Bitcoin and Ethereum Dip While Polkadot and Solana Rally

  • 17 August 2021, Tuesday, 05:00

Bitcoin price made another attempt to surpass the USD 48k resistance. However, the bulls failed to gain strength, resulting in a drop below USD 47k. BTC even traded below USD 46,500 and it is currently (04:00 UTC) showing a few bearish signs.

Similarly, most major altcoins are correcting gains. ETH topped twice near USD 3,325 and it started a downside correction. XRP failed to surpass USD 1.30 and corrected lower to USD 1.20. On the other hand, DOT rallied over 15% and it broke the USD 25 resistance.

Total market capitalization

Bitcoin price

After another rejection near USD 48,000, bitcoin price started a downside correction. BTC corrected lower below USD 47,000 and USD 46,500. It even retested the USD 45,500 support level. The bulls are now protecting additional losses, with an immediate resistance at USD 47,000. The main resistance is still near USD 48,000, above which the price could start a strong rally.

An initial support on the downside is near USD 46,000. The first key support is now forming near the USD 45,500 level. Any more losses may possibly lead the price towards USD 44,200.

Ethereum price

Ethereum price also followed a similar pattern and declined from the USD 3,325 resistance zone. ETH broke the USD 3,200 support, but the bulls are protecting the USD 3,110 support. If they fail in the near term, there is a risk of a further decline towards the USD 3,000 support.

On the upside, the price is facing a breakout zone near the USD 3,245 level. The main resistance is still near the USD 3,325 level, followed by USD 3,350.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) topped near the USD 2.20 resistance. It is slowly moving lower towards the USD 2.10 level. The first key support is near the USD 2.05 level. A clear break below the USD 2.05 support may possibly increase the chances of more losses below the USD 2.00 level.

Litecoin (LTC) failed to clear the USD 188 resistance. It is correcting gains and trading near the USD 180 level. On the downside, the USD 175 level is an immediate support, below which the price may even test USD 165. On the upside, the USD 200 level is still a major hurdle for the bulls.

Dogecoin (DOGE) outperformed bitcoin and it tested the USD 0.350 resistance. Currently, DOGE is correcting gains and it is trading below the USD 0.330 level. The first key support is near USD 0.320, below which the price could test USD 0.300.

XRP price spiked above the USD 1.30 level before it started a downside correction. It traded below USD 1.25 and tested USD 1.20. If there are additional losses, the price might test USD 1.12. The next major support is seen near the USD 1.05 level.

Other altcoins market today

Many altcoins are up over 10%, including AUDIO, SOL, FTM, NEAR, LUNA, DOT, KSM, HT, RUNE, SHIB, and EGLD. Out of these, AUDIO rallied over 100% and it broke the USD 3.00 resistance.

Overall, bitcoin price is correcting gains from the USD 48,000 resistance. If BTC breaks the USD 45,500 and USD 45,000 support levels, it could extend its decline. __

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