Bitcoin and Ethereum Weekly Wrap: Bears In Control
Bitcoin price remains at a risk of a decline below USD 30,000. Ethereum could nosedive if it breaks USD 1,750, XRP could revisit USD 0.500. The market sentiment is still bearish and it might impact altcoins.
Bitcoin price remains in a bearish zone below USD 33,500 and USD 35,000. BTC is following a declining pattern, with a strong support at USD 30,000. If there is a daily and weekly close below USD 30,000, the price might dive more.
Similarly, most major altcoins are at a risk of more losses. ETH could move lower towards the USD 1,500 support zone. XRP is also at risk of a decline towards USD 0.500.
Total market capitalization
This week, bitcoin price made a couple of attempts to recover. However, BTC failed to settle above the USD 33,000 and USD 33,500 resistance levels. At 15:16 UTC, the price is still moving lower, with a strong support near USD 30,000. If there is a daily and a weekly close below USD 30,000, the bears might aim for a test of USD 28,400 or even USD 26,500.
On the upside, the USD 35,500 level is a major resistance. The main medium-term resistance is still near the USD 35,000 level. (Learn more: Bitcoin May Surpass USD 66K in 2021 and USD 400K by 2030 - 'Panel of Experts')
Ethereum price also followed a similar pattern and it settled below the USD 2,200 and USD 2,050 levels. ETH might continue lower below USD 1,800 and USD 1,750. If the bears remain in action, the price might even test USD 1,500 in the coming days.
On the upside, the USD 2,000 and USD 2,050 levels are important hurdles. The main breakout zone is now forming near the USD 2,200 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is struggling to stay in the positive zone. If ADA settles below USD 1.20, there are chances of a strong decline. The next key support is near USD 1.165, but the bears might even aim for a test of USD 1.10. On the upside, a close above USD 1.30 is a must for a sustained upward move.
Litecoin (LTC) might accelerate lower below the USD 120 and USD 115 levels. LTC could even test the USD 105 support zone. The main support for a larger trend is near USD 100. Similarly, the weekly resistance for a larger increase sits near the USD 150 level.
Dogecoin (DOGE) might continue to underperform and it could tumble below USD 0.165 and USD 0.150. In this case, there is a risk of a move towards the USD 0.10 level in the coming days.
XRP price made a few attempts to settle above USD 0.70, but it failed. As a result, it is now at a risk of a larger decline below the USD 0.60 level. The next major support is USD 0.50, where the bulls might take a strong stand.
Other altcoins market
This week, a few altcoins are still trading in the positive zone, including AXS, FLOW, XEM and STX. Out of these, AXS is still trading above the USD 20 level, after it dropped by 26% in a day, trimming its weekly gains to less than 85%.
Overall, bitcoin is struggling below the USD 33,500 pivot level. If BTC settles below USD 30,000, the bears are likely to aim for a larger decline in the next few days.