Bitcoin Price and Ethereum Reverse Sharply, Key Support Nearby
- Bitcoin price dropped sharply to the $18,500 support.
- Ethereum dived to $1,265, XRP is down over 10%.
- QNT and RSR are up over 5%.
Bitcoin price attempted a strong increase above the $20,000 resistance zone. BTC failed and declined sharply below $19,000. It is currently (03:10 UTC) showing bearish signs, but it is testing a major support at $18,500.
Similarly, most major altcoins started a steady decline. ETH broke the $1,300 support and declined to $1,265. XRP is down over 10% and trading near the $0.42 support. ADA might move towards the $0.42 support zone.
After a decent increase above the $19,500 resistance, bitcoin price attempted more upsides. BTC cleared the $20,000 resistance zone and the 50-hour simple moving average. However, the bears were active below the $20,500 resistance. The price formed a short-term top and started a fresh decline below the $20,000 level. It declined over 5% and broke the $19,000 level. On the downside, an initial support is near the $18,500 level. The next major support is near the $18,350 zone, below which the price could slide to $17,500.
On the upside, the price is facing resistance near the $19,000 level. The next major resistance is near $19,150, above which the price might start a steady increase.
Ethereum price also followed a similar pattern after it was not able to clear the $1,400 resistance zone. ETH reacted to the downside below the $1,350 support. It even broke the $1,300 level and the 50-hour simple moving average. On the downside, an initial support is near the $1,265 level. The next major support is $1,255, below which price could test $1,200.
On the upside, the price is facing resistance near the $1,300 level. The next major resistance is near the $1,320 level, above which the price could visit the $1,350 resistance.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) started a fresh decline after it failed to clear $0.465. The price reacted to the downside and broke the $0.45 support. The next major support sits at $0.42.
BNB is down 5% and approaching the $265 support level. If the price fails to stay above the $265 support, there is a risk of a move towards the $255 level.
Solana (SOL) is down 7% and there was a move below the $33.00 level. The price is now approaching the $32.00 level, below which there is a risk of a move towards $31.20.
DOGE started a fresh decline and there was a move below the $0.060 support. If there are more losses, the price may perhaps decline towards the $0.058 level.
XRP price started a major decline and traded below the $0.45 support. The price is down over 10% and there was a move towards the $0.42 support.
Other altcoins market today
Many altcoins are moving lower, including LUNC, RVN, ALGO, LDO, ATOM, SNX, 1INCH, NEXO, RUNE, CHZ, and CRO. Out of these, LUNC trimmed gains and declined below the $0.00027 level.
Overall, bitcoin price trimmed most gains and traded below $19,000. If BTC fails to stay above $18,350, there could be a sharp decline in the near term.