Bitcoin, Ethereum, and Altcoins Correct Gains
Bitcoin price struggled to clear the USD 20,500 resistance zone and moved below USD 20,000 again. It is currently (11:50 UTC) trading near USD 19,700 and is almost unchanged in a day and down 5% in a week.
Similarly, most major altcoins are also correcting gains. ETH tested USD 1,175 but now might revisit USD 1,100. XRP is consolidating near USD 0.32. ADA is stable near the USD 0.45 level.
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After a close above USD 20,000, bitcoin price tested the USD 20,500 resistance zone. BTC failed to extend gains and corrected lower below the USD 19,800 level. On the downside, an initial support is near the USD 19,500 level. The next major support is near the USD 19,200 zone, below which the price could accelerate lower.
If there is a fresh increase, the price could clear the USD 20,000 resistance. The next major resistance is now near USD 20,500, above which BTC could gain bullish momentum.
Ethereum price spiked above the USD 1,150 level but failed to clear the USD 1,170 and USD 1,180 resistance levels. It is now correcting gains near USD 1,120 but is still up almost 4% in a day and down 6% in a week. The next major support is near USD 1,100, below which the price could test the USD 1,060 support zone.
On the upside, the price is facing resistance near the USD 1,150 level. The next major resistance is near USD 1,180, above which the price could start a stronger increase in the near term.
Cardano (ADA) is still consolidating near the USD 0.45 level. If there is a downside break, the price could test the USD 0.42 support. Conversely, it might attempt an upside break towards USD 0.50 or even USD 0.52.
BNB tested the USD 235 resistance zone and failed to continue higher. There was a downside correction and the price
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