Let's take a glimpse at what is going on in the crypto market today, looking into bitcoin and ethereum prices as well as that of crucial performing altcoins.
Bitcoin wasn't able to sit tight above the $50,000 range; there was a strong selling interest close to $52,000. The bears took over, ensuing in a break below a crucial bullish trend line with support at $49,800 on the hourly chart of the BTC/USD pair.
It broke through the support at $47,000 and traded as low as $46,228. It is still trading below $47,000, where it is currently consolidating losses. The next important resistance level are at $47,500 and after that $49,150.
However, we could see a decline further down to $45,000 or even $42,000 if it remains in the red zone.
Ethereum soared above $1,650 and formed an intraday high at $1,672 but was not able to clear the $1,700 level. It began a fresh decline and dipped below the support levels at $1,600 and $1,550. A break occurs below a crucial contracting triangle with support near $1,620 on the hourly chart of the ETH/USD pair chart.
It broke through it's resistance at the $1,565 level and declined further. It is currently trading below $1,500. If it fails to stay above $1,450 and $1,400, it could decline further down.
Like almost all the altcoins, Bitcoin Cash began the day in a decline and steadily continued to decrease. Its lowest intraday decline point was at $462 before beginning a slight increase. It is currently trading above $480.
Ripple began in a decrease just like the rest of the altcoins. It steadily continued its decline, and its lowest intraday point was below $0.420. It began another slight increase but hit another low point at 0.419 before increasing once more. It is now trading above $0.430.
Litecoin began the day in a decline and has steadily continued to decrease. Its lowest intraday decline point was at $163 before beginning an increase. It is currently trading above $170.
In conclusion, most of the crypto market seems to decline, but the altcoins seem to be perking up their performances independent of BTC and ETH's slump.
