Bitcoin Tests New Lows, Ethereum and Altcoins Gain Bearish Momentum

Bitcoin Tests New Lows, Ethereum and Altcoins Gain Bearish Momentum
(Source: www.tradingview.com)

Bitcoin price failed to recover and it extended its decline below USD 34,000. BTC even traded below the USD 33,500 and USD 32,200 support levels. It is currently (14:09 UTC) showing bearish signs and it might extend losses below USD 32,000.

Similarly, most major altcoins are gaining bearish momentum. ETH extended its decline below USD 2,150 and it even traded below USD 2,000. XRP/USD dived and it even traded close to the USD 0.650 level.

Total market capitalization

Bitcoin price

There was a downside extension in bitcoin price below the USD 33,500 level. BTC even spiked towards the USD 31,500 level and it remains at a risk of more downsides. The next major support is near the USD 31,200 level, below which the price could test the USD 30,000 level. On the upside, an immediate resistance is near the USD 33,500 level. The first major resistance is now forming near USD 34,000, above which the price could test USD 35,000.

Ethereum price

Ethereum price also declined heavily and it traded below the USD 2,150 support. ETH even declined below USD 2,000 and it might move down further. The next major support is near the USD 1,850 level. An initial resistance is near the USD 2,050 level. The first major resistance is now forming near USD 2,150, above which the price might test the USD 2,200 zone.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) extended its losses below the USD 325 support zone. The price is now struggling to stay above the USD 300 level. If there is a clear downside break below USD 300, the next key stop for the bulls could be near the USD 280 level in the near term. Litecoin (LTC) failed to recover and it extended its decline below the USD 142 support. LTC is now trading near the USD 135 level, below which there is a risk of a drop to USD 120. The next major support is now forming near the USD 112 level. On the upside, the price could face a strong resistance near USD 150. Dogecoin (DOGE) declined heavily below the USD 0.250 level. It even broke USD 0.232 and it might continue lower towards the USD 0.200 level. The next major support for the bulls might be USD 0.180. If there is a fresh increase, the bears might remain active near USD 0.300. XRP price failed to stay above the USD 0.700 support and it extended its decline. An initial support is now near the USD 0.655 and USD 0.650 levels. Any more losses might call for a move towards the USD 0.600 level.

Other altcoins market today

Many altcoins declined over 10%, including DOGE, NEXO, FIL, BAKE, KSM, STX, ZEN, ICP, QTUM, BTT, CHZ, THETA, XMR, SUSHI, BTG, SC, and UMA. Out of these, FIL is down 12% and it traded below USD 55. To sum up, bitcoin is moving lower below USD 33,500. If BTC fails to stay above USD 31,500, there is a risk of a break below the USD 30,000 support. __

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