, the previous supports near USD 188 and USD 190 are likely to act as hurdles. A convincing close above USD 190 might set the pace for more upsides.
Bitcoin cash, eos and XRP price
Bitcoin cash price is down around 3% and it is trading below USD 290. An initial support is near the USD 285 level, followed by the main USD 280 support. If there is a bearish break below the USD 280 support, the price could decline further towards the USD 268 and USD 265 levels.
EOS is sliding and trading below the USD 3.550 support area. If it continues to slide, the bulls could protect the USD 3.400 and USD 3.350 support levels. As long as the price is above USD 3.350, it is likely to bounce back above USD 3.650 in the near term.
XRP price is down more than 6% and it broke a few important supports near the USD 0.300 and USD 0.292 level. XRP/USD even traded below USD 0.284 and it is currently approaching the USD 0.275 support area. On the upside, the previous support near USD 0.284 is likely to act as a strong resistance.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins climbed more than 5%, including DX, MKR, VET, VSYS, CHZ, SXP and ATOM. Conversely, BCN, DCR, BSV, ILC, KCS and ICX are down more than 5%.
To sum up, bitcoin is gaining bearish momentum along with altcoins. If BTC/USD fails to stay above USD 9,000, there is a risk of a sharp decline. The next key supports on the downside are near USD 8,850 and USD 8,650.
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Aayush Jindal , 2019-11-08 09:37:00 ,