The Bitcoin market has started a downward correction in recent days, pushing the price below $ 40,000. The main instruments of the market have almost the same conditions as Bitcoin, and this downward correction may be a little deeper in the coming days.
to the Report Crypto News earlier this week the bitcoin price crossed the $ 42,000 resistance but could not exceed the $ 42,500 level. The bearish correction has now begun, and each bitcoin is currently trading at less than $ 39,800.
The main instruments of the market have similar conditions and their prices have been somewhat corrected. The price of Ethereum had risen to close to $ 2,700 before experiencing a 5% drop. Ripple, like Ethereum, has improved somewhat after approaching the $ 0.780 level.
Last week, the price of bitcoin rose at a steady pace, breaking the $ 40,000 resistance. The $ 41,200 and $ 42,000 resistances were broken. However, buyers failed to break the $ 42,500 resistance and the price fell below the $ 40,000 level again.
If we want to take a downturn in the market, the $ 39,500 level is the first support for Bitcoin. The next key support is around $ 39,200, and if the price falls below this level, we may see a return to $ 37,000, which is the main weekly support. On the other hand, it is possible that the price will once again cross the resistance of $ 42,000.
Ethereum outperformed Bitcoin and was able to break the $ 2,500 resistance. Yesterday, the price exceeded $ 2,650 and reached the resistance level of $ 2,700. At present, this growth has been somewhat revised and each Ethereum unit is trading at less than $ 2,600. The closest key support for Ethereum is now at $ 2,500.
If we want to take a bullish look at Ethereum, the sellers will probably be active until the price reaches the levels of $ 2,650 and $ 2,700. Any move above this range could pave the way for the price to reach $ 3,000.
Cardano, Dogecoin, Light Quinn and Ripple
Cardano recently broke through the $ 1.32 resistance with considerable speed and was able to cross the $ 1.35 level, but failed to break the $ 1.40 resistance. Currently, the price has returned below the level of $ 1.35 and has stabilized in the range of $ 1.32. The next key support is near $ 1.30, and if this support is broken, there is a risk that the price will fall to the level of $ 1.25.
LightQueen was able to cross the $ 145 resistance yesterday, however, it failed to cross the $ 150 resistance. This uptrend has now been somewhat modified, bringing the price below $ 145. The first key support is near $ 140, and a fall below this level could lead to a weekly Kendall support at $ 132.
The Dogecoin performed poorly this week and remains below the $ 0.220 resistance. The price is currently hovering above $ 0.200 support, and if the short-term trend is to decline, it may test the $ 0.180 support price. The next key support will be near the level of $ 0.165.
Ripple is now in the range above the $ 0.700 resistance. In recent days, the price crossed $ 0.750 and just before reaching $ 0.780, the market trend reversed. The price is currently above the $ 0.720 level and the $ 0.700 support. The next price support will be at the return point of $ 0.650.
Status of other market coins
The price of many instruments on the market, including SC, ICX, MIOTA, ZIL, XEM, SNX, AMP, XLM, ONT, THETA FTM, BAT and MANA, has fallen by more than 5% in the last 24 hours. Meanwhile, the price of “SC” digital currency has dropped by about 17% and is now trading below $ 0.0160. Meanwhile, the price of DGB and QNT currencies has risen by 5 to 10 percent.
Overall, the bitcoin market is recovering from recent growth, pushing the price below $ 40,000. It is possible that the correction will go even deeper, but in this case buyers will strongly support the price at the level of $ 37,000.