Bitcoin Corrects Lower, Ethereum and Altcoins Extend Losses

Bitcoin price failed to stay above the USD 40,000 level and started a downside correction. BTC traded below the USD 39,500 level. It is currently (12:14 PM UTC) showing bearish signs and it seems like the bears might test USD 38,500.

Besides, most major altcoins are extending losses. ETH failed to stay above the USD 2,500 support and extended its decline. XRP/USD is trading below USD 0.850 and it might continue to move down.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a failed attempt above USD 40,500, bitcoin price started a downside correction. BTC traded below the USD 39,500 and USD 39,250 levels. If the price continues to move down, it could test the USD 38,500 level. Any more losses could open the doors for a move towards the USD 38,000 level.
On the upside, an initial resistance is near the USD 40,000 level. The next major resistance is near the USD 40,500 level, above which the price could revisit USD 41,200.

Ethereum price

Ethereum price started a steady decline below the USD 2,550 support. ETH even traded below the USD 2,500 support to move further into a bearish zone. If the price continues to move down, the next stop may possibly be USD 2,400.
On the upside, an initial resistance is near the USD 2,485 level. The key resistance is now forming near the USD 2,500 level (the recent breakdown zone).

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) started a fresh decline from the USD 380 resistance zone. BTC traded below the USD 365 support and it is now trading near the USD 350 level. Any more losses might call for a move towards the USD 320 level. On the upside, the USD 365 level could act as a resistance. The main resistance is still near the USD 380 level.
Litecoin (LTC) is moving lower towards the USD 165 support level. A downside break below USD 165 could open the doors for a move towards the USD 150 level. On the upside, an initial resistance is near the USD 172 level, followed by the main USD 180 level.
Dogecoin (DOGE) is moving lower and it is trading below the USD 0.320 level. An immediate support is near the USD 0.305 level. The main support is now forming near the USD 0.300 level. On the upside, the USD 0.335 level is a major resistance.
XRP price started a fresh decline after it failed to surpass USD 0.90. The price is now trading below the USD 0.865 and USD 0.850 support levels. The next key support is near the USD 0.82. On the upside, the USD 0.880 level is a short-term resistance, followed by USD 0.900.

Other altcoins market today

Many altcoins declined over 6%, including KSM, ICP, COMP, TFUEL, NEXO, MATIC, LINK, BAKE, SUSHI, NANO, HT, SNX, CAKE, and DGB. Conversely, SHIB and CHZ gained nearly 19%.

To sum up, bitcoin price is correcting gains and trading below USD 40,000. However, BTC might find a strong support near USD 38,500 or USD 38,000.
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