Bitcoin, Ethereum and Altcoins Extend Losses
Bitcoin price failed to recover above the USD 53,200 resistance level. BTC gained bearish momentum and it even broke USD 51,000. It is currently (12:30 PM UTC) moving higher above the USD 51,000 level again.
Similarly, most major altcoins might face resistance. ETH made an attempt to settle above USD 1,600, but it struggled to continue higher. XRP/USD stayed above USD 0.450 and it could soon make an attempt to clear USD 0.500.
Total market capitalization
After a downside break below USD 53,200, bitcoin price tested the USD 51,000 level. BTC attempted a recovery wave above the USD 53,000 zone, but it failed. The price started a fresh decline and still looks bearish below the USD 52,000 level despite recovering above USD 51,000 again.
An initial resistance is near the USD 52,000 and USD 52,200 levels. The main resistance is now forming near the USD 53,200 level. A clear break above USD 53,000 is a must for a strong recovery wave.
(Learn more: Bitcoin Weighs Its Options: Bullish News vs Derivatives)
Ethereum price is stable and it is trading above the USD 1,550 support. If there is a downside break below the USD 1,550 support, there could be a drop towards the USD 1,520 and USD 1,500 levels. Any more losses might lead the price towards the USD 1,440 level.
On the upside, the USD 1,600 is a short-term hurdle. The main resistance is now forming near the USD 1,650 level (the recent breakdown region).
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is down over 10% and it is now approaching the USD 225 support. If the bulls fail to defend USD 220, there is a risk of a drop towards the USD 205 and USD 200 support levels. On the upside, the bulls might face sellers near the USD 248 and USD 250 levels.
Cardano (ADA) is declining and it is approaching the USD 1.050 support zone. The next major support is near the USD 1.000 and USD 0.998 levels. On the upside, the price might face resistance near USD 1.120 and USD 1.150 levels. The main hurdle is still near the USD 1.200 level.
Litecoin (LTC) is consolidating near the USD 170 level. An immediate support is near the USD 165 level. If LTC fails to stay above USD 165, there could be a drop towards the USD 155 and USD 150 support levels. If there is a fresh increase, the price might face sellers near the USD 180 level.
XRP price is holding above the USD 0.465 and USD 0.450 levels. If there is a fresh increase, the price might aim for a strong increase above USD 0.500. If not, the price could grind lower towards the USD 0.450 support zone.
Other altcoins market today
Many altcoins declined over 10%, including TFUEL, DOT, UNI, REN, FTM, MIOTA, NEAR, SUSHI, CRV, ONT, RSR, STX, OMG, THETA, and KSM. Conversely, NPXS and QTUM are up over 10%.
To sum up, bitcoin price is gaining bearish momentum below USD 52,000. BTC could soon test the USD 50,000 support, where the bulls might take a stand.