Bitcoin, Ethereum and Altcoins Consolidate Losses

Bitcoin price extended its decline below the USD 32,000 support zone. BTC tested USD 31,500 before recovering higher. It is currently (12:11 UTC) consolidating above USD 32,000, but it might face hurdles near USD 33,000 and USD 33,200.

Similarly, most major altcoins are consolidating losses. ETH is back above USD 1,920, but it could struggle to recover above USD 1,980 and USD 2,000. XRP recovered above USD 0.600, but the bears might remain active near USD 0.620.

Total market capitalization

Bitcoin, Ethereum and Altcoins Consolidate Losses 101

Bitcoin price

After breaking the USD 32,000 support, bitcoin price tested the USD 31,5000 zone. BTC is now attempting an upside correction above USD 32,000. An immediate resistance is near the USD 33,000 level. The first key resistance is near the USD 33,200 level, above which the price might rise towards the USD 33,500 level.
On the downside, the price might remain stable near USD 32,000. A daily close below USD 32,000 could spark another decline towards USD 30,000 in the near term.

Ethereum price

Ethereum price tested the USD 1,880 and USD 1,865 support levels. ETH is correcting losses and it is back above USD 1,900. An initial resistance on the upside is near the USD 1,980 level. The main resistance is now forming near the USD 2,000 level.
If there is a fresh decline below USD 1,900, the bulls may possibly try to protect the USD 1,880 support zone.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) tested the USD 1.20 support level and it is recovering higher. The price is back above USD 1.232, but it is facing a major hurdle near USD 1.250. A close above USD 1.250 could push the price towards the USD 1.280 level. On the downside, the USD 1.200 level is a strong support.
Litecoin (LTC) spiked below the USD 125 support level before the bulls appeared. LTC is moving higher towards the USD 132 resistance. If the bulls remain active, there could be a move towards the USD 140 level. On the downside, the USD 125 and USD 122 levels are providing support.
Dogecoin (DOGE) settled below the USD 0.200 support level. If there is a fresh decline, the price could test the USD 0.180 support. Any more losses may possibly lead the price towards the USD 0.165 support zone. To move into a positive zone, the price must settle above USD 0.212.
XRP price traded close to the USD 0.580 support level before starting an upside correction. The price is back above USD 0.600, with an immediate resistance at USD 0.612. The first major resistance is near USD 0.620, above which the price might revisit USD 0.632.

Other altcoins market today

Many altcoins declined over 8%, including ATOM, TFUEL, SNX, TEL, UNI, LUNA, KCS, CEL, XTZ, SC, and DCR. Conversely, AXS is gaining pace above the USD 22.50 resistance level.

To sum up, bitcoin price is recovering above USD 32,000. If BTC grinds higher above USD 33,000, there are chances of an increase towards USD 33,500. Conversely, it could move down towards USD 30,000.

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Bitcoin, Ethereum and Altcoins Consolidate Losses 102

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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