Bitcoin Still Consolidates, Ethereum and Altcoins Correct Lower

Bitcoin Still Consolidates, Ethereum and Altcoins Correct Lower

Bitcoin price corrected lower from well above USD 57,000. BTC broke the USD 56,000 level and it even spiked below the USD 55,000 support. It is currently (12:30 PM UTC) recovering and is consolidating above the USD 55,000 support.

Conversely, most major altcoins extended their decline. ETH corrected further below USD 1,775, but the bulls were active near the USD 1,725 support. XRP/USD is showing a few bearish signs and it might decline below USD 0.450.

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Bitcoin price

There was a downside extension in bitcoin price below the USD 56,000 and USD 55,000 support levels. ETH tested the USD 54,250 zone and it is now recovering higher. The price is trading above USD 55,000 and it might continue higher above USD 56,000. The first major resistance is near USD 56,500, above which the price could revisit USD 57,500.
On the downside, the USD 55,000 level is a strong support. A close below USD 55,000 may possibly start a steady decline towards the USD 53,200 support.

Ethereum price

Ethereum price extended its decline below the USD 1,800 and USD 1,775 support levels. ETH is showing bearish signs and it even tested the USD 1,725 support. The price is recovering, but a close above USD 1,800 is needed for a fresh increase towards the USD 1,850 level.
If there is a fresh decline, the price might remain well bid above the USD 1,725 and USD 1,720 levels in the near term.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) is stable above the USD 280 support level. The main resistance on the upside is still near USD 295 and USD 300. A successful close above the USD 300 level could open the doors for a move towards the USD 330 level. Conversely, there might be correction towards the USD 265 support zone.
Cardano (ADA) is consolidating above the USD 1.120 support. If there is a fresh increase, the bears might remain active near the USD 1.150 level. The next major resistance is near the USD 1.200 level. On the downside, the price could remain stable above USD 1.100 level.
Litecoin (LTC) might accelerate higher above the USD 198 and USD 200 resistance levels. A daily close above USD 200 could spark a strong increase. In this case, the price might test the USD 225 level.
XRP price is struggling to stay above the USD 0.450 support zone. If there is a clear break below USD 0.450, the price could decline towards the USD 0.420 level. On the upside, the price might face resistance near USD 0.465, followed by USD 0.480.

Other altcoins market today

A few altcoins climbed over 5%, including TFUEL, HBAR, THETA, ZIL, CRO, AR, BAT, BTG, CHZ, ZEC, RUNE, and CELO. Out of these, TFUEL remains in a strong uptrend and it rallied over 60%.

Overall, bitcoin price is recovering higher above USD 55,500. If BTC gains pace above USD 56,500, there could be a steady increase towards the USD 58,000 level in the near term.

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Bitcoin Still Consolidates, Ethereum and Altcoins Correct Lower 102

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By: Aayush Jindal

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