Bitcoin Still Consolidates While Ethereum and Altcoins Drop

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After a minor decline, bitcoin price remained supported above the USD 56,000 level. BTC formed a base above USD 56,000 and started a fresh increase. The price is consolidating above USD 57,000. An immediate resistance is near the USD 57,500 level. A clear break above the USD 57,500 level could set the pace for a larger increase. In this case, the price could rise towards USD 60,000.

If there is another downside correction, the price might find support near the USD 56,500 level. The next major support is near USD 56,000, below which there is a risk of a larger decline.

Ethereum price started a fresh decline below the USD 3,550 level. ETH even traded below USD 3,500 and it remains at a risk of more downsides. The first major support is near the USD 3,400 level, below which the bears might test the USD 3,350 level.

On the upside, the price is facing a barrier near the USD 3,500 level. A close above USD 3,500 may perhaps increase the chances of a move towards the USD 3,650 level.

Cardano (ADA) is down 5% and it is trading below USD 2.10. If the bears remain in action, there could be a drop towards the USD 2.00 level. Any more losses might put pressure on the bulls and the price could test the USD 1.85 level. Conversely, there could be a move towards the USD 2.25 level.

Litecoin (LTC) is moving lower and it broke the USD 172 support zone. An immediate support is near the USD 165 level. A clear break below USD 165 may possibly set the pace for a larger increase. The next key support is near the USD 150 level.

Dogecoin (DOGE) is down over 5% and it is now trading near the USD 0.222 support. It is struggling to stay above the USD 0.220 level and it might continue to move down. If there are more losses, there could be a drop towards the USD 0.200 support.

XRP price is accelerating lower below the USD 1.12 level. The price is facing an increase in selling pressure and it could test USD 1.05. The main support is near USD 1.00, where the bulls might remain active in the near term.

Many altcoins are down over 10%, including AR, MIOTA, REN, DYDX, ONE, RUNE, THETA, AVAX, FLOW, ICX, ALGO, CELO, and VET. Out of these, AR declined over 12% and it broke the USD 55 level. Meanwhile, WAVES rallied by more than 13% and surpassed the USD 30 level.

To sum up, bitcoin is trading in a bullish zone above USD 56,000. If BTC gains pace above USD 57,200 and USD 57,500, it could accelerate higher in the coming sessions.

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