RATE Group | Bitcoin and Altcoins Downside Thrust Underway
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Bitcoin and Altcoins Downside Thrust Underway

19 Nov Bitcoin and Altcoins Downside Thrust Underway

Posted at 11:10h in Bitcoin News by

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Yesterday, we discussed the possibility of a downside extension in bitcoin towards the USD 8,250 and USD 8,050 support levels. BTC/USD did decline recently and broke the USD 8,250 support area. The price is now (09:00 UTC) struggling to stay above the USD 8,050 and USD 8,000 support levels.

Similarly, most major altcoins extended their decline below key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD broke the key USD 178 support and recently tested the USD 175 support area. XRP/USD declined heavily and tested the USD 0.242 support, where buyers appeared.

Total market capitalization

Bitcoin and Altcoins Downside Thrust Underway 101
Source: www.tradingview.com

Bitcoin price

In the past few hours, bitcoin price faced a renewed selling pressure below USD 8,320. As a result, BTC/USD declined below the USD 8,250 support area and traded close the USD 8,050 and USD 8,000 support levels. The price is currently consolidating and it seems like there is a risk of more losses below the USD…

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