Bitcoin and Ethereum Correct Gains, Dips Remain Supported

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The price of Bitcoin once again failed to break through the $ 40,000 resistance. BTC corrected its gains and traded below the pivot level of $ 39,000. It is currently (12:11 UTC) struggling to stay above $ 38,000 and it may revisit the support area of ​​$ 37,500. Likewise, most of the major altcoins reduce their earnings. ETH failed to stay above the $ 2,650 support, but returned above $ 2,600 again. XRP hasn’t gone above $ 0.750, but it is still trading above $ 0.700.

Total market capitalization

Source: www.tradingview.com Bitcoin price

After a rejection of nearly $ 40,000, the price of bitcoin has started to fall again. BTC fell below the $ 39,000 support to enter a bearish zone. The price has even traded below $ 38,500 and it may continue to fall. If there is a close below $ 38,000, the price may even struggle to stay above $ 37,500. The next key support is near the $ 36,200 level. On the upside, the price could face obstacles close to the levels of 39,000 and 39,200 USD.

Ethereum price

Ethereum’s price broke above the $ 2,775 level before starting a downward correction. ETH broke through the support levels of $ 2,700 and $ 2,600, before correcting upward again. On the upside, the $ 2,650 level is immediate resistance. The next key resistance is near $ 2,700, above which the price may rise to $ 2,775.

ADA, LTC, DOGE and XRP prices

Cardano (ADA) is back above the resistance level of $ 1.35. If the ADA remains stable above $ 1.35, it could test the resistance of $ 1.40. Conversely, there are chances of a move towards the support level of $ 1.30. Litecoin (LTC) is falling against the resistance of 145 USD. LTC is back below $ 140 and it could potentially test $ 132. The next key support is near $ 130, below which the price could test $ 125. On the upside, the bulls face major hurdles near $ 145 and $ 150, Dogecoin (DOGE) is virtually unchanged on one day and slips back below $ 0.200. There was no follow-up and it looks like the bears are probably aiming for a larger drop below $ 0.185. The next major support is near $ 0.165, where DOGE could find offers. The price of XRP jumped above $ 0.720 and it tested the $ 0.740 level. There was no $ 0.750 test. The price is now reducing the gains and trading near $ 0.715. Major support is near $ 0.700, below which there is a chance of a larger drop in the near term.

Other altcoin market today

Many altcoins exceeded 5% including VGX, AAVE, BTT, ZEN, COMP, RUNE, SOL, ZRX, UNI, THETA, OKB, and XMR. Of these, VGX rose 17% and topped the $ 3.30 level.

To sum up, the price of bitcoin is showing bearish signs below $ 39,000. If BTC fails to stay above $ 37,500, there is a risk of moving towards the level of $ 36,200 ._____

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