The dominant cryptocurrency, Bitcoin price, started a new decline below the $49,000 and $48,000 levels. Bitcoin tested the $46,200 support, and it is now attempting a fresh rise. In order to move into a positive zone, the price must increase over $48,000 and $48,500.
Furthermore, most major altcoins are showing bearish signs. Etherum, the world’s second-largest cryptocurrency, is struggling to rebound over $1,500, and it remains at a risk of a downward break. Meanwhile, Ripple XRP is still over $0.450 support. However, bearish signs are emerging.
After a downside break below $48,000, the dominant cryptocurrency price tested the $46,200 support zone. Notably, Bitcoin is correcting losses and is trading over $47,000. The first major resistance is close to the $48,000 level. If there is a decent close over $48,000 and $48,500, the price could increase towards the $50,000 level.
Meanwhile, if the price fails to settle over $48,000 and $48,500, there are possibilities of more downsides below $46,500 and $46,200 levels.
Additionally, the price of Ethereum settled below the $1,500 pivot level. Still, the bulls are protecting the $1,450 support level. It seems like Ethereum is setting up for the next move, either over $1,500 or below $1,450 in the near term.
Significantly, successful close over $1,500 and $1,520 could open the doors for a move towards the $1,550 and $1,565 levels.
Litecoin traded near to $165, while XRP stood at $0.450
Among other cryptocurrencies, Litecoin traded near to the $165 support zone. Litecoin is correcting higher over the $172 level. The first key resistance is near the $175 level, above which the price could increase towards the $185 resistance. Meanwhile, the main support on the downside is near the $165 level.
XRP price is consolidating near the $0.450 support zone. If there is a downside break below the $0.450 support, a decline towards the $0.420 level is likely. On the upside, the bulls might face selling interest close to the $0.480 level.
- Trading Instrument