After a short-lived upside correction, bitcoin resumed its decline, plunging below $8,300. BTCUSD exchange rate broke the $8,000 support area and hit a new monthly low near $7,750. Upsides are likely to remain capped between $8,250 and $8,300, while downsides were contained in many major altcoins. ETHUSD retested the $155 support level and bounced back above $165. XRPUSD consolidated losses and facing hurdles near the $0.245 and $0.250 levels.
Bitcoin could decline further
There was a downside extension in bitcoin price below the $8,200 and $8,000 support levels. BTCUSD tested the $7,750 area and it has corrected higher, hovering around $8,000. An immediate resistance is near the $8,150 and $8,200 levels. However, the main resistance is near the $8,300, above which the price could recover to $8,500. Should the upside correction fail, the price might revisit $7,750, or even hit $7,500.
Ethereum price declined below the $165 support area, as a consequence of bitcoin’s big fall. However, ETHUSD stayed above the $150 and $152 support levels. The price bounced back above $160 and it is currently trading slighlty below $170. On the upside, there are a few important resistances near the $172 and $175 levels, above which there are chances of a recovery in the near term.
Bitcoin cash price retested the main $200 support level and it is currently consolidating below the $220 resistance. In case of upside break above $220 and $230, BCHUSD might recover towards the key $250 level. Conversely, there is a risk of a downside break below the $200 support area.
EOS remained stable above the $2.500 level. However, the price is facing a lot of hurdles near the $2.850 and $2.900 levels. The key resistance for a strong recovery is near the $3.000 level. On the downside, a break below $2.500 might push the price to $2.200.
Ripple price tested the $0.225 support area and it is currently trading above $0.240. XRPUSD seems to be facing a strong resistance near the $0.245 and $0.250 levels, above which the price might test the key $0.264 resistance.
Top 10 alt-coins hit six-month lows
Nearly all top 10 alt-coins by market capitalization hit a 6-month low last week, as a consequence of bitcoin’s dip. Ripple hit a 658-day low of $0.22 on September 24, marking it as the biggest loser and single-day loss amongst the top 10 by market value. It leads by a large margin after reaching its lowest value in almost 2 years, while bitcoin cash, bitcoin SV and Ethereum suffered the least after hitting only 4-month lows.
Still, the event marks a period where the primary trend for all cryptos has been thrown into contention after the majority crossed their respective 200-day MA, a sign of long-term market health, in July.
A total of $16 billion has been taken out from the alt-coin market since September 24, measured by its total market capitalization excluding bitcoin.
We will see if the bulls begin going long to push prices higher, for fear that the downward pressure forces another major sell-off towards the expected target of around $6,200 from bitcoin’s measured move from its latest descending triangle breakdown.
Two stock exchange giants are ready to bet on cryptobusiness
On the same day (Sep. 23) when Bakkt, the U.S.-based physically-settled Bitcoin futures trading platform, was finally launched, two big European stock exchange operators made their moves in the cryptobusiness arena.
The second-largest stock exchange in Germany, Boerse Stuttgart, has launched Boerse Stuttgart Digital Exchange, the Germany’s first regulated trading platform for digital assets. An end-to-end exchange for trading digital assets, SIX Digital Exchange, a member of SIX Group, the operator of Switzerland’s stock exchange SIX, has launched a prototype of its digital exchange and central securities depository ahead of the expected full launch in the firth quarter of 2020.
As for BSDEX, at this stage only selected users in Germany can connect directly to the trading venue, where they can trade the bitcoin-euro pair initially.
“We are opening BSDEX gradually to a larger group of investors. At first, it will be German residents who can connect to BSDEX. In the next step, BSDEX will be opened for investors in other countries of the European Union,” Dirk Sturz, CEO of Boerse Stuttgart Digital Exchange, which is the technical operator of BSDEX, told Cryptonews.com without elaborating on the timeline in more detail. Boerse Stuttgart Digital Exchange, is a joint venture of Boerse Stuttgart, Axel Springer, a major European publishing house, and finanzen.net, the finance news website owned by Axel Springer.
BSDEX plans to add other trading pairs later this year. According to the CEO, BSDEX is now focused on ethereum (ETH), litecoin (LTC), and XRP as trading pairs with euro: “We will add further trading pairs depending on market feedback.”
Moreover, the company is planning to offer trading in other digital, tokenized assets in 2020.