Bitcoin and ETH Signal Correction, SOL Rally Approaches Hurdles

Key Insights:

• Bitcoin is showing signs of downside correction below $47,000.
• Ether might decline below the $3,330 support.
• SOL rallied 10%, but it might face resistance near $132.

Bitcoin

After another failed attempt near the $48,000 level, bitcoin price started a downside correction. The price declined below the $47,400 level and the 21 simple moving average (H1).

It even traded below the $47,000 support, opening the doors for more downsides. The next major support is near the $46,000 level, below which the price might dive towards the $45,150 support zone in the near term.

On the upside, bitcoin is now facing resistance near the $47,000 level. The main resistance is now near a connecting bearish trend line at $47,400 on the hourly chart. A clear break above $47,400 could set the pace for another upward move.

Ethereum (ETH)

ETH also followed a similar pattern from the $3,480 resistance zone. There was a clear move below the $3,425 support level and the 21 simple moving average (H1).

Besides, the price traded below a key bullish trend line with support near $3,380 on the hourly chart. On the downside, the $3,330 level is a key support, below which there is a risk of a larger decline towards the $3,200 support.

On the upside, ether price is facing hurdle near $3,400 and $3,425. The next key barrier is $3,455, above which the price could rally to $3,550.

Solana (SOL)

SOL formed a strong base above the $80 level. It started a steady increase above the $88 and $90 resistance levels.

The upward move gained pace above the $100 level and the 21-day simple moving average. The price even traded above the 23.6% Fib retracement level of the main decline from the $204 swing high to $76 swing low.

It is now approaching a major resistance near the $132 and $133 levels. The next major resistance is near the $140 level or the 50% Fib retracement level of the main decline from the $204 swing high to $76 swing low.

If SOL fails to clear the $133 resistance or $140, it might correct lower. If not, the bulls might aim a strong move towards the $165 level or even $170.

ADA, BNB, and DOT price

Cardano (ADA) struggled on a few occasions to settle above the $1.22 level. It is now trading below $1.20 and seems like the bears are aiming a move to $1.15.

Binance Coin (BNB) attempted an upside break above the $450 resistance level, but failed. It is now correcting lower and may perhaps test the $425 support.

Polkadot (DOT) declined below the $22.00 support level. The price is gaining pace below $22.00 and might visit the $21.50 support zone in the near term.

A few trending coins are TRX, WAVES, and FTM. Out of these, WAVES rallied over 15% and cleared the $58 resistance.