Bitcoin Prepares for Next Move, Ethereum and Altcoins Correct Lower
Bitcoin price settled above the USD 39,500 and USD 40,000 levels. However, BTC is facing hurdles near the USD 41,000 and USD 41,200 levels. It is currently (04:32 UTC) consolidating gains and it could correct gains towards the USD 38,500 support.
Besides, most major altcoins are correcting gains. ETH failed to clear the USD 2,600 level and corrected below USD 2,550. XRP/USD spiked towards USD 0.90, but it failed to continue higher.
Total market capitalization
After a close above USD 40,000, bitcoin price attempted a break above USD 41,200. BTC struggled on two occasions to gain pace above USD 42,000 and recently corrected lower. The price is now consolidating near USD 40,000. An immediate support is near the USD 39,200 level. The main support is now forming near the USD 38,500 level.
On the upside, the price is facing resistance near USD 40,500 and USD 41,000. The key breakout zone is now forming near USD 41,200, above which the price could start a fresh increase.
Ethereum price failed to stay above the USD 2,600 level and it struggled near USD 2,650. ETH started a downside correction below the USD 2,600 and USD 2,550 levels. It is now testing the USD 2,500 level. Any more losses could lead it towards the USD 2,450 support.
On the upside, an initial resistance is near the USD 2,550 level. The next major resistance is near USD 2,600, above which the price could revisit USD 2,640.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) failed to surpass the USD 380 resistance level. BNB is correcting gains and it could soon test the USD 365 support. Any more losses might call for a move towards the USD 350 level. Conversely, a break above USD 380 might open the doors for a move towards USD 400.
Litecoin (LTC) is struggling to clear the USD 180 resistance zone. It is consolidating above USD 165, below which there is a risk of a drop towards the USD 150 level. On the upside, the price must clear the USD 180 level for a possible move towards the USD 200 level.
Dogecoin (DOGE) is stuck below the USD 0.335 resistance level. If there is a clear break above USD 0.335, the price could test the next major resistance at USD 0.350. On the downside, the bulls might protect a major downside break below USD 0.300.
XRP price spiked higher towards the USD 0.90 resistance zone. It failed to clear USD 0.90 and corrected lower. XRP is now trading above USD 0.85. If there are more downsides, the price could test the USD 0.82 support zone.
Other altcoins market today
Several altcoins declined over 5%, including ICP, KSM, TFUEL, NANO, DOT, BAKE, FIL, ZIL, NEXO, SUSHI, and FTM. Conversely, RUNE, GRT, AMP, and SHIB are up by 6%-24%.
Overall, bitcoin price is showing positive signs above USD 40,000. As long as it is trading above USD 38,500, there are chances of more upsides above USD 41,200.