Bitcoin Price and Ethereum Bleed, Altcoins Takes Hit
Bitcoin price failed to stay above the key $19,500 support zone. BTC is currently (03:30 UTC) down over 6% and trading below
It seems like ether’s price decline is dragging bitcoin lower and might push it towards $18,000 or
Similarly, most major altcoins are gaining bearish momentum. ETH started a major decline and traded below the $1,320 support.
XRP is moving lower towards the $0.335 support. ADA might revisit the $0.42 support zone.
After a bearish reaction below the $19,500 support, bitcoin price started a major decline. BTC declined over 6% and there was a clear move below the $19,000 level.
The price is now moving lower towards the $18,500 support zone. The next major support is near the $18,200 zone, below which the price could even test the $18,000 support zone.
The next major resistance is now near the $19,350 level and a connecting bearish trend line on the hourly chart, above which the price might test the 50-hour simple moving average.
Ethereum price struggled to clear the $1,480 and $1,500 resistance levels. ETH declined heavily below the $1,400 level and the 50-hour simple moving average.