Bitcoin and ETH Could Recover Losses, ETC Eyes Strong Reversal

Key Insights:

• Bitcoin is still holding the key $28,550 support zone.
• Ether (ETH) dived to $1,715 before it recovered.
• ETC bulls seem to be eyeing an upside break above $25.20.

Bitcoin

Recently, bitcoin price saw a sharp decline below the key $28,550 support level. The price dipped below the $28,000 level and the 21 simple moving average (H1).

There was a spike towards the $27,500 level, but dips were limited. The price bounced back sharply and the price recovered above $28,500. It is now moving higher and trading above the 21 simple moving average (H1).

On the upside, there is a key bearish trend line forming with resistance near $29,450 on the hourly chart. A clear move above the trend line could start a steady increase towards $31,500.

Ethereum (ETH)

ETH also started a fresh decline from the $2,000 resistance level. The bears were able to push the price below the $1,850 support level and the 21 simple moving average (H1).

There was a sharp bearish reaction below the $1,800 level. The price even spiked below the $1,740 level and the price tested $1,715. It is now correcting losses and trading above the $1,800 level.

On the upside, there are many hurdles forming near $1,850, a connecting bearish trend line on the hourly chart. A close above the $1,850 level could start a decent upward move.

Ethereum Classic (ETC)

ETC started a strong decline after it topped near the $50.00 level. The bears pushed the price below the $35.00 and $25.00 support levels.

It even moved below the $20.00 level and the 21-day simple moving average. Finally, there was a spike below the $18.00 level and the price tested the $15.00 zone. Recently, the price started a recovery wave above the $18.00 resistance.

ETC gained over 10% and was able to clear the 23.6% Fib retracement level of the downward move from the $50.00 resistance zone to $15.00 low. It also cleared a major bearish trend line at $23.20 on the daily chart.

The next major resistance is near the $25.20 level. A clear move above the $25.20 resistance could initiate a strong reversal. If there is no upside break, the price could restart decline and test the $15.00 level.

ADA, BNB, and DOT price

Cardano (ADA) declined over 8% and there was a move below the $0.462 support. The next major support sits near $0.450.

BNB spiked below the $300 support before there was a recovery wave. On the upside, the bears might remain active near the $320 level.

Polkadot (DOT) is slowly moving higher towards the $10.00 resistance. A clear move above $10.00 could set the pace for a steady recovery.

A few trending coins are ZEC, NEO, and CRV. Out of these, CRV is attempting an upside break above the $1.20 resistance zone.