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The past few sessions were most bearish as bitcoin and other major cryptocurrencies struggled to recover. As a result, there was a bearish reaction and prices dropped sharply. BTC/USD declined below the USD 8,250 support and ETH/USD settled below USD 700. The overall market sentiment is currently negative, and technical indicators are pointing more downsides in the near term.
Bitcoin price struggled to move above the USD 8,450 and USD 8,500 resistance levels. BTC/USD moved down and broke many supports such as USD 8,300 and USD 8,250. It declined close to USD 7,900 before recovering.
The price is currently down 1.8% to USD 8,100 (GMT 8:45 AM), with an initial support at USD 8,000. Below this last, the price could retest the recent low of USD 7,910 and it might even break USD 7,900. On the upside, resistances are seen near USD 8,250 and USD 8,300. A break above USD 8,300 will most likely push the price towards the USD 8,500 hurdle.
Ethereum declined sharply, settled below the USD 700 support, and traded towards USD 650. ETH/USD found buyers just above USD 650 and started an upside correction.
It is currently down 2.8% to USD 678 and it seems like any further recoveries are likely to face sellers on the topside around USD 690 and USD 700. On the downside, supports are at USD 660, USD 655 and USD 650.
Bitcoin Cash and Ripple
Bitcoin cash trimmed most of its gains and declined by more than 6% to USD 1,200. BCH/USD is currently at a risk of more losses below USD 1,200. The next support is at USD 1,150 - USD 1,160. On the upside, resistances are at USD 1,220, USD 1,240 and USD 1,250.
Ripple traded towards USD 0.65 and is currently down 3%. XRP/USD is finding it really hard to attract buyers and it remains at a risk of more losses below USD 0.65.
Other Altcoins Market Today
Almost all small cap coins traded in the red zone today, except Syscoin. SYS coin price gained by more than 15% to move above the USD 0.40 resistance. Syscoin was added to the masternodes.online platform, which was the main driving force for the current upside.
To sum up, the crypto market is likely to end the week on a negative note unless bitcoin price jumps and trades above the USD 8,500 resistance.
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