Bitcoin And Ethereum Trim Gains, ADA Remains In Uptrend
Bitcoin price tested the USD 59,500 zone before correcting lower. BTC traded below the USD 58,500 level and it is currently (12:30 PM UTC) consolidating near USD 58,000. If there are more losses, the bulls might appear near USD 57,200.
Similarly, most major altcoins are correcting gains. ETH tested the USD 1,850 resistance before correcting lower. XRP/USD is steady above USD 0.465 and it could rise towards USD 0.500. ADA is holding gains and it could even climb above USD 1.450.
Total market capitalization
After tagging the USD 59,500 level, bitcoin price started a downside correction. BTC broke the USD 58,500 level and it tested the USD 58,000 support. If there is an hourly close below USD 58,000, the price could decline towards the USD 57,200 support level. Any more losses might change the bias and the price might decline to USD 55,000.
On the upside, the USD 59,000 and USD 59,200 levels are initial hurdles. The main resistance is near USD 60,000, above which the price could test USD 61,200.
Ethereum price failed to gain bullish momentum above USD 1,840 and USD 1,850. As a result, ETH declined and tested the USD 1,800 support. It seems like the bulls are losing steam and the price could test the USD 1,760 support level in the near term.
On the upside, the USD 1,825 level is an initial resistance. The main resistance is still near USD 1,850, above which ETH could rally towards USD 1,920.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) traded close to USD 280 before correcting lower. BNB traded below USD 270 and it is now approaching the USD 265 support. The next key support is at USD 262, below which it might slide to USD 250. On the upside, the bulls might aim for a clear break above USD 275 and USD 280.
Cardano (ADA) is holding gains above USD 1.400. If ADA remains stable above USD 1.400, there are chances of a move towards the USD 1.500 resistance. Conversely, the price might correct lower towards the USD 1.350 and USD 1.335 support levels.
Litecoin (LTC) is consolidating above the USD 200 support level and it seems like the bulls are facing an uphill task near USD 210 and USD 212. A clear break above USD 212 might pump the price towards the USD 225 level.
XRP price is gaining traction above USD 0.265. If the price breaks the USD 0.480 level, there are chances of a move towards the USD 0.500 level. Any more gains might call for a test of USD 0.550.
Other altcoins market today
Many altcoins climbed over 10%, including KNC, BAT, MANA, FIL, CHZ, ZRX, CRO, CELO, KSM, HBAR, STX, OMG, and XTZ. Out of these, BAT rallied 30% and cleared the USD 1.25 level.
To sum up, bitcoin price is trimming gains and showing a few negative signs below USD 58,200. If BTC fails to stay above USD 57,200, there is a risk of a drop to USD 55,000.
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