Bitcoin and Ether Turn Red, DOT Could Nosedive
Bitcoin
After a clear move below $37,200, Bitcoin price saw bearish moves. There was a break below a key bullish trend line with support near $38,500 on the hourly chart.
It opened the doors for a move below $38,000 and $37,200. The price even settled below the $37,000 level and the 21 simple moving average (H1). It is now consolidating near the $36,650 level. A clear move above the $37,200 level might push the price towards the $38,000 level.
If not, the price could start a fresh decline towards the $35,000 level in the near term. The next major support is seen near the $33,500 level.
Ether (ETH)
Ether also followed a similar pattern from the $2,800 resistance zone. There was a clear break below a major bullish trend line with support near $2,750 on the hourly chart.
As a result, ETH declined below the $2,640 and $2,620 support levels. It is now trading below $2,640 and the 21 simple moving average (H1). An immediate hurdle is near the $2,660 level and the 21 SMA. A clear move above the $2,660 level could set the pace for a move to $2,700.
The next key barrier is $2,750, above which the price could revisit the $2,800 resistance. Conversely, ether might continue to move down towards the $2,485 support.
Polkadot (DOT)
DOT saw a major decline in the past few weeks from well above $40.00. There was a clear move below the $32.00 and $30.00 support levels.
The price settled below the $30.00 zone and the 21-day simple moving average. Finally, there was a break below the $20.00 support. A low was formed near $16.00 and the price is now consolidating losses.
An immediate resistance on the upside is near the $20.00 level and the 21-day simple moving average. The main resistance is forming near the $24.00 level and a major bearish trend line on the daily chart.
The trend line is near the 50% Fib retracement level of the key decline from the $33.30 swing high to $16.05 low. To start a steady increase, DOT price must clear the $20.00 and $24.00 resistance levels.
If not, there is a risk of a sharp decline below the $17.00 and $16.20 levels. The next major support is $15.00, below which it could even drop to $12.00 in the coming days.
ADA and BNB price
Cardano (ADA) is struggling to stay above the $1.02 support zone. If there is a successful downside break, the price could even decline below $1.00. The next support sits near the $0.955 level.
Binance Coin (BNB) is slowly moving lower towards the $350 support level. If there are additional losses, the bears might aim a test of the $332 support in the near term.
A few trending coins are QNT, IMX, MKR. Out of these IMX is up 25% and there was a clear move above the USD 3.80 level.
This article was originally posted on FX Empire
