Bitcoin and Altcoins Might End Week In The Red Zone

  • 11 December 2020, Friday, 10:06

After a break below the USD 18,200 support, bitcoin price extended its decline below USD 17,800. The price is currently (13:00 UTC) trading below USD 18,000 and showing signs of more losses towards the USD 17,500 level. Similarly, there are signs of more downsides in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is now trading below the USD 550 support and struggling to stay above USD 540. XRP/USD also gained bearish momentum and traded below the USD 0.550 support.

Total market capitalization

Bitcoin price

In the past two sessions, bitcoin price saw bearish moves below USD 18,200 and USD 18,000. An initial support for BTC is near the USD 17,800 level. The first major support is near the USD 17,650 level, followed by USD 17,500. A downside break below the USD 17,500 level could open the doors for a sharp decline. On the upside, the USD 18,000 level is a pivot level. The first key resistance is near the USD 18,200 level, but the main resistance is still near USD 18,500.

Ethereum price

Ethereum price settled below the USD 550 support and it is struggling to start a recovery wave. An initial support for ETH is near the USD 240 level. The first key support is near the USD 530 level, below which there is a risk of a drop below USD 520 and USD 515. If there is an upside correction, the price might face hurdles near the USD 560 and USD 565 levels. The main breakout zone is still forming near the USD 580 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price traded below the USD 260 support and it is slowly moving lower. It seems like BCH could continue to move down towards the USD 250 support level. Any more downsides may possibly lead the price towards the USD 235 support. On the upside, the price could struggle to recover above the USD 275 level. Litecoin (LTC) is holding the USD 70.00 support level. It could correct higher, but the bears might face resistance near the USD 74.00 and USD 75.00 levels. Conversely, a downside break below the USD 70.50 and USD 70.00 support levels might open the doors for a sharp decline towards the USD 65.00 level. XRP price is down more than 4% and it broke the key USD 0.550 support level. The bears are gaining pace and it seems like there are chances of a drop towards the USD 0.520 and USD 0.515 levels. The next major support is near the USD 0.505 level. On the upside, the USD 0.565 is a pivot zone for the bulls.

Other altcoins market today

In the past few hours, many altcoins declined over 5%, including SNX, AAVE, YFI, RSR, MIOTA, COMP, KSM, THETA, LRC, XLM, ANT, ALGO, HEDG, HBAR, and OCEAN.

To sum up, bitcoin price is showing signs of more downsides below USD 17,650 and USD 17,500. Ir order to avoid more losses, the bulls need to gain strength above the USD 18,200 level in the near term. __

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