Bitcoin and Ethereum Play With Crucial Levels, Altcoins Trend Lower
Bitcoin price started a fresh decline, traded below the USD 21,200 support, and almost tested USD 20,000 before recovering. It is currently (11:44 UTC) trading near USD 21,150 and is down 3% in a day and 34% in a week.
Similarly, most major altcoins started a fresh decline. ETH is down 4% and there was a break below USD 1,080. XRP is consolidating near USD 0.30. ADA managed to stay above the USD 0.435 support zone.
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After struggling to clear the USD 22,500 resistance zone, bitcoin price started a fresh decline and almost reached the USD 20,000 level. The last time BTC was below this level is December 2020. However, BTC managed to recover somewhat and move above the USD 21,000 level again. On the downside, an initial support is near the USD 20,200 level. The next major support is near the USD 20,000 zone, below which the price could dive to USD 18,800.
On the upside, the price might face resistance near USD 21,200. The next major resistance is now forming near the USD 22,000 level, above which the price may perhaps recover.
Ethereum price also failed to gain pace above the USD 1,200 resistance. ETH started a fresh decline, traded below the USD 1,120 support, and almost reached the USD 1,000 level, below which the price might nosedive. ETH is now back above USD 1,100 but is still down almost 5% in a day and 42% in a week.
On the upside, the bears might remain active near USD 1,150. The first key resistance is near the USD 1,200 level, above which the price could start a recovery wave.
Cardano (ADA) is now trading below the USD 0.50 level. The price was approaching the USD 0.45 support level before changing direction. Any more losses might call for a retest of the USD 0.435 support zone.
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