Bitcoin and Ethereum Consolidate Gains, FTM Accelerates

cryptonews.com:

Bitcoin tested USD 22,800 before there was a downside correction. It is currently (11:27 UTC) consolidating near USD 21,900 and is down less than 1% in a day and up almost 10% in a week.

Similarly, most major altcoins are also consolidating gains. ETH rallied towards USD 1,620 before there was a pullback. XRP is struggling to start an increase towards the USD 0.40 resistance. ADA failed to clear the USD 0.50 resistance zone.

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After a move above the USD 22,000 level, bitcoin price faced sellers. BTC struggled to clear the USD 22,800 level and started a downside correction below the USD 22,000 level. On the downside, an initial support is near the USD 21,650 level. The next major support is near the USD 21,500 zone, below which the price might drop towards USD 20,500.

An immediate resistance is near the USD 22,200 level. The next major resistance could be USD 22,500, above which the price could even clear the USD 22,800 zone.

According to Joe DiPasquale, CEO of crypto fund manager BitBull Capital, BTC still remains range-bound.

"For now, we remain interested in the bottom of this range when it comes to bitcoin's price, and are monitoring for accumulation during this range-bound movement. If bitcoin does not break down from this range by the end of the month, especially post the [US Federal Open Market Committee], we could see it as a strong sign of a potential long-term bottom," he said in an emailed comment. 

Ethereum price remained in a strong uptrend above the USD 1,500 level and climbed above USD 1,600 before the bears emerged and pushed the price below USD 1,550. ETH is now supported near the USD 1,500 level and is up almost 5% in a day and 40% in a week. The next major support is near USD 1,450,