Bitcoin and Ethereum Struggle to Recover, Altcoins Drop in Double Digits
Bitcoin price started a strong decline below USD 41,200. BTC settled below USD 40,000 to move into a bearish zone. It is currently (11:59 UTC) consolidating losses near USD 39,900 and remains at a risk of more downsides below USD 38,500.
Similarly, most major altcoins are down over 6%. ETH settled below the key USD 3,000 support zone. XRP traded below the USD 0.70 support zone. ADA is down 11% and trading below the USD 1.25 level.
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After a downside break below USD 40,000, bitcoin price gained bearish momentum. BTC bears took control and pushed the price towards the USD 38,250 zone, or the level last seen in August last year. BTC is now consolidating near USD 38,500, with an initial support near the USD 38,250 level. The next major support is near USD 38,000, below which the price could dive to USD 37,200.
If there is an upside correction, the price might face resistance near USD 39,5000. The next major resistance is near USD 40,000, above which the price might start a recovery wave.
Ethereum price settled below the USD 3,000 support zone. ETH even tested the USD 2,820 support zone, or the level last seen in September last year. If the bears remain in action, the price may perhaps test USD 2,750. The next major support is near USD 2,720, below which the price might test USD 2,650.
On the upside, an immediate resistance is near USD 2,900. The next key resistance is near USD 2,920, above which the price might revisit USD 3,000.
Cardano (ADA) is down 11% and there was a test of the USD 1.20 support zone. It is now consolidating losses above USD 1.22. If there is a recovery wave, the price could face a strong resistance near the USD 1.25 level.
Binance coin (BNB) is struggling to stay above the USD 420
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