Bitcoin and Altcoins Grinding Lower Within Range

3rd October 2018

- Bitcoin price started a fresh decline and broke the USD 6,500 support.
- Ethereum is down 5% and ripple trimmed gains more than 8%.
- XLM, BCH and LTC are also down more than 5% today.

Bitcoin price struggled to settle above the USD 6,600 - USD 6,650 resistance area. As a result, BTC/USD started a downward move and broke the USD 6,500 support. Similarly, there was an increase in selling pressure on altcoins, resulting in bearish moves in ethereum, ripple, litecoin, bitcoin cash, neo and IOTA. Overall, the current price action (UTC 08:20 AM) is slightly bearish and indicating more losses in the coming hours unless bitcoin buyers push the price back above USD 6,550 and USD 6,600.

Yesterday, we discussed that bitcoin price is showing a few negative signs below the USD 6,650 and USD 6,800 resistance levels, and it could decline if buyers don’t into action to push the price above the USD 6,800 hurdle.
The price did not break these levels, resulting in a bearish reaction towards the USD 6,400 support. Going forward, if buyers fail to keep the price above the USD 6,400 support, there are chances of more declines towards the USD 6,250 support in the near term.

Ethereum price is down more than 5% and is currently trading below the USD 225 support. ETH/USD failed to surpass the USD 235 resistance and declined towards USD 215.
If sellers remain in action, the price may well break the USD 215 support. The next major support on the downside is at USD 204. On the upside, the previous support at USD 225 could act as a resistance.

Bitcoin cash price started a fresh downside move and broke the USD 540 and USD 520 support levels. BCH/USD is currently down around 5.5% and it seems like it could test the USD 500 support, below which the next key support for buyers is near the USD 480 level.
Ripple price was one of the worst performers as it is down more than 8% to USD 0.518. XRP/USD is currently under pressure and it remains at a risk of more losses below the USD 0.510 and USD 0.500 supports.

Many altcoins faced selling pressure recently, including FUN, XIN, AOA, RHOC, AION, XEM, IOST, GNT, XLM, KCS, RDD and WAN. Out of these FUN and XIN are down close to 10%.

Overall, bitcoin is currently trading in a bearish zone below USD 6,600. If BTC/USD fails to recover soon, there is a risk of more downsides towards the USD 6,300 and USD 6,250 support levels. Similarly, ethereum and ripple could also follow bitcoin and decline to new weekly lows in the near term.

By Aayush Jindal, https://cryptonews.com

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