A quick 3min read about today's crypto news!
Bitcoin price extended its upward move above the USD 59,500 level. BTC even tested the USD 60,000 zone before correcting lower. It is currently (12:10 UTC) trading around USD 59,500.
Besides, most major altcoins are trading in a positive zone. ETH broke the USD 3,800 resistance zone but failed near USD 3,850. XRP failed to gain pace above the USD 1.15 pivot level. ADA spiked above USD 2.20 before there was a downside correction.
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In the past three sessions, bitcoin price followed a bullish path above USD 57,000. BTC was able to clear the USD 58,500 and USD 59,200 resistance levels. It tested the USD 60,000 zone before there was a downside correction. On the downside, an initial support is near USD 59,000. The next key support is near USD 58,500, below which the price could dive towards USD 57,000.
On the upside, the price is facing resistance near the USD 60,000 zone. A close above USD 60,000 may possibly spark a steady increase towards USD 61,200.
Ethereum price gained pace above the USD 3,800 resistance zone. However, ETH failed to clear the USD 3,850 level and started a downside correction. An immediate support is near the USD 3,770 level. The first key support is now forming near the USD 3,750 level, below which it could test USD 3,550.
To start a fresh increase, the price must settle above USD 3,820. The next key resistance is near USD 3,850. Any more gains could lead the price towards USD 4,000.
Cardano (ADA) spiked above the USD 2.20 resistance level but there was no follow-up move. As a result, there was a downside correction below USD 2.18. The first key support is near USD 2.12, below which the price might decline towards the USD 2.05 support.
Litecoin (LTC) again failed to gain strength above the USD 185 resistance. It is now correcting lower and trading below USD 182. An immediate support is near USD 178, followed by USD 175. Any more losses may possibly lead the price towards USD 165.
Dogecoin (DOGE) topped near USD 0.240 before correcting lower. If there is a downside break below USD 0.220, the price may possibly slide towards the USD 0.205 support level.
XRP price spiked above the USD 1.15 level before there was a fresh decline. The price is now approaching the USD 1.10 level. The next major support is near USD 1.05, below which the bulls could appear near the USD 1.00 level.
Many altcoins are down over 5%, including SHIB, TEL, KSM, REV, ATOM, STX, MIOTA, WAVES, ONE, OMG, LUNA, and CELO. Out of these, SHIB declined over 12% and TEL dived 9%. Meanwhile, MATIC jumped almost 19% and surpassed the USD 1.5 level.
To sum up, bitcoin price is correcting gains from USD 60,000. There might be a minor dip, but BTC could start a fresh increase above USD 60,000 in the near term.