Bitcoin, Ethereum And Altcoins Resume Decline

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Total market capitalization
 

After another failure near USD 48,500, bitcoin price reacted with a strong bearish move. BTC traded below the USD 47,200 and USD 47,000 support levels. The bears gained strength and they were able to push the price below USD 46,000. On the downside, an immediate support is near USD 45,200. The first major support is at USD 45,000, below which the price could test USD 43,500.

An initial resistance on the upside is near the USD 46,200 level. The main weekly resistance is now forming near the USD 47,200 level (the previous support zone). 

Ethereum price also followed a similar pattern and it declined heavily below USD 3,350. ETH even declined below the USD 3,220 and USD 3,200 support levels and is now down by 7% in a day. The next major support is near USD 3,150 and USD 3,120, below which the price might test the USD 3,000 support.

If there is an upside correction, the price might face resistance near USD 3,250. The first major resistance is now forming near the USD 3,350 level.

Cardano (ADA) failed to stay above the USD 2.40 support and dropped. It is down 9% and the bears even pushed the price below the USD 2.20 support. The next major support is near the USD 2.05 level, below which there is a risk of a move below the USD 2.05 level.

Litecoin (LTC) failed to test the USD 200 level and started a sharp decline. The price traded below the USD 180 and USD 172 support levels. It is now approaching the USD 165 support. Any more losses could lead the price towards the USD 155 level.

Dogecoin (DOGE) is also down over 7% and it broke the USD 0.232 support. It is now trading close to the USD 0.220 support. Any more losses may possibly call for a move towards the USD 0.200 level. Conversely, there might be an upside correction towards the USD 0.235 level in the near term.

XRP price gained bearish momentum after it broke the USD 1.05 support. The price even traded below USD 1.00 and it is now showing bearish signs. The next key support is at USD 0.950, below which the bears might test USD 0.880.

Many altcoins are down over 10%, including LUNA, EOS, HBAR, SOL, ICX, RUNE, EGLD, WAVES, ONE, BSV, XDC, AR, QNT, and MIOTA. Out of these, LUNA declined 14% and it traded below USD 31. Meanwhile, CELO rallied by 12% and it surpassed the USD 6.00 level, before correcting lower again. The price is now up by 19% in a week.

Overall, bitcoin price is gaining bearish momentum below USD 46,000. If BTC fails to stay above USD 45,000, it could accelerate lower in the coming sessions.

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