Bitcoin and Ethereum Bears Remain In Control, OHM and SUSHI Rally
The bitcoin price must overcome the $ 52,000 resistance to start a new rally. Ethereum faced strong resistance around $ 4,250, XRP could increase losses. OHM and SUSHI added over 10%.
Bitcoin price settled below the $ 50,000 pivot. BTC could increase losses below $ 47,200 if they stay below $ 50,000. There are now (11:54 UTC) bearish signs below $ 48,900 and only a close above $ 52,000 could start a steady rally.
Likewise, most large altcoins can increase losses. ETH could accelerate if it doesn’t break the $ 3,880 support. XRP may find support around $ 0.750. ADA is also heading lower towards important support at $ 1.20.
Total market capitalization
Source: tradingview.com Bitcoin Price
In the past few days, the bitcoin price has continued to fall below $ 50,000. BTC has even dropped below $ 48,500 and it looks like the bears are in action. If there is a clear break below $ 47,200, then a sharper decline could occur. The next important support is near the $ 46,000 level, below which the price could even fall below $ 45,000.
Initial resistance is near the $ 50,000 level. The main breakout area is now forming around the $ 52,000 level.
Ethereum price is trying to hold above $ 4000 and $ 4050. On the other hand, initial support is found around the $ 3880 level. The main support is located near the level of 3550 USD, below which the price may start a stronger decline.
Conversely, there may be a sustained recovery above $ 4,120. A key breakout zone is forming near the $ 4,250 level.
ADA, BNB, SOL, SHIB and XRP price
Cardano (ADA) is consolidating around the $ 1.30 support level. If the close below $ 1.30 occurs, the price could continue to move down towards the major support of $ 1.20. On the other hand, there are many hurdles around the $ 1.40 area.
Binance coin (BNB) is stuck around the $ 550 mark. Immediate resistance is around the $ 575 level. The key level for larger increases is around $ 600. On the other hand, major support is found around the $ 500 zone.
Solana (SOL) is consolidating below the $ 175 resistance level. Initial support is around the $ 165 level. A close below $ 165 could trigger further downturns. The next important support is near the $ 150 level.
SHIB is showing bearish signs around the $ 0.0000350 level. If the bears remain in action, the price could drop to $ 0.0000320. Major weekly support could be around $ 0.000030, where bulls can hold out.
XRP price is trading in a range above the support level of $ 0.800. If a downside breakout occurs, the price could fall towards the key support of $ 0.750. If new gains occur, the price could face resistance around the $ 0.880 level.
Other altcoins market today
Many altcoins fell more than 5% including QNT, DCR, NEAR, BTT, GALA, WAXP, MATIC and EOS. Conversely, OHM and SUSHI rose more than 10% on the day. OHM is trading at around $ 477 and has cut its weekly loss to less than 17%, while SUSHI jumped above $ 6 and is now up more than 14% in a week.
To summarize, the bitcoin price is showing bearish signs below $ 52,000. On the other hand, the $ 45,000 zone is the key to new growth in the coming days.