Bitcoin price managed to stay above the USD 47,200 support zone. BTC climbed higher, but there was no upside continuation above USD 49,500. The price started a fresh decline within a range and it is currently (04:28 UTC) trading below the USD 48,500 support zone.
Similarly, most major altcoins are trading in a range. ETH is facing a major resistance near USD 3,250, but it is well above USD 3,050. XRP is stuck between the USD 1.10 and USD 1.20 levels. ADA remains elevated and it could attempt a fresh test of USD 3.00.
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Bitcoin price
After a failure near USD 49,500, bitcoin price started a downside correction. BTC traded below the USD 48,500 and USD 48,200 support levels. The next key support is near the USD 47,500 level. Any more downsides may possibly open the doors for a move towards the USD 46,200 level.
On the upside, an immediate resistance is near the USD 48,500 level. The first major resistance is near the USD 49,200 level, followed by USD 49,500. The main weekly resistance is near USD 50,000, above which the price could rise steadily.
Ethereum price
Ethereum price also formed a short-term top near the USD 3,250 level and corrected lower. ETH traded below the USD 3,200 support level. It is moving lower towards the USD 3,120 and USD 3,110 support levels. The main breakdown support this week could be USD 3,050 or USD 3,000.
If there is a fresh increase, an immediate resistance is near the USD 3,200 level. The key resistance is now forming near the USD 3,250 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is holding gains above the USD 2.65 support level. On the upside, the first major hurdle for the bulls is near the USD 2.88 level. The main hurdle could be USD 3.00, above which the bulls may possibly aim USD 3.25. Conversely, a break below USD 2.65 might call for a test of USD 2.50.
Litecoin (LTC) is consolidating above the USD 165 support. LTC is back above USD 170, with an initial resistance at USD 175. The next major resistance is near USD 180, above which the price could surpass USD 188. If the bears push the price lower, the bulls might appear near USD 155.
Dogecoin (DOGE) found support near USD 0.250 and it started a fresh increase. The bulls pushed the price above USD 0.280. It seems like the price may soon test the USD 0.300 resistance. Any more gains could lead DOGE towards the USD 0.325 level.
XRP price settled below the USD 1.20 support level. It even tested the USD 1.05 support before recovering higher. The price is back above USD 1.10, but it must clear USD 1.18 and USD 1.20 to move into a positive zone.
Other altcoins market today
A few altcoins are up over 5%, including SAND, REV, FTM, FLOW, MANA, ENJ, ICP, CHZ, SOL, BSV, ZEN, and PERP. Out of these, FTM rallied 44% and it surpassed the USD 0.71 level.
Overall, bitcoin price is trading in a range below the USD 49,000 and USD 50,000 resistance levels. If BTC fails to stay above USD 46,200, it could start a stronger decline.
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Source: Cryptonews
