Cryptocurrencies
Bitcoin and Ether Reach Key Support, ATOM Could See “Liftoff”
Bitcoin and Ether Reach Key Support, ATOM Could See “Liftoff”
Key Insights
- Bitcoin corrected lower below $42,500 and $42,200.
- Ether tested the key $2,700 support zone.
- ATOM is rising and might rally further if it clears $35.00.
Bitcoin
After a downside break below $43,000, Bitcoin price extended losses. There was a clear move below the $42,200 support zone and the 21 simple moving average (H1).
The price even declined below the $41,500 level. It is now trading near a major support at $41,050. It is near the 50% Fib retracement level of the upward move from the $37,000 swing low to $45,000 resistance zone.
If there is a downside break, the price could decline to $40,250. The next major support sits at $40,000, below which there is a risk of more losses. In the stated case, the price could even test the $38,400 level.
Conversely, a move above the $43,000 resistance zone is must to start a fresh increase. The next major hurdle is still near $45,000.
Ether (ETH)
Ether also followed a similar pattern and started a fresh decline from the $3,035 resistance zone. The price declined below the $2,870 level and the 21 simple moving average (H1).
It is now consolidating near the $2,700 zone. The next major support sits at $2,665, below which the price could decline towards the $2,580 support zone. If not, ether price might start a fresh increase from the $2,700 zone.
On the upside, there is a major bearish trend line with resistance near the $2,800 zone on the same chart. The next major resistance is near the $2,880 level.
Cosmos (ATOM)
ATOM remained supported near the $20.00 zone. A strong base was formed and the price started a major increase above the $22.00 and $24.50 levels.
There was a clear move above the $28.00 resistance and the 21-day simple moving average. Besides, there was a break above a major bearish trend line at $28.00 on the daily chart. It is now trading above the 50% Fib retracement level of the last major decline from the $44.50 swing high to $20.60 swing low.
ATOM is now attempting an upside break above the $35.00 zone. It is near the 61.8% Fib retracement level of the last major decline from the $44.50 swing high to $20.60 swing low.
A close above $35.00 could sent the pace for a larger increase. The next stop for the bulls might be $42.00 or $45.00. If not, ATOM price might correct gains and test the $30.00 support.
ADA, BNB, and DOT price
Cardano (ADA) down 5% and struggling to stay above the $0.855 level. On the upside, the $0.90 zone might act as a breakout zone.
BNB settled below the $400 level. If there is a downside break below $388, the price might decline towards the $365 level.
Polkadot (DOT) is down 7% and trading below the $17.50 level. The next major support is $17.00, below which the price might decline towards $16.50.
A few trending coins are WAVES, ANC, and CELO. Out of these, WAVES is eyeing an upside break above $20.00.
This article was originally posted on FX Empire
