Bitcoin price failed to stay above the $ 40,000 pivot level and extended its decline after the Fed news. BTC broke the $ 38,500 support, but the bulls protected $ 38,000. Currently (04:58 UTC) it is trading around $ 39,000.
Also, most of the major altcoins are recovering losses. ETH declined towards the $ 2,350 support before recovering above $ 2,400. XRP / USD traded near $ 0.820 and was back above $ 0.850.
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After a rejection close to $ 40,500, the price of bitcoin began a downward correction. BTC traded below the $ 39,200 and $ 38,500 support levels. However, the bulls were active above the $ 38,000 level (the last bullish breakout zone). The price is now recovering and is trading above $ 39,000. An immediate resistance is near the $ 39,200 level. The main resistance is now forming near $ 40,000.
On the downside, an initial support is near the $ 38,500 level. Major support is now forming near the $ 38,000 level.
Ethereum price faced further selling pressure below $ 2,500. ETH even declined below the support of $ 2,450 and $ 2,400. It tested the $ 2,350 support zone and recently started an upward correction. On the upside, an initial resistance is near the $ 2,450 level. The next major resistance is near $ 2,500.
If there is a further drop, the price could find offers close to $ 2,400. Key support is near the $ 2,350 level.
Binance Coin (BNB) extended its decline below the $ 350 support. BNB tested $ 342 and is now back above $ 350. On the upside, bears could remain active near $ 365. The next big hurdle for they are close to the $ 380 level.
Litecoin (LTC) is slowly moving up above the $ 170 level. The first major resistance is near the $ 180 level. A close above $ 180 is likely to set the pace for a move towards the resistance levels of $ 195 and $ 200. On the downside, the price could remain stable near $ 165.
Dogecoin (DOGE) extended its decline and tested the support zone of $ 0.305. It is now consolidating losses, with immediate resistance at $ 0.320. The next key resistance is near the $ 0.335 level. The main support on the downside is near $ 0.305 and $ 0.300.
The XRP price extended its decline below the support of $ 0.850. It traded near $ 0.820 before recovering losses. The price is now consolidating above $ 0.850 and it looks like it could test the resistance at $ 0.880. The main resistance is still near $ 0.90.
Another altcoin market today
Some altcoins made more than 5%, including AMP, QNT, ATOM, ZEC, LEO, ZEN, XDC, WAVES, THETA, MDX, and ENJ. Of these, AMP rallied 24% and exceeded $ 0.11.
Overall, the bitcoin price corrected gains and tested significant support near $ 38,000. If BTC holds steady above $ 38,000, it could start a new surge above $ 40,000.
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