Bitcoin, ETH, and DOT Technical Analysis

Some analysts believe that BTCUSD price action is totally random. They are bored by weeks of long action. But on a closer look, you can see the most probable price structure of the incoming bottom.

We are almost at the tipping point of the correction that started almost a year ago in April. But there us stull place for a corrective wave. It means that there should be more down moves in the near future also. We still need to go lower to find a real bottom. Bitcoin is seeking a new high over $39,500, ether is approaching $2,680, and DOT has broken through a big barrier above $17.50.

Key Takeaways:

Bitcoin established support over $38,000 and began an upward retracement.

If Ether (ETH) breaks $2,680, it may try another climb.

On the daily chart, DOT violated a significant bearish trend line around $17.20.

Bitcoin

Bitcoin’s price has just dropped from much over $40,000. It was trading below the $39,000 support level as well as the 21-day simple moving average (H1).

The bulls, on the other hand, were able to keep the $38,000 zone safe. A low was made around $38,220, and the price began to rise steadily. On the hourly chart, there was a break over a crucial negative trend line with resistance above $39,000.

The price has also risen over the $39,200 mark and the 21-day simple moving average (H1). It is presently seeing stiff opposition at the $40,000 level. A decisive rise over the $40,000 threshold might boost the price up to $41,500.

If not, the price may begin a new slide towards the $38,200 level in the near future. The next significant support is indicated around $37,650.

Ethereum (ETH)

ETH also followed a similar pattern and found support near the $2,530 zone. The price started a fresh increase and climbed above the $2,570 resistance.

There was a break above a connecting bearish trend line with resistance near $2,620 on the hourly chart. The price also climbed above the $2,640 level and the 21 simple moving average (H1). The next major resistance is near the $2,680 level.

A successful close above the $2,680 level might start a fresh increase. Conversely, the price could dive back towards the $2,500 level.

Polkadot (DOT)

DOT saw a sharp decline below the $20.00 support. The price even dived below the $17.50 and $16.50 support levels. Finally, the bulls took a stand near the $14.25 level.

A base was formed and the price started a fresh increase above $15.50. There was a clear move above the $16.50 resistance and a key bearish trend line on the daily chart.

The price is now attempting a close above the $18.00 level the 21-day simple moving average. If the bulls succeed, the price could start a major increase. In the stated case, DOT price may perhaps clear the $20.00 resistance. The next stop might be near the $23.20 level.

ADA and BNB price

Cardano (ADA) spiked below the $0.80 support zone, but stayed above $0.785. It is now recovering, but there are many hurdles on the upside such as $0.820 and $0.832.

Binance Coin (BNB) remained well bid near the $365 level. It is now consolidating gains and might rise towards the $380 level. The next major resistance is near the $388 level, above which the bulls could aim a move towards $400.

A few trending coins are NEAR, ZEC, STX, and KDA. Out of these, STX is gaining pace above the 1.40 level, but it might face resistance near the $1.50 level.

Conclusion

This is looking like a volatile and risky period. Approaching bottom and reversal is always bumpy. It is important to manage your risks. Having said this, great opportunities to buy are around the corner. So, it is a good idea to watch for the perfect buying opportunity.

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Information in this article is for informational purposes only. Consult your tax, financial or legal advisors for advice concerning such matters.

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Abiodun Ajayi

Abiodun Ajayi has more than 6 years of experience in Security and IT architecture. He consults and helps form strategies, perform project feasibility studies.