Bitcoin, Ethereum, and Altcoins Tumble
Bitcoin price started a major decline from well above the USD 47,000 level. BTC dived below the USD 45,500 support zone. It is currently (04:40 UTC) down almost 8% and is trading near USD 42,900.
Similarly, most major altcoins declined sharply. ETH traded below the USD 3,800 and USD 3,750 support levels. XRP nosedived below the USD 0.80 support. ADA gained bearish momentum below the USD 1.30 support zone.
Total market capitalization
After a strong rejection near USD 47,500, bitcoin price started a fresh decline. BTC traded below the USD 46,000 and USD 45,500 levels. The bears even pushed the price below the USD 43,500 support zone. It tested the USD 42,500 level and currently consolidating losses near USD 42,900. On the upside, an initial hurdle is near the USD 44,000 level. The first major resistance is near USD 44,500, above which the price might accelerate.
On the downside, an initial support is near the USD 42,800 level. The next key support is near USD 42,500, below which the price could tumble again.
Ethereum price started a major decline below the USD 3,700 level. ETH declined 10% and there was a clear move below the USD 3,500 level. It is now consolidating losses, with an initial support below the USD 3,450 level. The next key support is near USD 3,400, below which the price could test USD 3,300.
An immediate resistance is near the USD 3,550 level. The next key hurdle is near USD 3,580, above which the price might rise towards USD 3,700.
Cardano (ADA) is down almost 10% and there was a sharp decline below USD 1.30. It is now consolidating near the USD 1.22 level. A downside break below USD 1.22 could spark a move to USD 1.20 or even USD 1.18.
Binance coin (BNB) is down 10% and there was a break below the USD 480 support
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