Bitcoin and ETH Restart Decline, UNI Bulls Eye Upside Break
Key Insights:
- Bitcoin declined sharply below $29,800 and $29,500.
- Ether (ETH) weakened over 7% and spiked below $1,800.
- UNI might gain bullish momentum if it clears $6.00.
Bitcoin
After struggling to surpass the $30,000 resistance, bitcoin price started a fresh decline. There was a clear move below the $29,800 and $29,500 levels.
The price declined heavily below $29,000 and the 21 simple moving average (H1). There was a spike below the key $28,550 support zone. Bitcoin is now back above $28,500, but the current price action is still bearish.
Your capital is at risk
Besides, there is a key bearish trend line forming with resistance near $29,500 on the hourly chart. On the downside, there is a major support at $28,550. A daily close below $28,550 could start a major decline.
Ethereum (ETH)
ETH also started a fresh decline from the $2,000 resistance level. The bears were able to push the price below the $1,900 support level and the 21 simple moving average (H1).
There was a sharp bearish reaction below the $1,850 level. The price even spiked below the $1,800 level and the price tested $1,750. It is now consolidating losses near the $1,800 level. On the upside, there are many hurdles forming near $1,900, a connecting bearish trend line on the hourly chart, and the 21 simple moving average (H1).
On the downside, there is a key support near the $1,750 level, below which the price could restart downtrend.
Uniswap (UNI)
UNI started a strong decline after it topped near the $8.00 level. The bears pushed the price below the $7.50 and $6.00 support levels.
It even moved below the $5.00 level and the 21-day simple moving average. Finally, there was a spike below the $4.00 level and the price tested the $3.70 zone. Recently, the price started a recovery wave above the $5.00 resistance.
It gained over 10% and was able to clear the 23.6% Fib retracement level of the downward move from the $8.00 resistance zone to $3.70 low. On the upside, the $6.00 level and a major bearish trend line on the daily chart hold the key for the bulls.
A close above the trend line might start a fresh increase towards the $8.00 resistance. The next major resistance is near the $10.00 level. If there is no upside break, the price could restart decline and test the $4.00 level.
ADA, BNB, and DOT price
Cardano (ADA) declined over 6% and there was a move below the $0.488 support. The next major support sits near $0.465.
BNB is moving lower towards the $302 and $300 support levels. A downside break below the $300 level could start a major decline.
Polkadot (DOT) settled below the $10.00 level. The price is now showing bearish signs and might even test the $9.00 support.
A few trending coins are XMR, SAND, and CELO. Out of these, SAND is up over 5% and trading above the $1.32 resistance level.