Bitcoin and Altcoins Vulnerable To More Downsides

  • 08 October 2020, Thursday, 07:06
Bitcoin and Altcoins Vulnerable To More Downsides

Bitcoin price started a fresh decline from the USD 10,800 resistance. BTC settled below USD 10,650 and it is currently (08:30 UTC) struggling to stay above the USD 10,550 support. If BTC slides below USD 10,550 and USD 10,500, there could be a sharp decline.

Similarly, most major altcoins are struggling to stay above important supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX and ADA. ETH/USD could extend its decline if there is a clear break below the USD 335 support. XRP/USD is holding the USD 0.242 support, but upsides might remain capped near USD 0.250.

Total market capitalization

Bitcoin price

After a test of the USD 10,550 support, bitcoin price attempted an upside correction. However, BTC struggled to gain pace above USD 10,650 and USD 10,700. The price is currently trading with a bearish angle and it is close to a breakdown below the key USD 10,550 support.

A clear break below USD 10,550 and USD 10,500 might open the doors for more losses towards USD 10,250 and USD 10,200. On the upside, the bulls are likely to face hurdles near USD 10,700 and USD 10,800 if there is an upside correction in the near term.

Ethereum price

Ethereum price is currently struggling to stay above a crucial support at USD 335. A successful close below the USD 335 support may perhaps initiate an extended decline towards the USD 320 support. The next major support is near USD 306.

Conversely, the price might correct higher above USD 340. The first key resistance is near USD 345, above which the price might retest the main USD 355 resistance.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price stayed neutral and it is currently trading well above the USD 220 pivot level. If BCH breaks the USD 225 resistance, there are chances of a break above the USD 230 level. The next major hurdle for buyers is near the recent rejection zone at USD 235.

Chainlink (LINK) remained in a bearish zone and it settled below the USD 9.00 level. The price even tested the USD 8.50 support level on two occasions. It is currently showing bearish signs and a clear break below the USD 8.50 support could clear the path for more downsides towards the USD 8.00 and USD 7.80 levels in the near term.

XRP price started a fresh decline from well above USD 0.255 and it even broke the USD 0.245 support. The price is recovering from the USD 0.240 support and trading above USD 0.242. On the upside, there are many critical barriers for buyers, starting with USD 0.248 and up to USD 0.255. On the downside, the USD 0.240 level is a major inflection zone.

Other altcoins market today

In the past three sessions, a few small cap altcoins declined over 5%, including HYN, YFI, KSM, SOL, OMG, UNI, UMA, BAND, and CEL. Conversely, OCEAN, REN, PMA, TMTG, LRC, and STX gained 5%,

To sum up, bitcoin price is showing a few bearish signs below USD 10,650 and USD 10,700. If BTC slides below USD 10,550, it might open the doors for a larger bearish wave towards USD 10,250 or even USD 10,050. __

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