Bitcoin and Altcoins Turn Red After Multiple Failures

  • 08 December 2020, Tuesday, 10:06

After multiple failed attempts near USD 19,500, bitcoin price dropped and broke the USD 19,000 support level. The price is currently (05:00 UTC) down over 2% and it could continue to move lower towards the USD 18,500 level or even USD 18,200. Similarly, there was a bearish reaction in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD broke the USD 585 and USD 580 support levels. XRP/USD is down 3% and it is now trading below the USD 0.600 support.

Total market capitalization

Bitcoin price

After a rejection near USD 19,350, bitcoin price started a fresh decline. BTC traded below the USD 19,000 support and the bulls even failed to protect the USD 18,800 support level. It seems like the price might continue to move down towards the USD 18,500 support zone. Any more losses might spark a move below USD 18,000. If there is a fresh increase, the previous support at USD 19,000 could act as a resistance. A close above USD 19,000 could push the price higher towards the range high near USD 19,350.

Ethereum price

Ethereum price declined more than 3% after it failed to clear the USD 600 resistance. ETH traded below the USD 585 support and it even broke USD 580. The next major support is near the USD 565 level, where the bulls might take a strong stand. If they fail, the price could test the USD 550 level. On the upside, an initial resistance is near the USD 585 level (the recent breakdown zone). The main resistance is still near the USD 600 level, above which the price might move into a positive zone.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price moving lower and approaching the USD 280 support zone. If BCH slides below the USD 280 support, there is a risk of a larger decline towards the USD 265 support. Conversely, a fresh increase towards the USD 292 and USD 295 levels might face resistance. The main resistance sits at USD 300. Litecoin (LTC) failed to stay above the USD 81.20 support level and it is now approaching the USD 80.00 support. If LTC breaks the USD 80.00 support, there could be a sharp decline. The next major support is near the USD 77.50 and USD 77.20 levels. On the upside, the price might continue to face resistance near USD 84.50 and USD 85.00. XRP price reacted to the downside after it failed to clear the USD 0.620 resistance level. The bears were able to clear the USD 0.600 support and the price even broke the USD 0.588 support. If the current momentum stays intact, there is a risk of a drop towards the USD 0.555 and USD 0.550 support levels.

Other altcoins market today

In the past few hours, a few altcoins declined over 5%, including XLM, KSM, REN, ADA, OMG, SNT, MAID, QTUM, SC, LRC, and DGB. Out of these, XLM broke the key USD 0.160 support level and declined over 7%.

To sum up, bitcoin price is under pressure after multiple failures near USD 19,500. BTC is now trading below USD 19,000 and it seems like it could move down towards the USD 18,200 level. __

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