Bitcoin and Altcoins Struggle To Hold Important Supports

  • 29 October 2020, Thursday, 11:06

Bitcoin price started a downside correction below the USD 13,500 support zone. BTC is down over USD 800 from the recent high and it is currently (13:00 UTC) struggling to stay above the USD 13,000 support. If there is a bearish close below USD 13,000, the price could extend its decline towards USD 12,500.

Similarly, there were additional losses in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD broke the USD 385 support and it could even decline below the USD 380 support. XRP/USD is now trading below the USD 0.245 support and there is a risk of a break below the USD 0.240 support.

Total market capitalization

Bitcoin price

After a close below USD 13,500 and USD 13,400, bitcoin price extended its decline below the USD 13,200 support. BTC even traded a few points below the USD 13,000 support level. If there is a daily close below the USD 13,000 support, the price could even break the USD 12,850 support. The next stop for the bears might be USD 12,500. If there is a fresh increase, the USD 13,200 level presents an immediate hurdle. The next key resistance is near the USD 13,350 and USD 13,500 levels.

Ethereum price

Ethereum price extended its decline below the USD 385 support. ETH is now approaching the USD 380 support level, below which the price might decline towards the USD 370 level. The next major support is near the USD 365 level (the last major breakout zone). On the upside, the USD 388 and USD 390 levels are initial barriers. The next major resistance is near the USD 398 and USD 400 levels.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price failed to stay in the positive zone and it declined over 5%. BCH dived below the USD 265 and USD 260 support levels. It may now find support near the USD 255 level. Any further losses could lead it towards the USD 250 level. Conversely, the USD 265 level might act as a pivot level. Chainlink (LINK) resumed its decline below the USD 11.50 support level. It even spiked below the USD 11.20 support and tested USD 11.10. It seems like the bulls are putting up a strong fight near the USD 11.20 and USD 11.10 levels. On the upside, the USD 11.50 level might act as a key breakout zone. XRP price extended its decline below the USD 0.245 support. It even traded below the USD 0.242 support and might test the USD 0.240 level. Any further losses might open the doors for a larger decline towards the USD 0.235 support level in the coming sessions.

Other altcoins market today

In the past few hours, many altcoins declined over 5%, including COMP, AAVE, YFI, REN, EGLD, VET, DOT, BAND, LRC, ATOM, NEO, ONT, MANA, XMR, and CKB. Out of these, COMP is down over 15% and AAVE declined below the USD 30.00 support.

To sum up, bitcoin must stay above the USD 13,000 support level to avoid a larger decline. If it fails, there is a risk of a drop towards USD 12,500. On the other hand, BTC might start a fresh increase towards the USD 13,500 resistance. __

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