Bitcoin Price and Ethereum Consolidate, Recovery Could Be Capped

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  • Bit­coin price extend­ed loss­es to $18,250 before it cor­rect­ed higher.
  • Ethereum is con­sol­i­dat­ing above $1,300, XRP might revis­it the $0.365 resistance.
  • BNX and HNT are trad­ing in the green zone.

Bit­coin price remained in a bear­ish zone below the $19,000 lev­el. BTC is cur­rent­ly (11:00 UTC) con­sol­i­dat­ing near the $18,500 lev­el. A short-term recov­ery wave could face resis­tance near the $18,865 and $19,000 levels.

Sim­i­lar­ly, most major alt­coins might face resis­tance if there is a recov­ery wave. ETH is now con­sol­i­dat­ing loss­es near the $1,300 lev­el. XRP is again attempt­ing a fresh increase to $0.365. ADA is stuck near the $0.435 level.

Bitcoin price

After a bear­ish close below $19,000 and the 50-hour sim­ple mov­ing aver­age, bit­coin price extend­ed loss­es. BTC fol­lowed a bear­ish path and even trad­ed below the $18,500 sup­port. It test­ed the $18,250 lev­el and recent­ly start­ed a minor upside correction. 

There was a move above the $18,500 and $18,600 lev­els. On the upside, the price is fac­ing resis­tance near $18,865. The next major resis­tance is now near the $19,050 lev­el and a con­nect­ing bear­ish trend line on the hourly chart.

Chart Source: Tradingview

On the down­side, the price might find sup­port near $18,380. The next major sup­port is near the $18,250 zone, below which the price could test the $18,000 sup­port zone.

Ethereum price

Ethereum price start­ed a major decline below the $1,400 lev­el and the 50-hour sim­ple mov­ing aver­age. The price even spiked below the $1,300 lev­el before the bulls took a stand. 

The price is now con­sol­i­dat­ing above the $1,300 lev­el. The next major sup­port is $1,275, below which price could test $1,220.

Chart Source: Tradingview

On the upside, an imme­di­ate resis­tance is near the $1,325 lev­el. The next major resis­tance is now form­ing near the $1,350 lev­el and a bear­ish trend line on the hourly chart.

ADA, BNB, SOL, DOGE, and XRP price

Car­dano (ADA) set­tled below the $0.45 lev­el. It is now con­sol­i­dat­ing near the $0.435 lev­el and might decline towards the $0.42 support.

BNB is trad­ing below the $265 sup­port zone. If there are more loss­es, the price might test the $250 sup­port. If not, it might recov­er above the $265 lev­el in the near term.

Solana (SOL) remained well bid above the $30.00 sup­port. The price might start a recov­ery wave, but the bears may per­haps remain active near the $32.50 resis­tance level.

DOGE is slow­ly mov­ing low­er towards the $0.0550 lev­el. Any more loss­es might send the price towards the $0.0535 lev­el. The main sup­port sits near the $0.0500 level.

XRP price is attempt­ing a recov­ery wave above the $0.35 lev­el. If there is a clear move, the price may per­haps test the $0.365 resis­tance. The next major resis­tance is near $0.395.

Other altcoins market today

Many alt­coins are down over 8%, includ­ing ETC, EOS, CRV, CEL, KSM, LDO, WAVES, LINK, RVN, AR, SNX, DOT, and FTM. Con­verse­ly, BNX is up over 5% and gain­ing pace above the $150 level.

To sum up, bit­coin price is con­sol­i­dat­ing above the $18,500 lev­el. If BTC recov­ers, it could face resis­tance near the $19,000 and $19,050 lev­els in the short-term.

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