Bitcoin and Ethereum Reverse Gains, Altcoins Turn Red

cryptonews.com:

Bitcoin price tried to increase its gains above the USD 31,500 level but struggled to continue higher towards the USD 31,800 level. There was a sharp bearish move and the price is currently (04:07 UTC) trading near USD 29,500. BTC is down almost 6% in a day and 7% in a week.

Similarly, most major altcoins trimmed gains. ETH dived and traded below the USD 1,800 level. XRP traded below USD 0.40 and tested USD 0.38. ADA failed to stay above the USD 0.60 pivot level.

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After a move above the USD 31,200 resistance, bitcoin price climbed above USD 31,500. However, BTC struggled to continue higher and formed a short-term top near the USD 31,700 level. As a result, there was a sharp bearish reaction below the USD 30,000 support and BTC briefly spiked below USD 29,500. The next major support is near the USD 28,500 zone, below which the price could start a stronger decline.

On the upside, an initial resistance is near the USD 29,800 level. The next key resistance is near USD 30,000, above which the price could start a recovery wave. 

Ethereum price failed to clear the main USD 1,920 resistance. There was a strong decline below the USD 1,850 and USD 1,800 support levels. ETH is down almost 7% in a day and trading below USD 1,750. The price is also down 12% in a week. On the downside, an initial support is near the USD 1,700 level. The next major support is near USD 1,650, below which the price might decline stronger. 

On the upside, the price might face sellers near USD 1,800. The next key resistance is at USD 1,850, above which the price might recover steadily.

Cardano (ADA) attempted a clear move above the USD 0.65 resistance but failed. The bulls lost control and the price declined below the USD 0.60 support