Bitcoin, Ethereum and Altcoins Approach Key Supports
Bitcoin price traded further lower below USD 47,500. Ethereum extended its decline below USD 3,120, XRP might test USD 1.05. TEL and SOL are down over 10%.
Bitcoin price failed to recover above USD 49,000 and started another decline. BTC traded below the USD 48,000 support level, broke USD 47,500 and is currently (04:00 UTC) struggling to recover losses.
Similarly, most major altcoins are moving lower. ETH extended its decline below USD 3,150 and even spiked below USD 3,100. XRP is trading well below USD 1.20 and it might even test USD 1.05. ADA could find support near the USD 2.50 level.
Total market capitalization
After struggling to recover above USD 49,000, bitcoin price started a fresh decline. BTC traded below the USD 48,000 and USD 47,500 support levels. If the bears remain in action, the price could even test the USD 46,800 level. The next major support is near USD 46,500, below which the bears might aim at USD 45,000.
On the upside, the USD 48,000 level is a short-term resistance. The first major resistance is near the USD 48,500 level, followed by USD 49,000. A close above USD 49,000 could start a steady increase.
Ethereum price failed to climb back above USD 3,220 and it extended its decline. ETH traded below the USD 3,150 and USD 3,110 support levels. It is now holding the USD 3,050 zone, below which the bulls might attempt to protect the USD 3,000 support. If they fail, the price may possibly drop to USD 2,880.
On the upside, an immediate resistance is near the USD 3,200 level. The first major resistance is near the USD 3,220 level, above which the price might test USD 3,300.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down 7% and it traded below the USD 2.72 support level. It even broke USD 2.65 and it might continue to move down towards the USD 2.50 level. Any more losses could open the doors for a move towards the USD 2.20 support zone.
Litecoin (LTC) is struggling to stay above the USD 170 level. The next major support is at USD 165, below which the price could test USD 155. The main support for the current wave is near USD 150. On the upside, the price may possibly face hurdles near the USD 180 level.
Dogecoin (DOGE) declined 8% and it even spiked below the USD 0.280 support. The next major support is near the USD 0.265 level. If there are more losses, the bears might aim a test of the USD 0.250 level. On the upside, an initial resistance is near the USD 0.292 level. The main resistance is now forming near the USD 0.300 level.
XRP price is extended its decline below USD 1.20 and USD 1.15. The next major support is near USD 1.05, below which the price could test the main USD 1.00 support. On the upside, the previous support at USD 1.20 might act as a resistance. The next key resistance is near the USD 1.22 level.
Other altcoins market today
Many altcoins are down 10%, including TEL, LUNA, XDC, ONT, SOL, HBAR, AUDIO, HNT, FTM, SUSHI, MIOTA, NEAR, and ZIL. Out of these, TEL is down 15% and traded below 0.023.
To sum up, the bitcoin price is slowly moving lower below the USD 48,000 level. If BTC extends its decline below USD 46,800, there is a risk of a move towards the USD 45,000 level.