Bitcoin price failed to break the USD 19,500 zone and began a sharp decline. BTC broke many supports near USD 19,000 and USD 18,800 to enter a bearish zone. The price fell over 5% and is currently (05:00 UTC) trading below USD 18,000.
Additionally, there has been a sharp drop in most major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH / USD declined from well above USD 580 to trade near the USD 500 level. XRP / USD was down over 10% and broke the USD 0.600 support zone.
“The terms are very heavily overbought and need to be corrected,” said Vijay Ayyar, head of business development at Crypto Exchange The moon, told Bloomberg. “So I don’t think it’s unusual to be honest. I still believe we will see all-time highs before any major decline / correction. “
Also the economist and trader Alex Krüger recently argued The “[altcoins] Usually move in the * same direction * of Bitcoin, but more (in both directions) “and you” can imagine [altcoins] when leveraged bitcoin plays. “
Prepare for the November Bitcoin rally and volatility
Get ready for more Bitcoin flash crashes in this Bull Market – Hut 8 Founders
Total market capitalization
Bitcoin price reacted sharply bearish after breaking the $ 18,800 support zone. BTC declined above USD 1,500 and broke the USD 18,000 support. The price has been trading near the USD 17,000 level and is currently recovering higher. On the upside, the USD 18,200 and USD 18,500 levels could act as strong resistance.
Initial support on the downside is near the USD 17,500 level. The first major support is near the $ 17,200 level, followed by the main support at $ 17,000.
Ethereum price has passed the key USD 580 support level to start the current decline. ETH traded below the USD 550 and USD 540 support levels. It tested USD 510 before rebounding above USD 530. On the upside, the recent breakdown zone at USD 550 could act as resistance.
Initial support is near the USD 520 level, below which the bears may seek a bearish break below the USD 500 handle in the short term.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price fell more than 15%, breaking the USD 320 and USD 300 support levels. BCH has even tested the USD 270 level and it seems that there is a likelihood of further losses. The main support is near the USD 250 level. Conversely, the USD 300 and USD 320 levels could act as hurdles.
Litecoin (LTC) broke the USD 80.00 support to follow the decline in Bitcoin and ETH. LTC is down 10% and is trading near the USD 76.50 level. The next major support is at $ 75.00 below which the price could test the $ 70.00 support level in the short term. If there is a fresh move, the bulls could fight near USD 82.00.
XRP price fell sharply after failing to stay above the USD 0.600 support level. The price even traded below the USD 0.585 and USD 0.555 support levels. The next big buying zone for the bulls could be USD 0.520, below which they could have a tough battle near the USD 0.500 level.
Other altcoin market today
In the past few hours, many altcoins have declined by over 15%, including XVG, SUSHI, SNX, NANO, WAVES, RSR, LINK, ANT, ADA, LRC, DASH and MIOTA. Of those, XVG is down 25% and is trading below USD 0.0070.
Overall, the Bitcoin price corrects itself below USD 18,000. It appears that the current drop below USD 17,500 may pick up pace and BTC may revisit the USD 17,000 zone in the upcoming sessions.