Bitcoin made a failed attempt to break through the $20,000 resistance yesterday. Although the price briefly fluctuated above $20,000, this trend did not last long and the market quickly corrected the price below $19,000. Currently, there are some bearish signs on the Bitcoin chart and the price is testing the $18,500 support.
To Report Crypto News, most popular altcoins in the market have also experienced a sharp fall like Bitcoin. Having missed the $1,300 support, Ethereum is now trading at $1,280. Ripple has lost more than 12% in the last 24 hours and is currently hovering near its $0.42 support. Like Ripple, Cardano is not far from the $0.42 support.
Bitcoin price analysis
Yesterday, with Bitcoin reaching above $19,500, buyers tried to increase the price even more. Bitcoin managed to break through the $20,000 resistance and break the 50-hour simple moving average (MA 50 – purple line in the image) to the upside as well. However, as the price approached $20,500, sellers were also increasing their pressure.
Further, after registering a new seasonal peak, the price took a downward trend and quickly fell below $20,000. Bitcoin lost more than 8% of its value in less than 12 hours, breaking below the $19,000 support.
If the downtrend continues, the closest support in front of the price is the $18,500 level. The next support is at $18,350, and breaking it could send Bitcoin down to the critical $17,500 level.
On the other hand, if the trend continues to change and become bullish, Bitcoin will face resistance at the $19,000 level. The next key resistance is $19,150, and a break through it could lead to a continuation of the uptrend.
Ethereum price analysis
Ethereum has followed a similar pattern to Bitcoin and failed to stay above the $1,400 resistance the previous day. Further, the downward trend caused the price to fall below the support of $1,350 and then $1,300 and the 50-hour simple moving average.
If the downtrend continues like this, the closest support ahead of the price level will be $1,265. The next key support is $1,255, followed by $1,200.
On the other hand, if the market trend continues to rise, the closest resistance in front of Ethereum will be $1,300. $1,320 and $1,350 also act as the next resistances in front of the price.
Altcoins price analysis
Cardano After its failed attempt to cross $0.465, it started a fresh bearish correction. This move was accompanied by a loss of support at $0.45, and if the price decline continues, $0.42 is the next target for sellers.
Binance Coin It has lost more than 5% of its value in the last 24 hours, and its sellers are looking to break the $265 support. If this digital currency fails to maintain its position above this level, the price may further fall to $255.
Solana It has experienced a 7% drop overnight and is now trading below $33. Sellers are now trying to break the $32 support, and if that happens, the price may drop as low as $31.20.
Dogecoin By falling below $0.060, it has opened a new bearish movement, and if this trend continues, the price may go down to $0.058.
Ripple With its 12% drop in the last 24 hours, it is now hovering below $0.45, not far from breaking the $0.42 support; An event that can lead to the continuation of the downward trend in the market of this digital currency.