Bitcoin Holds Above USD 40K, Ethereum and Altcoins Slide Against BTC

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After a minor upside correction, bitcoin price started a fresh decline below USD 42,000. BTC broke the USD 41,200 support and it even spiked below USD 40,000. However, the bulls were active near USD 40,000 and the price started a fresh recovery wave. It corrected above USD 41,200 and USD 42,000. It is now facing resistance near the USD 42,550 level. The next major resistance could be near USD 43,000.

On the downside, an immediate support is near USD 41,200. The main breakdown support is now forming near USD 40,000, below which the price could resume its slide.

Ethereum price declined below the USD 3,000 support. ETH even dropped below the USD 2,800 and USD 2,720 support levels. It tested USD 2,650 before correcting higher. An immediate resistance is near the USD 2,920 level. 

The next major resistance is near USD 3,000, above which the price might start a steady upward move. If there is another decline, the bears might aim for a break below the USD 2,650 support zone.

Cardano (ADA) failed to clear the USD 2.15 and USD 2.20 levels. It started a fresh decline and traded below the 2.00 support. If ADA settles below USD 2.00, there is a risk of a larger decline. The next major support could be USD 1.88. On the upside, the USD 2.20 level is a major barrier.

Litecoin (LTC) extended its decline below the USD 155 and USD 150 support levels. It tested USD 145  before correcting higher. The price is back above USD 151, but it might face resistance near USD 155. The next major resistance is near the USD 162 level.

Dogecoin (DOGE) spiked below the USD 0.200 level and is now consolidating near USD 0.200. If there is a close below USD 0.200, the bulls might face an increase in selling pressure. In this case, the price may possibly decline towards the USD 0.188 level.

XRP price remained well below USD 1.00 and it is trading near USD 0.900. An immediate support is at USD 0.880. The main support is near USD 0.850, below which the price could dive towards the USD 0.700 level in the near term. 

Many altcoins are down over 8%, including OMG, AUDIO, FTM, NEAR, SNX, ZEN, ATOM, XTZ, DCR, RUNE, ICX, and SUSHI. Out of these, OMG declined 18% and it traded below USD 9.00. Meanwhile, OHM, XDC, and DESO are up by 16%-32%.

Overall, bitcoin price is still trading well above the USD 40,000 support zone. If BTC clears USD 43,000, there are chances of a steady increase towards the USD 44,200 level.

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