28 Oct 2021 · 2 min read

Bitcoin and Ethereum At Risk of More Losses, SHIB Dives

  • Bitcoin price settled below the main USD 60,000 support.
  • Ethereum tested USD 3,880, XRP dropped below USD 1.00.
  • SHIB extended its rally before dropping sharply.

Bitcoin price failed to stay in a positive territory and traded below the USD 60,000 support. BTC traded below the USD 59,200 support and tested USD 58,000. It is currently (05:00 UTC) trading below USD 59,000 and there is a risk of more downsides in the near term.

Besides, most major altcoins are gaining bearish momentum. ETH extended its decline below USD 4,000 and tested USD 3,880. XRP declined below USD 1.00. ADA settled below USD 2.00, and it could revisit USD 1.85.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear break below USD 60,000, bitcoin price moved into a bearish zone. BTC even broke the USD 59,200 support zone and even tested USD 58,000. It is now consolidating losses above the USD 58,700 level. An immediate resistance is near the USD 59,200 level. The next major resistance is near USD 60,000, above which the price may perhaps move into a positive zone.

On the downside, an initial support is near the USD 58,000 level. A close below USD 58,000 could push the price towards the USD 56,500 support. 

Ethereum price

Ethereum price is down 7% and it broke the USD 4,000 support. ETH declined below USD 3,950, but it found support near USD 3,880. If there are additional losses below USD 3,880, the price could accelerate lower towards USD 3,650 in the near term.

On the upside, an initial resistance is near the USD 4,050 level. The next major resistance is near USD 4,150, above which the price could accelerate higher towards the USD 4,250 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) settled below the USD 2.00 support zone. It even spiked below USD 1.92 and tested USD 1.82. On the upside, it is facing resistance near the USD 1.98 and USD 2.00 levels. A close above USD 2.00 is needed for a fresh increase.

Binance coin (BNB) declined below the USD 460 and USD 450 support levels. The price tested USD 435, and it is currently attempting a recovery wave. To start a steady recovery wave, the price must break the USD 465 and USD 470 levels.

Solana (SOL) nosedived after it broke the USD 200 support level. The price even spiked below USD 185 and tested USD 178. If there are more downsides, SOL could test the USD 165 support. On the upside, the previous support at USD 195 is now a key resistance.

Dogecoin (DOGE) declined heavily below USD 0.250 and USD 0.235. It tested the USD 0.220 level and is consolidating losses. An immediate resistance is near the USD 0.235 level. The main breakout resistance is now forming near USD 0.250.

XRP price declined below USD 1.05 and even spiked below USD 1.00. It tested USD 0.95, where the bulls appeared. The price is now consolidating losses, with a major hurdle near USD 1.05. The main resistance is still USD 1.12.

Other altcoins market today

Many altcoins are down over 10%, including CHZ, THETA, AR, STX, REV, GRT, YFI, ZIL, MIOTA, XTZ, LINK, DASH, and SNX. Out of these, CHZ declined 15% and traded below USD 0.30. Meanwhile, SHIB is correcting its strong gains and is down by 11% in the past hour, trimming its daily gains to 46%. It's up by 163% in a week.

Overall, bitcoin price is showing bearish signs below USD 60,000. If BTC fails to recover above USD 60,000 and USD 61,200, it could continue to move down towards USD 56,500.

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