Bitcoin and Altcoins Turn Red After Rejection Near Range Highs

  • 02 October 2020, Friday, 10:14

Bitcoin price failed to clear the key USD 10,950 and USD 11,000 resistance levels. As a result, there was a sharp bearish wave below the USD 11,650 support. The price is currently (08:30 UTC) down 4% and it could continue to move down towards the USD 10,200 support zone.

Similarly, most major altcoins retreated from key range highs and broke many supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is down 7% and it traded below the main USD 355 support. XRP/USD cleared the USD 0.235 support and it might even struggle to stay above the USD 0.230 support.

Total market capitalization

Bitcoin price

After another rejection below USD 11,000, bitcoin price started a fresh decline. BTC declined below many important supports such as USD 10,650 and USD 10,550. The price is now trading well below USD 10,550, and it seems like the bears might test the USD 10,200 support zone. Any further losses could lead the price towards the USD 10,000 support. If there is an upside correction, the previous support near USD 10,550 might act as a resistance. The next key resistance on the upside is near the USD 10,800 level.

Ethereum price

Ethereum price retreated from the USD 370 level and it even broke the main USD 355 support. ETH is trading below USD 350 and it is approaching the USD 335 support. The next major support for the bulls could be near USD 320. An initial resistance on the upside is near USD 350, but the main breakout resistance is now forming near the USD 355 level.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price failed once again to surpass the USD 235 resistance. BCH reacted to the downside and traded below the USD 225 support. It is testing the USD 220 support, and it might continue to move down towards the USD 205 and USD 200 support levels. On the upside, USD 230 and USD 235 are still major hurdles. Chainlink (LINK) failed to stay above the USD 10.00 support and it is down over 10%. There was a break below the USD 9.50 support level and the price is now testing the USD 9.20 support. Any further losses may perhaps open the doors for a steady decline towards the USD 8.50 support zone. XRP price declined below the USD 0.240 and USD 0.238 support levels. The price is testing the USD 0.232 support level and it might even revisit the USD 0.230 support. The next major support is near USD 0.228, below which it could decline towards the USD 0.220 zone. The key breakout zone on the upside is near USD 0.245.

Other altcoins market today

In the past three sessions, many altcoins declined over 10%, including AR, EWT, SXP, MANA, ALGO, BAND, YFI, XMR, GNT, SNX, SUSHI, COMP, and ENJ. Out of these, EWT dropped 20% and it traded below the USD 7.50 support.

To sum up, bitcoin price retreated sharply lower from the main USD 10,950 resistance. BTC is now trading below the key USD 10,550 support, and it is showing signs of more downsides. __

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