Bitcoin and Ethereum Extend Decline, Bulls Lose Control
Bitcoin price failed to climb above the USD 40,000 level. After another ambiguous tweet by Tesla’s Elon Musk, BTC started a fresh decline and it broke the USD 37,500 support zone. It even traded below USD 36,000 and is currently (12:20 PM UTC) struggling to recover losses.
Similarly, most major altcoins are trimming gains. ETH failed to stay above USD 2,700 and it even traded below the USD 2,600 support. XRP/USD is down 11% and it even tested the key USD 0.920 support zone.
Total market capitalization
After forming a stop near USD 39,500, bitcoin price started a fresh decline. BTC traded below the USD 38,000 and USD 37,500 support levels. It spiked towards the USD 36,000 support zone. If the price fails to stay above USD 36,000, there is a risk of a sharp decline. In this case, the bears may possibly test USD 33,500. On the upside, an initial resistance is near the USD 37,500 level. The first major resistance is near USD 38,000, above which the price might revisit USD 39,500.
Ethereum price also followed a similar path and it traded below the USD 2,700 support zone. ETH spiked below the USD 2,650 level and it is struggling to stay above USD 2,600. The next major support is near USD 2,550, below which the bulls might lose control. On the upside, an initial resistance is near the USD 2,700 level. The key breakout zone is now forming near the USD 2,800 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is down 11%, trading below the USD 400 support. BNB even traded below the USD 380 support and it seems like it might continue to move down towards USD 365. The next key support on the downside is near the USD 350 level. Litecoin (LTC) traded below the key USD 180 support level. The price is now approaching the USD 170 level, below which the USD 165 support might act as a major hurdle for the bears. On the upside, the main breakout zone is still near USD 200.Dogecoin (DOGE) declined 14% and trimmed most of its gains this week. It is now trading around the USD 0.35 level. If the bears remain in action, there is a risk of a drop towards the USD 0.32 level.XRP price failed to stay above the USD 1.0 support. As a result, there was a sharp decline and the price even declined below USD 0.950. The price is now holding the USD 0.920 support, below which there is a risk of a drop towards the USD 0.880 level.
Other altcoins market today
Many altcoins declined over 10%, including KSM, RUNE, MIOTA, LUNA, DGB, ONE, SHIB, LINK, FTM, ZIL, OMG, DOT, BAKE, DASH, GRT, MATIC, and NEAR. Conversely, FIL retained gains and it is still trading above USD 85.
To sum up, bitcoin price trimmed most of its gains this week and is now trading well below USD 37,500. If BTC fails to recover above the USD 36,000 support, there could be a sharp decline in the coming sessions. _____