Bitcoin and Ethereum Bulls Put Up Fight, Altcoins Move Higher
Bitcoin price gained bearish momentum below the USD 21,200 support, but the BTC bulls protected the key USD 20,000 support zone. The price is currently (11:44 UTC) consolidating near USD 21,200 and is unchanged in a day, but is still down 30% in a week.
Similarly, most major altcoins are holding important support levels. ETH is still above USD 1,000 but is facing many hurdles. XRP moved towards USD 0.335 before correcting again. ADA is testing the USD 0.50 resistance.
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After a fresh decline, bitcoin price broke the USD 21,200 support. BTC even traded below USD 20,500, but the bulls were active above the USD 20,000 support. The price is now recovering and trading above USD 21,000. On the upside, the first key resistance is near the USD 21,500 level. The next major resistance is near the USD 22,000 level, above which the price might rise to USD 23,000.
On the downside, an initial support is near the USD 20,500 level. The next major support is near the USD 20,000 zone, below which the price could start a major drop.
Ethereum price also extended decline below the USD 1,100 level. However, ETH remained well bid above USD 1,020 and USD 1,040. The price is now attempting a recovery wave above USD 1,100 and is down almost 1% in a day and 39% in a week. On the upside, the price is facing resistance near the USD 1,150 level. The next major resistance is near USD 1,200, above which the price could rise to the USD 1,250 barrier.
If not, it could resume its decline below USD 1,050. The next major support is near USD 1,000, below which the price may perhaps drop to USD 850.
Cardano (ADA) is back above the USD 0.48 level. It is now consolidating near the USD 0.50 level. A close above the USD 0.50 level might start
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