Bitcoin and ETH Turn Bearish, ADA Near Crucial Juncture
Key Insights:
- Bitcoin declined 10% and traded below the $37,550 support.
- Ether (ETH) moved into a bearish zone below $2,755.
- ADA is testing a crucial support zone near $0.75.
Bitcoin
Recently, bitcoin price saw a sharp bearish reaction below the $39,200 level. The price tumbled below the $38,000 level and the 21 simple moving average (H1).
There was a close below the $37,550 support level and BTC even moved below $36,660. It is now consolidating near the $35,800 level. On the upside, the bulls are facing resistance near the $39,200 level and the 21 simple moving average (H1).
Your capital is at risk
The first major resistance is near the $36,660 level. A clear move above the $36,660 level could send the price to the main hurdle at $37,550. On the downside, the price might find bids near $35,200. The next major support sits near the $34,500 level, below which there is a risk of a drop to $33,800.
Ethereum (ETH)
ETH also followed a similar pattern after there was a move below $2,850. The price spiked below the $3,755 level and settled below the 21 simple moving average (H1).
It is now consolidating losses near the $2,680 level. On the upside, it is facing resistance near the $2,700 level. The next key barrier is $2,740, a connecting bearish trend line on the hourly chart, and the 21 simple moving average (H1).
A close above $2,740 might call for a move towards $2,850. If not, ether price might slide below the $2,650 support level. The next key support is near $2,600, below which the bears might aim a test of $2,540.
Cardano (ADA)
Cardano (ADA) started a major decline after it failed to clear the $1.244 and $1.245 resistance levels. There was a steady decline below the $1.10 support level.
The price even settled below the $1.00 level and the 21-day simple moving average. It even dived below $0.855 and tested the main support at $0.750 on the daily chart. Recently, there was a sharp bullish wave from $0.755, but the bears appeared near $0.900.
It is now consolidating near the $0.780 level. If the bears remain in action, the price might slide below the $0.78 and $0.75 support levels. On the upside, the previous support at $0.90 could act as a resistance. A clear move above $0.90 might start a steady increase.
BNB and DOT price
Binance Coin (BNB) dived below the $385 level and even moved below $375. It is now struggling to recover and might test the $362 support zone in the near term.
Polkadot (DOT) declined over 12% and traded below the $15.00 level. It seems like the bears are aiming a move below the $14.00 support zone.
A few trending coins are TRX, ANC, and CRV. Out of these, ANC gained over 5% and surpassed the $2.10 level.