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Bitcoin and ETH In Trouble, Doge Signals Trend Change

By:
Aayush Jindal
Updated: Apr 18, 2022, 14:47 UTC

Bitcoin price settled below the $40,000 support, Ethereum’s ether is struggling below $3,000, and DOGE broke an important support.

Bitcoin DOGE Ether

Key Insights:

  • Bitcoin declined below the $40,000 and $39,600 support levels.
  • Ether (ETH) dropped below the key $2,980 support.
  • DOGE traded below an important support and a trend line on the daily chart.

Bitcoin

After a close below $40,650, bitcoin price started a fresh decline. BTC trimmed gains and traded below the key $39,600 support zone to enter a bearish zone.

There was also a move below the $39,400 support and the price settled below the 21 simple moving average (H1). It traded towards the $38,800 level, where it found buying interest. The price started an upside correction above $39,000.

Bitcoin

On the upside, bitcoin is facing resistance near the $39,600 level and the 21 simple moving average (H1). A clear break above the $39,600 zone might push the price towards $40,650.

Ethereum (ETH)

ETH also declined over 5% and traded below the $2,980 support zone. It even broke the $2,920 support and tested the $2,880 level.

ETH also settled below $2,980 and the 21 simple moving average (H1). It is now correcting losses and trading above the $2,935 level. On the upside, the price is facing resistance near the $2,970 and the 21 simple moving average (H1).

Ethereum ETH

An upside break above the $2,970 and $2,980 levels could increase the chances of a move above the $3,000 zone in the near term. If not, there is a risk of a downside break below $2,880.

Dogecoin (DOGE)

DOGE failed to clear the $0.1740 resistance level and started a major decline. There was a drop below the $0.1600 and $0.1550 support levels.

The decline gained pace below the $0.1550 level and the 21-day simple moving average. There was also a break below the 50% Fib retracement level of the key upward wave from the $0.1100 swing low to $0.1740 swing high.

Dogecoin (DOGE)

More importantly, there was a move below a crucial bullish trend line at $0.1380 on the daily chart. It is now consolidating near the 61.8% Fib retracement level of the key upward wave from the $0.1100 swing low to $0.1740 swing high.

The next major support could be $0.1250, below which the price could revisit $0.1100. If there is a recovery wave, the price might face resistance near the $0.1440 level and the 21-day simple moving average.

ADA, BNB, and DOT price

Cardano (ADA) declined 5% and tested the $0.900 support. If there is a close below $0.900, there is a risk of a move towards $0.850.

Binance Coin (BNB) tested the $400 support zone, where the bulls emerged. It is now back above $405, but the bears might remain active near $420.

Polkadot (DOT) declined towards the $17.20 level. It is now correcting above $17.50, but there could be a major hurdle waiting near $18.00.

A few trending coins are LUNA, GMT, and DCR. Out of these, DCR is gaining pace above the $65 level.

About the Author

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specializes in market strategies and technical analysis, and has spent over a decade as a financial markets contributor and observer

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