A quick 3min read about today's crypto news!
Bitcoin price extended its decline below the USD 42,000 support level but managed to return above this threshold and is currently (04:30 UTC) recovering. However, there are many hurdles on the upside near USD 42,500.
Similarly, most major altcoins are trading above the main support. ETH settled below USD 3,000, but the bulls are protecting USD 2,800 and USD 2,750. XRP is stable near the USD 0.900 pivot level. ADA is still above the key USD 2.00 support.
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After a close below USD 43,000, bitcoin price extended its decline. BTC traded below the USD 42,500 and USD 42,000 support levels. It even spiked below USD 41,000, but the bulls appeared near USD 40,800. The price is now rising towards USD 42,400. The next key resistance is near the USD 42,500 level, above which the price could gain momentum.
On the downside, an immediate support is near USD 41,200. The next key support is now forming near USD 40,800, below which the price could start a stronger decline.
Ethereum price settled below the USD 3,000 level and extended decline below USD 2,900. ETH traded below the USD 2,880 level, but it remained stable above the key USD 2,750 support. It is rising and it might test the USD 2,950 resistance. The main hurdle is now forming near the USD 3,000 level.
If there is another decline, an initial support is at USD 2,800. The main breakdown support is still near the USD 2,750 level.
Cardano (ADA) declined below the USD 2.12 and USD 2.10 support levels. It even spiked below USD 2.05, but the bulls were active above USD 2.00. The price is trading in a range near USD 2.05, with a key hurdle near USD 2.10. The next major resistance for a larger increase is now forming near USD 2.12.
Litecoin (LTC) traded below the USD 142 support level. It even spiked below USD 140 before jumping back above USD 145 again. If the bulls push the price above USD 148, there are chances of a move towards the USD 155 resistance. On the downside, USD 140 is a major support zone.
Dogecoin (DOGE) traded below the USD 0.200 support before returning above this level. The next major support is near the USD 0.192 level. Any more losses may possibly lead the price towards the USD 0.180 support.
XRP price settled below USD 0.950, but the bulls are protecting losses below USD 0.88. It is now stuck near USD 0.900, with an immediate resistance at USD 0.935. The first major resistance is USD 0.950, above which the price might rise towards the main USD 1.00 resistance.
Many altcoins are still down over 5%, including DCR, REN, LUNA, XTZ, FTM, MANA, AVAX, ONE, ATOM, STX, NEAR, and MIOTA. Conversely, DYDX rallied 20% and it broke the USD 24 level.
Overall, bitcoin price stayed above the main USD 40,800 support and is now trying to recover towards USD 42,500. BTC might accelerate unless there is a clear break below USD 40,800 and USD 40,000.