Bitcoin price failed to stay above the USD 48,000 support and prolonged its decline. BTC tested the region of $ 47,600 and stayed above the $ 47,500 support. It is currently consolidating (04:00 UTC) near USD 48,000, with a large resistance near USD 48,800.
Similarly, most of the major altcoins prolonged their decline. ETH traded below the USD 3,250 and USD 3,200 support levels. XRP broke the $ 1.20 support and even tested $ 1.12. ADA peaked near $ 2.92 and corrected down to $ 2.60.
Total market capitalization
After Bitcoin price traded below $ 49,000, it extended its downward correction. BTC traded below the $ 48,200 and $ 48,000 levels. It was trading near the USD 47,500 support and is now trying to rebound. It’s back above $ 48,000 with a major resistance near $ 48,800. The next major resistance is at $ 49,000, above which the price could retest $ 50,000.
If it drops below $ 48,000 again, the price may test the $ 47,500 support. Further losses could lead the price towards $ 46,400.
Ethereum price began a steady decline below the $ 3,300 pivot level. ETH traded below the USD 3,250 and USD 3,200 support levels. It tested the $ 3,150 level. Current price action suggests that price could move further towards the USD 3,120 support.
On the flip side, immediate resistance for the bulls is near the $ 3,220 level. The first major resistance is near the $ 3,250 level above which the price could test $ 3,300.
ADA, LTC, DOGE and XRP prices
Cardano (ADA) failed to test the $ 3.00 resistance and made a high near $ 2.92. ADA began a downward correction below the USD 2.80 support. It even climbed below $ 2.60 before bouncing back. To start a renewed spike, the price has to cross the $ 2.80 resistance.
Litecoin (LTC) extended its downward correction below the USD 180 support level. The price broke the $ 175 mark and tested $ 172. Further losses could bring him to $ 165. On the flip side, the bears are likely to remain active near $ 180 and $ 185.
Dogecoin (DOGE) is down over 7% and has broken the USD 0.300 support zone. It even tested the $ 0.275 level and showed some bearish signs. If the bears stay in the action, the price could even fall towards the $ 0.250 support. To get back into a bullish zone, the bulls will have to cross the $ 0.300 hurdle.
XRP price has also fallen over 7%, breaking the key support level of $ 1.20. The bears pushed the price below $ 1.15 and the price tested $ 1.12. The next big support is at $ 1.05, below which the bulls could appear near the $ 1.00 handle.
Different Altcoins Market Today
Many altcoins are down 5%, including CHSB, TEL, ONT, XDC, HNT, THETA, ENJ, SOL, KCS, SUSHI, ICX, QTUM, ICP, COMP and MIOTA. Of those, CHSB is down 12% to trade below 1.0.
Overall, the Bitcoin price was able to stay above $ 47,500. If BTC extends its decline below $ 47,500, it could test as much as $ 46,400 in the short term.
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