Bitcoin price managed to stay above the $18,500 support zone. BTC is currently (11:00 UTC) trading above $19,000. However, the price is still facing a couple of major hurdles near $19,500 and $19,600.
Similarly, most major altcoins are attempting an upside correction. ETH is slowly moving higher towards the $1,325 resistance. XRP is up over 5% and there was a move above the $0.425 resistance. ADA climbed higher above the $0.45 resistance.
After a sharp decline, bitcoin price found support near the $18,250 zone. BTC formed a base and started an upside correction above $18,500. It was able to recover above the $19,000 level and the 50-hour simple moving average. It is now facing resistance near the $19,200 level. The next major resistance is near $19,585, above which the price might rise to $20,000.
On the downside, an initial support is near the $19,000 level and the 50-hour simple moving average. The next major support is near the $18,800 zone, below which the price could revisit $18,250.
Ethereum price also followed a similar path after a strong decline below the $1,300 level and the 50-hour simple moving average. It tested the $1,220 zone and is currently correcting higher. There was a minor increase above the $1,280 level. On the upside, the price is facing resistance near the $1,315 level. The next major resistance is now forming near the $1,350 and $1,360 levels.
On the downside, an initial support is near the $1,260 level. The next major support is $1,220, below which price could accelerate lower.
Cardano (ADA) managed to stay above the $0.43 level and recently corrected higher. There was an increase above the $0.450 resistance. Any more gains might send the price to $0.465.
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