Bitcoin Price and Ethereum Consolidate Despite Broader US Dollar Rally
- Bitcoin price is consolidating below the $19,500 resistance zone.
- Ethereum is facing resistance at $1,350, XRP is consolidating gains near $0.48.
- Major global currencies such as EUR and GBP saw a massive drop versus the US Dollar.
Bitcoin price managed to stay above the key $18,500 support. BTC is currently (03:10 UTC) consolidating near the $19,000 level. To start a fresh increase, the bulls need to gain strength for a move above the $19,500 resistance zone.
Similarly, most major altcoins are trading in a range. ETH corrected lower, but the bulls were active above $1,250. XRP started trading in a range near the $0.48 level. ADA is now trading below the $0.45 pivot level.
After struggling to clear the $19,500 resistance zone, bitcoin price saw a minor decline. BTC traded below the $19,200 and $19,000 levels. It even spiked below the $18,800 level and settled below the 50-hour simple moving average. It teste the $18,680 zone and is currently correcting losses. On the upside, the price is facing resistance near the $18,950 level. The next major resistance is near $19,000, above which the price might rise to $19,200. Any more gains might send the price towards the main weekly resistance at $19,500.
On the downside, an initial support is near the $18,800 level. The next major support is near the $18,550 zone, below which the price could start a major decline.
Ethereum price also followed a similar pattern after it failed to clear the $1,350 resistance zone. ETH declined below the $1,300 support zone and the 50-hour simple moving average. It tested the $1,270 zone and is currently correcting losses. On the upside, the price is facing resistance near the $1,315 level. The next major resistance is now forming near the $1,320 level, above which the price could revisit the $1,350 breakout zone.
On the downside, an initial support is near the $1,270 level. The next major support is $1,220, below which price could test $1,150.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) failed to clear the $0.465 resistance. The price trimmed gains and traded below the $0.45 level. If the bears remain in action, the price might revisit $0.435.
BNB is consolidating near the $272 level. On the upside, the $275 level is an immediate resistance. A clear move above the $275 level might open the doors for a move towards the $288 level.
Solana (SOL) is stuck near the $32.50 resistance. If there is a fresh increase, the price might face sellers near the $33.50 level. The next major resistance on the upside sits at $35.
DOGE settled above the $0.060 resistance zone. It is now facing resistance near the $0.0620 level, above which it could rise towards the $0.065 level.
XRP price started a downside correction below the $0.52 and $0.50 levels. It is now consolidating near $0.48. Any more downsides might send it towards $0.45.
Other altcoins market today
A few altcoins are in the green zone, including QNT, APE, ATOM, MIOTA, MKR, FIL, LINK, RSR, CAKE, and HNT. Out of these, QNT gained over 5% and broke the $118 level.
Overall, bitcoin price is trading below the $19,500 resistance zone. BTC must settle above $19,500 and $20,000 to start a strong upward move.