Bitcoin and Ethereum Inch Higher But Downtrend Intact, Altcoins Rally

cryptonews.com:

This past weekend, bitcoin extended losses below the USD 20,000 support level and even tested the USD 17,500 zone before the bulls appeared. It is currently (04:05 UTC) trading near USD 20,050 while a major hurdle is near USD 21,200. BTC is up 9% in a day and down 25% in a week.

Similarly, most major altcoins are attempting an upside correction. ETH is up almost 14% and trading near the USD 1,100 level. XRP is consolidating near USD 0.300. ADA is trading well below the USD 0.50 resistance.

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After a clear move below the USD 20,000 level, bitcoin price declined sharply and tested the USD 17,500 zone before the bulls took a stand. The price is now correcting higher and trading near USD 20,000. On the upside, the first key resistance is near the USD 20,500 level. The main weekly resistance is near the USD 21,200 level, above which the price might start a steady increase.

On the downside, an initial support is near the USD 19,250 level. The next major support is near the USD 18,500 zone, below which the price could start another decline.

Ethereum price spiked below the USD 1,000 level and traded close to USD 920. ETH is now correcting losses and trading above USD 1,050. On the upside, the price is facing resistance near the USD 1,120 level. The next major resistance is near USD 1,150, above which the price could rise towards the USD 1,250 level. ETH is still down almost 26% in a week.

On the downside, an immediate support is at USD 1,020. The next major support is near USD 1,000, below which the bears might retest USD 935.

Cardano (ADA) spiked below the USD 0.45 support before there was a recovery wave. The price is back above USD 0.465, but it is facing a major resistance near USD 0.50.

BNB dived below USD