Bitcoin Price and Ethereum Consolidate, Recovery Could Be Capped
- Bitcoin price extended losses to $18,250 before it corrected higher.
- Ethereum is consolidating above $1,300, XRP might revisit the $0.365 resistance.
- BNX and HNT are trading in the green zone.
Bitcoin price remained in a bearish zone below the $19,000 level. BTC is currently (11:00 UTC) consolidating near the $18,500 level. A short-term recovery wave could face resistance near the $18,865 and $19,000 levels.
Similarly, most major altcoins might face resistance if there is a recovery wave. ETH is now consolidating losses near the $1,300 level. XRP is again attempting a fresh increase to $0.365. ADA is stuck near the $0.435 level.
After a bearish close below $19,000 and the 50-hour simple moving average, bitcoin price extended losses. BTC followed a bearish path and even traded below the $18,500 support. It tested the $18,250 level and recently started a minor upside correction.
There was a move above the $18,500 and $18,600 levels. On the upside, the price is facing resistance near $18,865. The next major resistance is now near the $19,050 level and a connecting bearish trend line on the hourly chart.
On the downside, the price might find support near $18,380. The next major support is near the $18,250 zone, below which the price could test the $18,000 support zone.
Ethereum price started a major decline below the $1,400 level and the 50-hour simple moving average. The price even spiked below the $1,300 level before the bulls took a stand.
The price is now consolidating above the $1,300 level. The next major support is $1,275, below which price could test $1,220.
On the upside, an immediate resistance is near the $1,325 level. The next major resistance is now forming near the $1,350 level and a bearish trend line on the hourly chart.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) settled below the $0.45 level. It is now consolidating near the $0.435 level and might decline towards the $0.42 support.
BNB is trading below the $265 support zone. If there are more losses, the price might test the $250 support. If not, it might recover above the $265 level in the near term.
Solana (SOL) remained well bid above the $30.00 support. The price might start a recovery wave, but the bears may perhaps remain active near the $32.50 resistance level.
DOGE is slowly moving lower towards the $0.0550 level. Any more losses might send the price towards the $0.0535 level. The main support sits near the $0.0500 level.
XRP price is attempting a recovery wave above the $0.35 level. If there is a clear move, the price may perhaps test the $0.365 resistance. The next major resistance is near $0.395.
Other altcoins market today
Many altcoins are down over 8%, including ETC, EOS, CRV, CEL, KSM, LDO, WAVES, LINK, RVN, AR, SNX, DOT, and FTM. Conversely, BNX is up over 5% and gaining pace above the $150 level.
To sum up, bitcoin price is consolidating above the $18,500 level. If BTC recovers, it could face resistance near the $19,000 and $19,050 levels in the short-term.