Bitcoin, Ethereum and Altcoins Consolidate Losses
Bitcoin price settled below the USD 55,500 and USD 55,000 support levels. BTC is consolidating losses and it is currently (12:30 PM UTC) trading above USD 54,000. If there is no upside break above USD 55,000, there is a risk of more losses below USD 53,800.
Similarly, most major altcoins are trading below key supports. ETH is now struggling to clear the USD 1,710 and USD 1,720 resistance levels. XRP/USD corrected lower, but it is holding the USD 0.550 support (the previous resistance).
Total market capitalization
After a clear downside break, bitcoin price settled below the USD 55,500 and USD 55,000 support levels. BTC is now consolidating and it is facing hurdles, starting with USD 55,000. The first major resistance is near the USD 55,000 level, above which the price might test the USD 57,000 resistance zone.
Conversely, there is a risk of a downside break below the USD 53,800 support. In this case, there is a risk of a drop towards the USD 51,000 and USD 50,000 support levels.
Ethereum price is correcting higher from USD 1,660, but it is facing resistance near USD 1,710 and USD 1,720. ETH must clear USD 1,720 to test the USD 1,750 resistance. A close above USD 1,750 might increase the chances of a move to USD 1,850.
On the downside, if ETH fails to break the USD 1,660 and USD 1,650 levels, it could decline towards USD 1,600 or even USD 1,580.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is consolidating below the USD 262 and USD 265 resistance levels. BNB could continue to move down below the key USD 250 support unless there is a clear break above the USD 265 resistance. The next immediate resistance is near the USD 272 level.
Cardano (ADA) settled below USD 1.200 and it is now consolidating above the USD 1.120 level. ADA could dive towards the USD 1.050 support if it fails to stay above 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 lower towards the USD 180 support. If there are additional losses, LTC could test the USD 172 support. The next major support is near the USD 165 level. On the upside, the price might struggle near USD 195 and USD 200.
XRP price retreated from the USD 0.600 resistance zone. The price broke the USD 0.580 support, but it remained well bid above the USD 0.550 level. As long as the price is above USD 0.550, there could be a fresh increase towards the USD 0.600 level.
Other altcoins market today
Several altcoins declined over 10%, including SC, FTM, HNT, FLOW, 1INCH, IOST, LUNA, VET, NPXS, AVAX, and SNX. Conversely, TFUEL, DENT, BTG, and THETA are up over 10%.
To sum up, bitcoin price is consolidating well below USD 55,500. If BTC breaks the USD 54,000 zone, there is a risk of a downside break towards the USD 50,000 level.
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