Ethereum, Altcoins Tumble Against Bitcoin as BTC Trends Lower
Bitcoin price failed to recover towards the USD 36,500 level and started a fresh decline below USD 34,000. It is currently (12:00 PM UTC) down over almost 6% and there is a risk of a move towards the USD 32,000 level.
Similarly, most major altcoins declined heavily. ETH is down 10% and there was a test of USD 2,200. XRP is struggling to stay above the USD 0.550 support zone. ADA could dive further below USD 0.95.
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After a minor upside correction, bitcoin price started a fresh decline below the USD 35,000 level. BTC bears remained in action and there was a push below the USD 34,000 support level. It is down almost 6% and is trading near USD 33,800. The next major support is near USD 32,000, below which the price could dive towards USD 30,000.
On the upside, the price is facing resistance near USD 35,000. The next major resistance is near USD 36,500, above which the price might start a decent recovery wave.
Ethereum price also started a fresh decline below the USD 2,350 support level. ETH is down over 10% and it is now approaching the USD 2,200 support level. The next major support is near USD 2,120, below which the price might dive towards USD 2,000.
On the upside, an immediate resistance is near USD 2,320. The next key resistance is near USD 2,400, above which the price might rise towards the USD 2,500 level.
Cardano (ADA) failed to surpass the USD 1.10 resistance level and dropped more than 12% in a day. There was a clear move below the USD 1.02 support. If there is a close below USD 1.00, the price may even dive towards the USD 0.90 support.
Binance coin (BNB) is gaining pace below the USD 350 support level. The next key support is near USD 320, below which the bears might test the USD 300 level.
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