- Price bitcoin must overcome $39,200 and $39,500 to climb higher.
- Ethereum faced resistance around $2920, XRP consolidates around $0.65.
- DOGE today is the worst APE distinguished himself.
Bitcoin price formed a base above the $38,000 level and recovered above the $38,700 level. It is currently (1203 GMT) trading around $39,000 and facing strong resistance around $39,200. BTC is down almost 4% in a day and 6% in a week.
Likewise, most of the major altcoins face hurdles. ETH has recovered above $2,850 but is trading around $2,920. XRP is consolidating losses near the $0.65 support. ADA hovering below $0.85.
Total market capitalization
After a sharp fall in the price of bitcoin, it managed to fix above the level of 38,000 US dollars. BTC started an upward correction and broke through the $38,700 resistance. It is now facing resistance near the $39,200 level. The next major resistance could be the $39,500 level, above which the price could start a steady rise. In this case, the bears may try to push above the $40,000 level.
On the downside, initial support is near the 38,200 level. The next major support is near $38,000, below which the price could face more selling pressure.
Ethereum price rises above the $2,850 resistance but is still down 4% on the day and nearly 7% on the week. Immediate resistance is seen near the $2,920 level. The next major resistance is near the $2,950 level, above which the price could return to $3,000.
On the other hand, initial support is near the $2,840 level. The next important support is near the $2,800 level, below which the price could drop to $2,720.
Price of ADA, BNB, SOL, DOGE and XRP
Cardano (ADA) fell sharply below the $0.820 support zone. However, there was no test of support at $0.805. The price is recovering and could rise above $0.865. The next key resistance is near $0.880.
BNB has found support near the $380 level and is currently correcting losses above $390. However, the bears may remain active near the $395 and $400 levels.
Solana (SOL) has tested important support near the $95 level. It recovers and tries to break above $100. If the bulls are successful, the price could rise to the $105 level.
DOGE fell heavily below the $0.150 support and is the worst performer among the top 100 crypto assets by market capitalization today. The price was down over 13% and there was a test of $0.140. Any new losses may require a test of the $0.135 support zone. DOGE has also wiped out all of its weekly gains and is now down 1% in a week.
Price XRP is consolidating around the level of 0.65 US dollars. If there is an upward correction, the price could hardly approach the $0.665 level. The next major resistance is formed around $0.680.
Other altcoins today
Many altcoins have fallen over 5% including LUNA, DOT, NEAR, LINK, UNI, FTT, ALGO, ETC, XMR, VET, EGLD, SAND and THETA. Meanwhile, APE is the top player in the top 100 clubs today as it jumped 7% to over $19.
To summarize, the Bitcoin price is trying to correct above $38,700. In order to start a sustained rise, BTC needs to break through the $39,200 and $39,500 resistance levels.