ETH, Alts Drop Against Bitcoin Again As Market Prepares For Next Move
Bitcoin price declined below USD 33,000 and it revisited the USD 32,200 support. BTC is currently (12:12 PM UTC) recovering above USD 32,500. If It settles above USD 33,200 and USD 33,500, there are chances of a steady increase in the near term.
Besides, most major altcoins are struggling to recover and are dropping against BTC. ETH is holding the USD 2,050 support, but it might struggle near USD 2,200. XRP is consolidating above USD 0.600, with a major hurdle near USD 0.650.
Total market capitalization
After retesting the USD 32,200 support, bitcoin price started a minor upside correction. BTC recovered above USD 32,500, but it is facing many hurdles. The first key resistance is near the USD 33,200 level. A close above USD 33,500 could set the pace for a steady increase. On the downside, the USD 32,200 and USD 32,000 levels are strong supports. A close below USD 32,000 could spark a stronger decline.
Ethereum price is consolidating above the USD 2,050 level. An immediate resistance on the upside is near the USD 2,120 level. The first key resistance is near the USD 2,150 level, above which the price could test the USD 2,200 barrier. The main support on the downside is near USD 2,050, below which the price could test USD 2,000 support zone in the near term.
BNB, LTC, DOGE, and XRP price
Cardano (ADA) is holding the USD 1.30 support zone. An immediate resistance is near the 1.335 level. The key breakout zone is now near USD 1.35, above which the price could drift towards USD 1.40. If there is a fresh decline, the price might test the USD 1.28 support.Litecoin (LTC) is facing resistance near the USD 132 level. The main resistance sits near USD 140, above which the price could revisit the USD 150 resistance. Conversely, the price could break the USD 125 support and continue lower in the near term.Dogecoin (DOGE) recovered after testing the USD 0.195 level. DOGE is now trading above USD 0.215 and it could test USD 0.232. The key resistance for a larger increase is still near the USD 0.250 level. On the downside, the USD 0.200 support holds the key.XRP price spiked below USD 0.600 before it recovered some ground. The price is now consolidating near USD 0.612. An immediate resistance is near the USD 0.635 level. The main breakout zone is still near USD 0.650, where the bears might remain active.
Other altcoins market today
Many altcoins declined over 5%, including MANA, ENJ, THETA, RUNE, COMP, CHZ, AXS, TFUEL, TEL, ICP, and SOL. Conversely, ZRX, SNX, LUNA, ONE, and ATOM are up over 5%.
To sum up, bitcoin price is holding the key USD 32,200 and USD 32,000 support levels. As long as BTC is above USD 32,000, there are chances of a recovery towards USD 33,500 or even USD 34,000. _____