(Kitco News) - Bitcoin-U.S. A drop in prices below chart support at the September low would give the bears fresh power to suggest a new leg down in prices. trading, on a tepid bounce after solid losses Tuesday that quickly dented bullish enthusiasm. Price action is now sideways and choppy as the bulls and bears are on a level near-term technical playing field. dollar prices are slightly higher in early U.S. A move in prices above chart resistance at this week’s high would recharge the bulls, to suggest further gains.
After a steady increase, bitcoin price struggled to stay above the $22,500 level. It tested the $20,000 and is currently consolidating losses. On the upside, the price might struggle near $20,500. BTC formed a short-term top and reacted sharply below $22,000. The price declined nearly 5% and traded below the $20,500 support. The next major resistance is now near the $21,200 level, above which the price could start a fresh increase.
XRP is consolidating above the USD 0.35 level. Besides, most major altcoins are slowly moving lower. ADA declined below the USD 0.50 support. ETH declined a few points and struggled to stay above USD 1,700.
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On the downside, an initial support is now near the USD 1,680 level. The next major support is USD 1,650, below which price could revisit USD 1,600. ETH dipped below the USD 1,720 and USD 1,700 levels. Ethereum price started a downside correction after it failed to test the USD 1,800 level.
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The next major support is near the USD 21,650 zone, below which the price could test USD 21,200. BTC remained well bid and even attempted to surpass the USD 22,500 resistance zone. It failed and started trading in a range. On the downside, an initial support is near the USD 22,000 level. After a clear move above the USD 21,500 level, bitcoin price settled above USD 22,000.
ETH declined below the $1,700 and $1,650 levels. Ethereum price also started a downside correction after it failed to test the $1,800 level. It even spiked below $1,600 and tested $1,550. The next major support is $1,500, below which price could revisit $1,420.
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BTC is currently (04:00 UTC) showing positive signs and eyeing more upsides. If there is a correction, the bulls might appear near USD 21,500. Bitcoin price gained pace and settled above the USD 22,000 pivot level.
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price failed to stay above the $22,500 resistance zone. If the price stays above $20,000, it could start a fresh increase. BTC declined nearly 10% and is currently (03:30am UTC) consolidating losses.
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