Bitcoin and Ethereum Target Fresh Lows, LUNA Rallies

Bitcoin price broke the USD 38,500 support level. BTC even extended its decline below USD 38,000. It is currently (04:28 UTC) consolidating losses and it seems like there is a risk of more downsides towards the USD 37,000 level.

Similarly, most major altcoins struggle to rise. ETH could extend its decline below the USD 2,450 support zone. XRP might correct further below the key USD 0.700 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a close below USD 40,000, bitcoin price struggled to recover. BTC extended its decline below USD 38,500 and it even broke USD 38,000. The bulls are now protecting the USD 37,500 support. However, there is a risk of more downsides towards the USD 37,000 support. The next major support is near the USD 36,200 level.On the upside, the USD 38,500 level is a short-term resistance. The first key resistance is now near USD 39,000, above which the price might test the USD 40,000 barrier.

Ethereum price

Ethereum price also declined below USD 2,550. ETH tested the USD 2,450 support and it is now struggling to recover losses. If there is a downside break below USD 2,450, the price may possibly test the USD 2,400 support.On the upside, an immediate hurdle is near the USD 2,550 level. The main breakout resistance is now forming near the USD 2,600 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is recovering and it is trading above the USD 1.32 resistance. An immediate resistance is near USD 1.35. A successful follow up move above USD 1.35 might lead the price towards the key USD 1.40 resistance. On the downside, the bulls might remain active near USD 1.32 and USD 1.30.Litecoin (LTC) traded below the USD 140 support level. The price is now finding bids near USD 135. If there is a clear break below USD 135, the bulls could struggle to protect USD 130. The next major support sits near the USD 125 level. On the upside, the USD 142 level is an immediate hurdle.Dogecoin (DOGE) is down over 2% and it is trading below USD 0.20. The price may soon test the USD 0.180 support. If the bears remain in action, there could be a drop towards the USD 0.165 level. On the upside, the price might face resistance near USD 0.205 and USD 0.208.XRP price is moving lower towards the USD 0.700 support. If there is a clear break below USD 0.700, the bears might take control. In this case, there is a risk of a move towards the USD 0.650 level in the near term.

Other altcoins market today

A few altcoins gained over 5%, including LUNA, RVN, PERP, KCS, QNT, CELO, ZRX, and ZEN. Out of these, LUNA rallied 20% and it surpassed the USD 14 level.

Overall, bitcoin price is showing bearish signs below USD 39,000. If BTC extends decline, there could be a test of the next key support at USD 37,000._____