Bitcoin and ETH Show Bearish Signs, LUNA Could Surge Above $125

Key Insights:

• Bitcoin seems to be forming a top near the $47,150 level.
• Ether (ETH) struggled to clear $3,530 and $3,550.
• LUNA seems to be eyeing a fresh rally and might test $125.

Bitcoin

Recently, bitcoin price made a couple of attempts to gain strength above $47,000 and $47,150. However, the bears remained active above $47,150.

As a result, there was a bearish reaction and the price is now trading below $46,550. There was a move below the $43,150 level and the 21 simple moving average (H1). The next major support is near the $45,750 level.

If the bears remain active, the price may perhaps decline below the $45,150 support. On the upside, there is a major resistance forming near $47,000 and $47,150. A clear move above the $47,150 level could set the pace for a fresh rally.

Ethereum (ETH)

ETH also faced a strong resistance near the $3,535 and $3,550 resistance levels. It seems like ETH is forming a top near the $3,550 level.

It is now trading below the $3,500 support level and the 21 simple moving average (H1). The next major support is near the $3,410 level. A downside break and close below the $3,410 support level may perhaps open the doors for a larger increase.

On the upside, the price is facing resistance near the $3,500 level. The main resistance is now near $3,550, above which ether price might surge.

Terra (LUNA)

LUNA settled nicely above the $100 resistance zone. The bulls were able to push the price above the $105 and $108 resistance levels.

The past few days were pretty bullish above the $105 level and the 21-day simple moving average. Today, the price started a fresh increase and gained pace above the $115 level. It is up over 5% and the current price action suggests more upsides above the $120 resistance.

If the bulls succeed, the price could rise towards the $125 level. If not, it might correct lower and test the $110 support.

The main support is now forming near the $105 level and a bullish trend line on the daily chart. If the price fails to stay above $105 and $100, it might start a major downside correction.

ADA, BNB, and DOT price

Cardano (ADA) failed to clear the $1.22 resistance level. It traded below $1.20 and seems like the price might even decline below $1.18.

Binance Coin (BNB) spiked above the $455 level, but there was no upside continuation. The price is now consolidating near $450 and might drop to $442.

Polkadot (DOT) is consolidating near the $22.20 level. If there is a move below the $22.00 level, the price might decline towards $21.20 in the near term.

A few trending coins are DOGE, NEAR, and CELO. Out of these CELO was able to rally above the $4.50 and $4.60 resistance levels.