Bitcoin and Ethereum Hold Key Support, Altcoins Consolidate, TRX Jumps
Bitcoin price is moving lower below the USD 32,200 zone. BTC dropped below USD 31,500, but the bulls were active near USD 31,200, and it is currently (11:49 UTC) consolidating near USD 31,500 again. BTC is down almost 1% in a day and up 7% in a week.
Similarly, most major altcoins are consolidating in a range. ETH tested the USD 1,920 support zone. XRP might accelerate if it clears the USD 0.425 resistance. ADA is consolidating near the USD 0.60 pivot level.
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Recently, bitcoin price saw a downside correction from USD 32,400. BTC dipped below the USD 31,500 level, but the bulls protected the USD 31,200 support. The next major support is still near the USD 30,500 zone. A downside break below the USD 30,500 support could push the price lower.
On the upside, the price is facing resistance near USD 32,000. The next key resistance is near USD 32,200, above which the price might start another steady increase in the near term.
Ethereum price remained below the USD 2,000 resistance. ETH corrected lower and traded below the USD 1,950 level. However, the bears struggled near USD 1,920 and the price started a consolidation phase. ETH is now down over 2% in a day and almost 2% in a week. The next major support is near USD 1,900, below which the price may perhaps slide towards the USD 1,850 support.
On the upside, an initial resistance is near the USD 1,980 level. The main breakout resistance is now forming near USD 2,000, above which the price could accelerate.
Cardano (ADA) corrected lower from the USD 0.688 resistance zone. It declined below USD 0.625 and is currently trading in a range near USD 0.60. Any more losses might call for a test of the USD 0.58 level.
BNB is struggling to settle above the USD 320 level.
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