18 Oct 2021 · 2 min read

Bitcoin and Ethereum Correct Lower, DOGE Rallies

  • Bitcoin price failed to gain strength above USD 62,500.
  • Ethereum failed to test USD 4,000, XRP is down 4% and trading below USD 1.10.
  • DOGE gained over 7% and surpassed the USD 0.250 resistance.

Bitcoin price made an attempt to clear the USD 62,500 resistance. However, BTC failed to extend gains above USD 62,500 and started a downside correction. It is currently (11:52 UTC) correcting lower, but the bulls might remain active above USD 60,000.

Besides, most major altcoins are also moving lower. ETH is down almost 4% and traded below the USD 3,800 support. XRP is showing bearish signs below USD 1.12. ADA is moving lower towards USD 2.08.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a push above the USD 62,000 level, bitcoin price faced sellers near USD 62,500. As a result, BTC started a downside correction below USD 62,000. The price even traded below USD 61,500 and it might continue to move down below the USD 61,200 level. Any more downsides may possibly set the pace for a test of the USD 60,000 support.

On the upside, the USD 62,000 level is a key pivot level. The main breakout zone is now forming near the USD 62,500 resistance zone.

Ethereum price

Ethereum price topped near the USD 3,900 level before it started a downside correction. The price broke the USD 3,800 support to move into a short-term bearish zone. The first key support is now forming near the USD 3,750 level. Any more downsides might call for a test of the USD 3,650 level.

On the upside, the price is facing resistance near the USD 3,820 level. The next key resistance is near USD 3,880, above which the bulls might test USD 4,000.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) made an attempt to clear the USD 2.20 resistance zone. However, the bulls struggled and the price started a downside correction. There was a break below USD 2.15 and it might continue to move down towards USD 2.08. The next major support is near the USD 2.05 level.

Litecoin (LTC) failed to clear the USD 188 resistance zone. The price started a downside correction and traded below USD 182. If it fails to stay above USD 180, the next stop for the bulls could be near the USD 175 level. On the upside, the USD 188 level is a key breakout zone.

Dogecoin (DOGE) outperformed with a major move above the USD 0.250 resistance. It is now attempting a close above the USD 0.265 level. The next key resistance is at USD 0.280. If there is a downside correction, the price might find support near USD 0.232.

XRP price is down 4% and it is trading below the USD 1.10 level. If the bears remain in action, the price could dive towards the USD 1.05 level. The main breakdown support is at USD 1.00. On the upside, the price might face sellers near USD 1.12.

Other altcoins market today

A few altcoins are down over 5%, including DYDX, ATOM, FLOW, AAVE, SUSHI, ICP, QNT, XTZ, ALGO, AVAX, LINK, GRT, and REN. Out of these, DYDX declined 10% and traded below USD 21.20. Meanwhile, STX is still up by 22% and is approaching USD 2.6.

To sum up, bitcoin price is showing a few weakness signs below USD 62,000. Having said that, downsides might be limited below USD 60,000 in the near term.


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