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Bitcoin and ETH Trend Overwhelmingly Bearish, BNB Near Key Juncture


Key Insights:

  • Bitcoin dived to $20,000 before it found support.
  • Ether traded close to $1,000 and is currently recovering losses.
  • BNB is struggling to start a recovery wave from the $200 support zone.

Bitcoin

After a minor recovery wave, bitcoin price saw a fresh round of selling from $22,000. There was a bearish reaction below the $21,500 support zone.

The price declined nearly 10% and broke the $20,500 support. It traded close to the $20,000 level and settled below the 21 simple moving average (H1). The bulls are now attempting a fresh recovery wave above the $21,000 level.

BTC Hourly Chart by FXEmpire

On the upside, the price is facing a major hurdle near the $21,650 level and the 21 simple moving average (H1). The next major resistance sits at $22,800. If there is no upside break, bitcoin could start a fresh decline and may possibly trade below $20,000.

Ethereum (ETH)

ETH also followed a bearish path below the $1,200 support zone. The price gained pace below the $1,100 level and the 21 simple moving average (H1).

The bears even pushed the price below $1,050. It traded close to the $1,000 support zone and is currently attempting a recovery wave. It is facing a key bearish trend line with resistance near $1,130 on the hourly chart.

ETH Hourly Chart by FXEmpire

A proper upside break above the $1,130 level and $1,150 could push the price towards the $1,200 resistance zone. If not, it could start another decline and may possibly trade below $1,020.

BNB

BNB started a major decline from well above the $300 level. There was a clear move below the $280 and $250 support levels to move into a bearish zone.

The price even settled below the $240 level and the 21-day simple moving average. The bulls are now taking a stand near a major support at $200. An immediate resistance is near the $230 level. The next key resistance might be $250, above which the bulls could aim a move towards the $280 level.

BNB Daily Chart by FXEmpire

A clear upside break above the $280 resistance might stage a strong rally. If there is no upside break, the price could start a fresh decline below the $200 level.

The next major support is near $180 in the near term. Any more losses may possibly push BNB price towards the $150 support zone.

ADA and DOT price

Cardano (ADA) is showing a few bearish signs below the $0.50 level. The next major support is near $0.45, below which there is a risk of a move towards the $0.42 level.

Polkadot (DOT) is struggling below the $8.00 resistance. If there is a downside break below the $7.00 support, the price could even test the $6.20 level.

A few trending coins are LINK, ALGO, and ATOM. Out of these, LINK is still trying to start a strong increase above the $7.00 and $7.50 resistance levels.



Read More: Bitcoin and ETH Trend Overwhelmingly Bearish, BNB Near Key Juncture

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