Despite reaching levels of well above $46,000, Bitcoin prices took a bearish turn for the worse. Recently, it traded below the $45,500 support levels. As of yet, it’s trading below $45,000 and it looks like the price could drop further.
At the same time, many altcoins are moving downwards. For instance Ether was trading below the $3,220 and $3,200 support levels. Meanwhile, XRP is dropping further below its value of $1.05. In fact, it’s struggling to stay above $1. ADA went down by 8 percent and broke its $2.40 support level.
Bitcoin is the flagship cryptocurrency in the domain of digital assets. While it has been on a bullish run recently, it all came to a screeching halt with the early September decline in prices. After it already faced a rejection, Bitcoin’s prices started a fresh downwards curve. Bitcoin was trading below its $45,000 support level. Then, it further spiked below $44,500. If price levels fall below $44000, bearish investors could gain momentum.
In the event that it happens, the price would have to test the $43,500 resistance levels. After that, there’s the $42,500 support level. Of course, there’s a silver lining in this. The immediate resistance is around $45,200. The initial major resistance level is close to $45,000. Once prices go above this, they will re-enter the $46,000 price zone.
Ethereum prices, in a same way, stayed in bearish territory as prices went below the $3,400 level. Ether went on to break the $3,300 and $3,220 resistance levels. While it traded below the $3,200 level for a while, bulls are trying to protect the $3,150 support levels. If the price further declines below $3,150, there’s a risk of it falling even further. It would go straight to $3,000 levels.
In the event that prices move upwards, the initial resistance falls around $3,300. As of yet, the initial major resistance point is forming around the levels of $3,350.
Cardano has been gaining quite an impressive momentum for a while, but even it declined below $2.50. It went below the support level to enter a bearish zone for a while. Prices went below $2.40 and it’s likely that they’ll fall further. If they decline below $2.35, it’s possible that prices go back to the $2.20 support level. Currently, the upcoming major support level stands at $2.00.
Currently, Litecoin went down below 5 percent, trading further down from the $175 support level. The next major support level is close to $172. If it tends to fall below that level, it’s likely that prices will reach near the $165 level. After this, the upcoming major support level is $155. Similarly, Dogecoin went down by almost 5 percent, settling below the $0.250 level.