Bitcoin price failed to stay above the USD 47,200 support zone, extended its decline, and tested the USD 46,500 zone. It is currently (04:00 UTC) trading in the red zone and it could continue to move downwards USD 46,000.
Similarly, most major altcoins are moving lower. ETH is trading well below USD 3,150 and might test USD 3,000. XRP tested the USD 1.05 support before starting a consolidation phase. ADA declined further and even spiked below the USD 2.50 support.
Total market capitalization
After a close below USD 48,000, bitcoin price extended its decline. BTC broke the USD 47,200 and USD 47,000 levels. It even tested USD 46,500. The next key support is near the USD 46,000 level. Any more downsides may possibly open the doors for a move towards the USD 45,000 level.
On the upside, an immediate resistance is near the USD 47,200 level. The first major resistance is near the USD 47,800 level, followed by USD 48,000. The main resistance is near USD 48,500, above which the price could steadily recover.
Ethereum price broke the USD 3,110 support and extended its decline. ETH tested USD 3,050 and remains at a risk of more losses. Then next major support is near the USD 3,000 level. A downside break below USD 3,000 might lead the price towards the USD 2,880 level.
If there is an upside correction, an immediate resistance is near the USD 3,150 level. The main breakout resistance is now forming near the USD 3,200 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down 4% and it broke the USD 2.60 support zone. ADA even spiked below USD 2.50 and is struggling to recover. If there is a close below USD 2.50, the price could decline further towards the USD 2.20 support zone. Conversely, the price could recover to USD 2.65. The next major resistance sits near the USD 2.72 level.
Litecoin (LTC) settled below USD 170 and seems to be struggling to stay above the USD 165 support. If the bears clear USD 165, they might aim a test of the USD 155 level. The next major support is near USD 150. On the upside, the bulls could face hurdles near USD 172.
Dogecoin (DOGE) is now trading well below the USD 0.280 pivot level. The next major support sits at USD 0.250, below which there is a risk of a larger decline. If there is a recovery wave, the price could face selling interest near the USD 0.280 level.
XRP price settled below the USD 1.12 support level. It even tested the USD 1.05 support. If the bears remain active, there could be a drop towards the USD 1.00 support. On the upside, the previous support near USD 1.15 might act as a resistance.
Other altcoins market today
Many altcoins are down 8%, including NEAR, FTM, DASH, ZIL, ZEC, HNT, XTZ, DGB, KCS, ONE, NEO, AUDIO, SC, RVN, and MIOTA. Out of these, NEAR and FTM are down over 12%.
Overall, the bitcoin price is slowly moving lower below USD 47,000. If BTC breaks USD 46,500, it might even struggle to stay above the USD 46,000 level._____