Bitcoin, Ethereum and Altcoins Struggle To Recover

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After a sharp decline, bitcoin price recovered above the USD 45,000 resistance. BTC even climbed above the USD 46,000 zone. However, the bulls are facing resistance near the USD 47,000 and USD 47,200 levels. The first major resistance is now forming near the USD 48,000 level. To move back into a positive zone, the price must settle above USD 48,000.

If there is a fresh decline below USD 46,000, the price might resume its downtrend. The next major support is near USD 45,500, where the bulls might take a stand. 

Ethereum price is also attempting an upside correction above the USD 3,400 level. ETH is now facing resistance near the USD 3,480 and USD 3,500 levels. A close above USD 3,500 could open the doors for a stronger increase. The next major resistance is near the USD 3,650 level.

If there is a downside correction, the price could find bids near USD 3,320. The next major support is near the USD 3,250 level.

Cardano (ADA) recovered above the USD 2.20 and USD 2.30 resistance levels. The price is now consolidating near the USD 2.35 level. An immediate resistance is near USD 2.40. The main resistance is near USD 2.45, above which the price could test USD 2.65. On the downside, the USD 2.20 level is a key breakdown support.

Litecoin (LTC) is consolidating near the USD 180 level. An immediate resistance is near the USD 185 level. The key resistance is near the USD 188 level. A close above USD 188 might set the pace for a move towards the USD 200 level. If there is a fresh decline, the price could find bids near USD 168.

Dogecoin (DOGE) is struggling to stay above the USD 0.250 level. If the price moves down below USD 0.242, there is a risk of a sharp decline. In this case, the price may possibly dive towards the USD 0.230 and USD 0.225 levels.

XRP price is trading below the USD 1.12 pivot level. If the price fails to stay above USD 1.05, below which the bulls could even struggle to protect USD 1.00. If there is an upward move, an initial resistance is near the USD 1.12 level. The next key resistance is now near the USD 1.15 level.

Many altcoins are down over 10%, including THETA, ZEN, TFUEL, XTZ, ATOM, SC, QTUM, RUNE, ICX, TEL, CHZ, ZEC, ICP, and NEO. Conversely, NEAR gained over 31% and broke the USD 8.50 level.

Overall, bitcoin price is facing resistance near USD 46,200. If BTC continues to face resistance, there could be a fresh decline towards USD 45,000.

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