It seems like the bulls are completely destroyed by the bears as the price moves down quickly, with brief narrow corrections. Bitcoin, Litecoin, Monero and NEO continue to fall and show no sign of trend reversal.
The currency pair developed a downtrend today as it has broken through the descending trend line and crossed several support lines ($8,890, $8,699). Bitcoin approached the next support level area at $8,523. We have decided to draw another descending trend line for this local decline. The price is testing this short term descending trend line now.
BTC/USD rebounded off the support line at $8,523 and started a correction there. However, it is limited by the descending short term trend line as the price is still unable to cross it.
The difference between the highest and the lowest points of today’s Bitcoin price fluctuations is about $471.
What is likely to happen next? We believe that bears are completely controlling the market now and bulls have no opportunity to regain the initiative. It means that there is a high probability of further BTC/USD decline towards $8,523 at least. Otherwise, the currency pair could make a deeper correction towards $8,699 resistance area.
Litecoin established new lows today since our latest review that we posted during the early European session. The price then rebounded off the support line in the $138 area. Litecoin is testing the short term descending trend line currently.
The difference between highest and lowest points of Litecoin price today is about $10.
Bears are controlling the market. The sellers have the power to push the price even lower. LTC/USD will push off the descending short term trend line and retest the support line at $138. Litecoin is able to establish new lows before the European session, if the correction ends. However, this correction may be deeper. The price is likely to cross the short term descending trend line in this case and will move higher towards the resistance at $146.
Monero developed its downside tendency since our latest review. The price now is below the $204 resistance area and the short term descending trend line. The price is far from the midterm descending trend line as well.
Monero price declined approximately $19 today.
Bulls are trying to change the situation currently as the price is testing the short term descending trend line. If buyers manage to cross this trend line (which coincides with the resistance level at $204), they will be able to drive the currency pair higher, to the next resistance, indicating the end of the local downtrend.
Otherwise, XMR/USD is likely to fall towards new lows that the asset established today and test this area.
The currency pair has tested the support line at $62 and pushed off towards the local short term descending trend line. Bears have total control over the market as the price is below both short and midterm trend lines.
NEO price declined by approximately $10 today.
There are two scenarios possible. NEO/USD may cross the descending trend line and move towards the next resistance level, which is located at $68 area. The correction will be deeper in this case.
If NEO/USD fails to break through the trend line, it will fall to the support area and test it again.