More

    Bitcoin, Ethereum and Altcoins Remain At Risk

    • Bitcoin price started a major decline below USD 50,000 and USD 48,000.
    • Ethereum declined heavily towards USD 3,000, XRP spiked below USD 1.00.
    • SOL is still holding gains above the USD 160 support level.

    Bitcoin price saw a sharp bearish wave below the USD 50,000 support. BTC declined over 15% and it even tested the USD 43,000 zone before rebounding sharply. It is currently (04:26 UTC) correcting losses below USD 47,000, while upsides might be capped near USD 48,000.

    Similarly, most major altcoins are down over 15%. ETH declined more than USD 800 and it even tested the USD 3,000 support zone. XRP broke the key USD 1.12 support and it even spiked below USD 1.00. ADA declined sharply and tested the main USD 2.00 support zone.

    Total market capitalization

    Source: https://www.tradingview.com

    Bitcoin price

    In the past two sessions, bitcoin price saw a major decline below the USD 50,000 support. BTC broke many supports near USD 48,000 and USD 46,200. It even tested USD 43,000 before the bulls appeared. The price is now correcting losses and it is back above USD 45,000. An immediate resistance is near the USD 47,200. The next major resistance is near the USD 48,400 level, above which the price could test USD 50,000.

    If there is no recovery above USD 48,400, the price could resume its decline. The main support is near USD 45,500, below which the price could revisit USD 43,000. 

    Ethereum price

    Ethereum price also followed a similar path after it broke the USD 3,800 support. ETH declined over USD 800 and it even tested the USD 3,000 support zone. Recently, there was a recovery wave above USD 3,200 and USD 3,350. The price is now facing resistance near the USD 3,500 level. 

    The next major resistance is now forming near USD 3,550, above which the price might start a steady increase towards the USD 3,680 level in the near term.

    ADA, LTC, DOGE, and XRP price

    Cardano (ADA) failed to stay above the USD 2.65 support. It declined heavily below the USD 2.50 and USD 2.20 support levels. The bulls appeared near USD 2.00 and the price recovered above USD 2.40. To start a fresh increase, the price must reclaim the USD 2.65 pivot level.

    Litecoin (LTC) trimmed all its gains and declined heavily below USD 200. The price even broke the USD 188 support level and tested USD 162. It is now recovering, but the previous support at USD 185 and USD 188 could act as hurdles in the coming sessions.

    Dogecoin (DOGE) declined nearly 20% and it traded below the USD 0.280 support. The price even declined below USD 0.250 and tested USD 0.220. It is now consolidating near the USD 0.250 level. If it clears the USD 0.265 resistance, there might be a move towards USD 0.280.

    XRP price fell sharply below USD 1.25 and USD 1.20. It even traded below USD 1.12 and spiked below USD 1.00. However, the bulls defended more losses and the price recovered above USD 1.05. On the upside, an initial resistance is near the USD 1.15 level. The first key resistance is now near the USD 1.20 level.

    Other altcoins market today

    Many altcoins are down over 10%, including BNB, DOT, BCH, FIL, EOS, UNI, OMG, ICX, SXP, COTI, ORN, and DIA. Conversely, SOL is still trading well above the USD 150 and USD 160 levels.

    To sum up, bitcoin price is now trading well below USD 50,000 and USD 48,000. If BTC fails to stay above USD 45,500 and USD 45,000, it could resume its decline.

    _____ 

    Find the best price to buy/sell cryptocurrency:

    https://cryptonews.com/price-tracker/

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    WazirX, Presearch and Komodo rally after data shows a surge in user activity

    The characteristically volatile nature of the cryptocurrency market is back in full force on Dec. 2 after the optimism of the past couple of...

    Onomy Protocol to Spearhead Institutional Adoption of

    Breadcrumb Trail Links Newsfile Author of the article:   Article content Casper, Wyoming–(Newsfile...

    Fidelity’s spot bitcoin ETF is set to start trading in Canada, while its US fund is still waiting for the SEC’s green light |...

    Fidelity has launched a spot bitcoin ETF in Canada that will start trading on Thursday. Fidelity is "the biggest asset manager to date with a...

    Newsletter

    Subscribe to stay updated.