Bitcoin, Ethereum and Altcoins at Risk of Further Losses
Bitcoin price started a fresh decline from well above the USD 36,500 zone. BTC is down almost 9% and it is currently (12:12 PM UTC) trading above USD 33,000. The price is showing bearish signs and it could slide further if there is a close below USD 32,000.
Similarly, most major altcoins are trading in a bearish zone. ETH is consolidating near USD 2,500, with a major support at USD 2,450. XRP/USD is holding the USD 0.820 and USD 0.800 support levels.
Total market capitalization
Recently, bitcoin price saw a strong decline below the USD 35,500 support levels. BTC even traded close to USD 32,000. If the price continues to slide, there is a risk of a sharp decline towards USD 30,000. Any more losses could lead the price towards the USD 28,500 level. On the upside, an initial resistance is near the USD 33,800 level. The first key resistance is near USD 34,500, above which the price could revisit USD 35,500.
Ethereum price broke the main USD 2,550 support level. ETH traded close to USD 2,420 before it recovered slightly. It is consolidating near USD 2,500, with an initial resistance near USD 2,550. The next major resistance for the bulls could be near USD 2,650. On the downside, the USD 2,450 level is a short-term support. If there is a break below USD 2,450 and USD 2,420, the price could decline towards USD 2,350.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) traded close to the USD 325 support zone before recovering. BNB is now consolidating near USD 350 and it could recover further towards the USD 365 level. The main breakout resistance is forming near USD 380. On the downside, the price might remain stable above USD 325.Litecoin (LTC) is trading above the USD 150 support zone. If the bears push LTC below USD 150, there could be a strong decline towards USD 132 or USD 120. On the upside, the price might face sellers near the USD 165 level. The key hurdle for a steady increase is near the USD 180 level.Dogecoin (DOGE) is consolidating above the USD 0.320 support. A downside break below USD 0.320 could open the doors for a test of USD 0.300. The next major support is near the USD 0.280 level. If there is a fresh increase, the price might face sellers near USD 0.350 or USD 0.365.XRP price settled well below the USD 0.90 level. It is consolidating near USD 0.850, with a major support near USD 0.820. As long as the price is above USD 0.820, the price could rise to test USD 0.90.
Other altcoins market today
Many altcoins dived over 15%, including RUNE, BAKE, NEXO, XTZ, FTM, UMA, SOL, ZEN, COMP, QTUM, ICP, SNX, VET, ZIL, and TEL. Conversely, TFUEL rallied almost 24% and LEO is up 15%.
To sum up, bitcoin price is showing bearish signs below USD 35,000 and USD 35,500. If BTC slides below USD 32,000, there is a risk of a sharp decline towards the USD 30,000 level or USD 28,500. _____