2021-03-08 13:12:56

Bitcoin, Ethereum and Altcoins Hold Gains Above Key Support

Bitcoin price started a downside correction from the USD 51,850 zone. BTC dipped below the USD 50,000 support zone, but the bulls were active above the USD 49,200 zone. It is currently (12:30 UTC) above USD 50,000 and it still might move higher.
Similarly, most major altcoins are trading above key supports. ETH corrected lower below USD 1,700, but it remained well bid above the USD 1,660 level and moved higher again. XRP/USD is rising and it seems like the bulls could clear the USD 0.482 resistance zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After climbing steadily towards the USD 52,000 resistance, bitcoin price started a downside correction. BTC traded below the USD 51,000 and USD 50,000 levels. However, the bulls were active near the USD 49,200 support zone. The price recovered and it is back above the USD 50,000 level. If the price remains stable above USD 50,000, there could be a move towards USD 52,000.
On the downside, the USD 50,000 is a short-term support, followed by USD 49,200. The key support is now forming near the USD 48,000 level.

Ethereum price

Ethereum price also followed bitcoin and corrected lower below the USD 1,720 and USD 1,700 levels. ETH traded close to the USD 1,660 support, where it found a strong buying interest. The price is back above USD 1,700 and it seems like it could revisit the USD 1,750 zone.
On the downside, an initial support is near the USD 1,700 level. The main support is now forming near the USD 1,660 and USD 1,650 levels.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) struggled to stay above the USD 240 level and it corrected lower. BNB even traded below USD 232, but it remained stable above USD 225. The price is consolidating above USD 230 and it might continue higher towards the USD 240 level.
Cardano (ADA) dipped from the USD 1.180 zone and declined below the USD 1.150 level. ADA is approaching the USD 1.100 support zone and it might bounce back. The first major resistance is near the USD 1.150, above which the price could revisit the USD 1.180 zone.
Litecoin (LTC) once again failed to clear the USD 195 resistance and corrected lower. LTC is now testing the USD 182 support. The next key support is near the USD 175 level. On the upside, the price might rally once there is a clear break above the USD 195 and USD 200 resistance levels.
XRP price is outperforming and it is trading above the USD 0.465 level. The price might clear the USD 0.482 resistance to test the USD 0.500 zone. A clear break above USD 0.500 could lead the price towards the USD 0.520 level.

Other altcoins market today

Several altcoins remained in the bullish zone, including ENJ, MANA, CHZ, HBAR, CEL, YFI, ZEN, REN, THETA, TFUEL, DOGE, XTZ, and VET. Conversely, OCEAN and ZKS dipped over 10%.

To sum up, bitcoin price is trading above the USD 49,200 and USD 50,000. If BTC remains stable above USD 49,200, there could be a fresh move towards USD 52,000.
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Bitcoin, Ethereum and Altcoins Hold Gains Above Key Support 102

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