Bitcoin and Ethereum Resume Downtrend, Altcoins Turn Red
Bitcoin price failed to stay in a positive zone above USD 21,000. BTC started a fresh decline and traded below USD 20,000. It is currently (04:00 UTC) trading well below USD 20,000 with a bearish angle.
Similarly, most major altcoins are trading in the red zone. ETH traded below the USD 1,550 and USD 1,500 support levels. XRP declined below USD 0.335 and tested the USD 0.32 support. ADA is approaching the USD 0.42 support.
Total market capitalization
After struggling to clear the USD 21,500 resistance, the bitcoin price reacted to the downside. There was a clear move below the USD 21,000 support. The price started a fresh decline and even traded below the USD 20,000 support. It tested the USD 19,500 zone and is currently consolidating losses. On the downside, initial support is now near the USD 19,500 level. The next key support sits near the USD 18,800 zone, below which the price could even test USD 18,000.
On the upside, the price is facing resistance near the USD 19,850 level. The first major resistance is now near USD 20,000, above which the price might start a recovery wave.
Ethereum price also gained bearish momentum below the USD 1,650 support zone. ETH even declined below the USD 1,550 and USD 1,500 support levels. It tested the USD 1,420 zone and remains at a risk of more losses. The next major support is USD 1,400, below which price could even test the USD 1,340 level.
On the upside, an immediate resistance is near the USD 1,500 level. The next key resistance is near the USD 1,550 level, above which the price could rise towards the USD 1,650 resistance zone.
Cardano (ADA) is down nearly 5% and is approaching the USD 0.42 support. If there are more losses, the price may test the USD 0.40 support zone.
BNB declined
Read more on cryptonews.com
