Bitcoin Corrects Gains, Ethereum Stable, Altcoins Looking For Direction

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After a clear break above USD 55,000, bitcoin price failed to test the USD 56,000 level. BTC tested the USD 55,750 zone before correcting lower. The price is now trading near USD 54,000, with a key support near USD 53,500. The main breakdown support is now forming near the USD 53,200 level. Any more downsides could set the pace for a move towards the USD 50,000 level.

On the upside, the price is facing resistance near USD 55,000, above which BTC could resume its uptrend.

Ethereum price started a fresh increase after a minor downside correction below USD 3,500. ETH is back above this level and if there is a close above USD 3,600 and USD 3,620, there could be more gains. The next key resistance is now near USD 3,700.

On the downside, an immediate support is near the USD 3,500 level. The next major support is near USD 3,450, below which the price might test USD 3,400.

Cardano (ADA) was able to clear USD 2.25 resistance level. The price also surpassed the USD 2.30 level. If it clears the USD 2.32 level, the price could rise towards USD 2.40. The next major resistance is near the USD 2.50 level.

Litecoin (LTC) is now unchanged in a day and is trading above the key USD 175 resistance while the bulls might attempt a break above the USD 188 resistance. If they succeed, the price could rise towards the USD 200 level.

Dogecoin (DOGE) is showing positive signs above the USD 0.250 level but it’s still down by 4% in a day. It is now facing resistance near the USD 0.265 level. A close above USD 0.265 could set the pace for a larger increase. The next major barrier is near the USD 0.280 level.

XRP price is showing positive signs above the USD 1.05 level. It is attempting a break above the USD 1.08 and USD 1.10 levels. A successful close above USD 1.10 could set the pace for a larger increase. In this case, the price could rise towards the USD 1.20 level.

Many altcoins are up over 8%, including SHIB, FTM, AR, BTG, BSV, XLM, DOT, DASH, KSM, NEAR, LUNA, OKB, and BCH. Out of these, SHIB is still rising and it is up by 48%.

To sum up, bitcoin price is correcting gains below USD 55,000. However, BTC could remain stable near USD 53,200 and it might start a fresh increase.

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