Bitcoin price was below the USD 55,500 and USD 55,000 support levels. BTC is consolidating losses and is currently (12:30 PM UTC) trading above USD 54,000. If there is no up movement above USD 55,000, there is a risk of further losses below USD 53,800.
Similarly, most of the major altcoins trade below major supports. ETH is now struggling to overcome the USD 1,710 and USD 1,720 resistance levels. XRP / USD corrected lower but holds USD 0.550 support (the previous resistance).
Total market capitalization
After a significant pause on the downside, Bitcoin price was below the USD 55,500 and USD 55,000 support levels. BTC is now consolidating and facing hurdles starting at USD 55,000. The first major resistance is near the $ 55,000 level above which the price could test the $ 57,000 resistance zone.
Conversely, there is a risk of a downside break below the USD 53,800 support. If this happens, there is a risk of falling towards the USD 51,000 and USD 50,000 support levels.
The price of Ethereum corrects higher from $ 1,660 but faces resistance near $ 1,710 and $ 1,720. ETH needs to clear USD 1,720 to test the USD 1,750 resistance. A closing price above USD 1,750 could increase the chances of a move to USD 1,850.
If ETH doesn’t break the $ 1,660 and $ 1,650 levels, it could plunge to USD 1,600 or even USD 1,580.
BNB, ADA, Litecoin and XRP prices
Binance Coin (BNB) is consolidating below the USD 262 and USD 265 resistance levels. The BNB could continue to fall below the key USD 250 support unless there is a significant break above the USD 265 resistance. The next immediate resistance is near the $ 272 level.
Cardano (ADA) was trading below USD 1,200 and is now consolidating above the USD 1,120 level. ADA could dip towards the USD 1,050 support if it does not stay above the USD 1,120. The next major support is near the USD 1,000 and USD 0,998 levels. On the upside, the USD 1,200 level is a major hurdle for the bulls.
Litecoin (LTC) is slowly moving towards the USD 180 support. On additional losses, LTC could test the USD 172 support. The next major support is near the USD 165 level. On the upside, the price could be struggling near USD 195 and USD 200.
XRP price pulled out of the $ 0.600 resistance zone. The price broke the USD 0.580 support but remained bid well above the USD 0.550 level. As long as the price is above USD 0.550, there could be another increase towards USD 0.600.
Other altcoin market today
Several altcoins were down over 10% including SC, FTM, HNT, FLOW, 1 inch, IOST, LUNA, VET, NPXS, AVAX and SNX. Conversely, TFUEL, DENT, BTG and THETA rose by over 10%.
In summary, the Bitcoin price is well below USD 55,500. If BTC breaks the USD 54,000 zone, it risks breaking down towards the USD 50,000 level.
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