Bitcoin and Altcoins Trading With Bearish Bias

After a major decline, bitcoin price started a short term upside correction above the USD 8,850 level. BTC/USD even spiked above USD 9,000, but upsides remained capped. The price is currently (09:00 UTC) declining and it remains at a risk of more downsides below the USD 8,750 support area.

Similarly, altcoins are currently trading in a bearish zone, including ethereum, ripple, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is facing resistance near the USD 188 and USD 190 levels. Moreover, XRP/USD is facing a strong resistance near the USD 0.282, USD 0.284 and USD 0.285 levels.

Total market capitalization

Bitcoin price

Recently, bitcoin price corrected above the USD 9,000 level. However, BTC/USD failed to surpass the USD 9,100 and USD 9,120 resistance levels. As a result, the price declined below USD 9,000 and trimmed most of its gains. The price is now trading below USD 9,000, with an immediate support at USD 8,750. The main weekly supports are near the USD 8,650 and USD 8,550.
On the upside, the price is likely to struggle near USD 9,000, USD 9,100 and USD 9,120. A successful close above USD 9,120 is likely to open the doors for a recovery in the coming days.

Ethereum price

Ethereum price recovered above the USD 185 resistance in the past few hours. ETH/USD even climbed above the USD 190 resistance, but it failed to continue higher. A fresh decrease was initiated and the price declined below the USD 188 level. It seems like the price is facing a lot of hurdles near the USD 188 and USD 190 levels.
On the downside, an initial support is near the USD 185 level. The main weekly support is near the USD 180 level, below which the price could accelerate towards USD 170 or USD 166.

Bitcoin cash, eos and XRP price

Bitcoin cash price revisited the USD 300 resistance again and it faced a strong selling interest. BCH/USD failed to surpass USD 300 and recently started a fresh decline. The price is now trading below USD 290 and it may soon test the USD 285 support area. The main support is USD 280 and the key resistance is near USD 300.
EOS made two attempts to surpass the USD 3.650 resistance area, but the bulls failed to gain strength. The price is now trading near the USD 3.500 level, below which it could continue to move down towards the USD 3.350 support area in the near term.
XRP price is trading in a bearish zone below the USD 0.282 pivot level. On the downside, an immediate support is near USD 0.272, below which XRP/USD could decline further. The next key support is near the USD 0.265 level. On the upside, there are many resistances near USD 0.282 and USD 0.284.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins gained more than 5%, including DX, ODE, RLC, VSYS, SLV, ATOM and VET. Conversely, SNX, LUNA, BCN, BTM, REN and KCS are down more than 5%.

Overall, bitcoin is trading in a bearish zone below USD 9,000 and it might continue to decline. If BTC/USD fails to hold the USD 8,550 support, there is a risk of a sharp decline towards the USD 8,000 support area in the near term.
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