Bitcoin price started a downside correction after trading to a new all-time high near USD 52,750. BTC declined below USD 51,500, but it is holding steady above USD 50,500. The current (05:00 UTC) price action suggests chances of a fresh increase above USD 52,000.
Similarly, most major altcoins remain well supported. ETH is consolidating gains above USD 1,880 and it could soon climb above USD 1,920. XRP/USD struggled to clear the key USD 0.550 resistance and corrected lower.
Total market capitalization
There was a minor dip in bitcoin price below the USD 52,000 level. BTC even traded below the USD 51,500 support levels. The next major support is near the USD 50,500 level. The main support sits at USD 50,000, below which there is a risk of an extended decline towards the USD 49,200 level.
On the upside, the USD 52,000 level is an immediate resistance. A fresh close above the USD 52,000 level may possibly open the doors for a steady increase towards USD 53,000 and USD 53,200.
Ethereum price traded to a new all-time high near USD 1,925 and it is currently consolidating gains. An immediate support is near the USD 1,880 level. The next major support is near the USD 1,850 level, where the bulls might take a stand.
As long as the price is above USD 1,850, the price could continue to rise. The first major hurdle is near USD 1,925, followed by USD 1,950. The main resistance sits at USD 2,000.
ADA, litecoin and XRP price
Cardano (ADA) tested the key USD 0.950 resistance area, where the bears took a stand. ADA is correcting lower and it is testing the USD 0.915 zone. The first major support is near USD 0.900, below which the price might accelerate lower towards the USD 0.885 level.
Litecoin (LTC) is consolidating near the USD 225 level. LTC might start a fresh increase towards the USD 240 and USD 250 resistance levels. If there is a downside correction below USD 220, the price could test the USD 212 level. Any more losses might lead the price towards the USD 205 level.
XRP price struggled to continue higher above the USD 0.550 resistance level. The price is trimming gains and it is approaching the USD 0.532 level. The next major support is near the USD 0.520 level. On the upside, a clear break above USD 0.550 is a must for a steady increase towards the USD 0.600 barrier in the near term.
Other altcoins market today
Several altcoins climbed over 20%, including BNB, BNT, CAKE, XVS, HT, FTM, and OKB. Out of these, BNB is showing positive signs and the bulls could attempt a break above USD 200.
To sum up, bitcoin price is stable above USD 50,500 and USD 50,000. BTC might climb back above USD 52,000 unless there is a clear break below the USD 50,000 support zone.
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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-and-altcoins-basing-for-next-move-9272.htm
By: Aayush Jindal