Bitcoin and Ether Resume Slide, Why ADA Could Rally Again
Bitcoin
After multiple failures above $43,500, Bitcoin price started a fresh decline. There was a clear break below the $43,000 and $42,000 support levels. It is sliding steadily and seems like the price could decline towards the $41,250 level.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
The next major support sits near the $40,400 level, below which there is a risk of a larger decline.
If there is a fresh recovery, the price could face resistance near the $42,000 level. The main breakout zone is now forming near the $42,400 level and a connecting bearish trend line on the hourly chart.
Ether (ETH)
Ether also failed to surpass the $3,400 resistance zone. There was a fresh bearish reaction below the $3,300 support zone. The price declined below the $3,200 support zone and the 21 simple moving average (H1).
It is slowly moving lower and declining towards the $3,100 support. The next key support is near $3,000, below which the bears might aim a larger downtrend.
On the upside, there is a key bearish trend line forming with resistance near $3,170 level on the hourly chart. The next key barrier is $3,250, above which the price could start a steady increase.
Cardano (ADA)
Cardano (ADA) started a major decline from well above the $2.20 level. ADA declined below a couple of important support levels and extended decline below $1.50.
However, it found support near the $1.20 zone. A base was formed near $1.20 and started a fresh increase. There was a clear move above the 23.6% Fib retracement level of the downward move from the $2.32 swing high to $1.08 low.
There was also a move above a connecting bearish trend line with resistance near $1.25 on the daily chart. ADA settled above the $1.40 level and the 21-day simple moving average.
It tested the $1.60 level and is currently correcting lower. It is slowly moving lower and declining towards a major support at $1.45 and $1.42. Any more losses might find a strong buying interest near $1.25.
A downside break below $1.25 might start a strong bearish wave. The next stop for the bears could be $1.05. On the upside, the price is facing resistance near the $1.55 level.
The next major resistance is $1.72 and the 50% Fib retracement level of the downward move from the $2.32 swing high to $1.08 low, above which it could rise towards $2.00.
BNB and DOT price
Binance Coin (BNB) is moving lower towards the $450 support zone. A clear break and close below $450 could push the price towards the $420 level. The next major support is near the $400 level.
Polkadot (DOT) is down 5% and is trading well below the $28.00 level. An immediate support is near the $24.00 level. The main support is near $22.50, below which the price could dive towards $22.00.
A few coins are rising, including ETC, THETA, and STX. Out of these ETC rallied over 7% and surpassed the $32.50 level.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-