Bitcoin and ETH Starts Recovery, LINK Forms Bullish Pattern

Key Insights:

• Bitcoin remained in a bearish zone and declined below $22,000.
• Ether (ETH) declined over 20% and traded towards $1,050.
• LINK is forming a double bottom pattern on the daily chart.

Bitcoin

After a clear move below the $25,000 level, bitcoin price accelerated losses. The price tumbled below the $23,000 and $22,000 support levels. The bears even pushed the price below the $21,200 level and the 21 simple moving average (H1).

There was a spiked towards the $20,800 level. A base was formed near $21,000 and the price started an upside correction. There was a move above the $22,000 resistance level.

On the upside, there is a major resistance forming at $22,500 and a bearish trend line on the hourly chart, above which bitcoin could rise towards the $24,200 resistance.

Ethereum (ETH)

ETH also followed a similar path after it declined below the $1,500 support. There was a sharp decline below the $1,350 support and the 21 simple moving average (H1).

The price declined over 20% and traded below the $1,200 support zone. It even spiked below the $1,100 level, but it remained well bid above the $1,050 support. The price is now recovering above the $1,200 level and a connecting bearish trend line on the hourly chart.

On the upside, the bears might remain active near the $1,260 and $1,300 levels. The next major resistance sits near the $1,350 level.

Chainlink (LINK)

LINK started a major decline from the $10.00 resistance zone. There was a drop below the $8.0 and $7.5 support levels.

There was a clear move below a key bullish trend line with support near $7.00 on the daily chart. The price even settled below the $7.00 level and the 21-day simple moving average.

However, the bulls took a strong stand near the $5.40 support zone. LINK is up over 15% today, and it seems like the price is forming a double bottom pattern near $5.40. On the upside, the price could face a strong resistance near the $7.00 level.

The main resistance sits near the $7.50 zone and the 21-day simple moving average, above which the price could rally.

ADA, BNB, and DOT price

Cardano (ADA) remained well bid above the $0.42 support. The price is now rising and approaching the key $0.50 resistance zone.

Binance Coin (BNB) also found support well above the USD 200 level. The price is now back above USD 225 and might revisit the USD 240 resistance.

Polkadot (DOT) is up 10% and trading above the $7.20 level. An immediate resistance is near $7.50, above which it could test $8.0.

A few trending coins are SOL, AVAX, and THETA. Out of these, SOL is attempting an upside break above the $30.50 resistance.