Bitcoin, Ethereum and Altcoins Trend Turns Bearish
Bitcoin price remained in a bearish zone and it extended its decline below USD 32,500. BTC even broke the key USD 32,200 support zone. It is currently (04:28 UTC) showing bearish signs and it might accelerate lower towards USD 30,000.
Similarly, most major altcoins are trading in the red zone. ETH declined below USD 2,000 and it even traded below USD 1,900. XRP declined 5% and it broke the key USD 0.60 support zone.
Total market capitalization
In the past three sessions, bitcoin price mostly saw bearish moves below USD 33,500. BTC broke many important supports near USD 32,200 and USD 32,000. It seems like the bears are gaining strength and they might aim for a test of USD 30,000. Any more losses could spark a larger decline towards USD 28,500 or even USD 28,000. On the upside, an initial resistance is near the USD 32,500 level. The first major resistance is now forming near the USD 33,000 level.
Ethereum price declined heavily after it broke the USD 2,000 support level. ETH even traded below USD 1,900 to move further into a bearish zone. The next key support is near USD 1,820, below which the price may possibly test the USD 1,750 level in the near term. If there is a recovery, the price could face resistance near the USD 1,950 level. The main resistance is now forming near the USD 2,000 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down 6% and it broke the USD 1.25 support zone. ADA even tested the USD 1.20 level and it is now showing bearish signs. If there is a close below USD 1.20, the bears might test USD 1.12. The next major support is near the USD 1.05 level.Litecoin (LTC) declined below the USD 130 and USD 125 support levels. If the bears remain active, there is a risk of a drop towards the USD 112 support level. On the upside, the price is facing a strong resistance near USD 132, above which it could test USD 140.Dogecoin (DOGE) is accelerating lower below the USD 0.200 support level. It might even struggle to stay above the USD 0.165 support zone. The next major support is near USD 0.165, below which the price may possibly test USD 0.152.XRP price failed to stay above the main USD 0.600 support level. It is now approaching the USD 0.580 zone. It seems like the price might continue to decline and it could even test the USD 0.550 support zone.
Other altcoins market today
Many altcoins declined over 10%, including ATOM, SNX, KCS, RUNE, THETA, AAVE, TFUEL, EOS, LUNA, MANA, ENJ, COMP, DOT, SC, and MIOTA. Out of these, ATOM is down 16% and it traded below the USD 12 level. Meanwhile, AXS rallied by another 13%.
Overall, bitcoin price is moving below the USD 32,200 zone. If BTC extends losses, there is a risk of a break below the USD 30,000 support zone in the near term. _____