Bitcoin and ETH Target Fresh Lows, SOL Faces Uphill Task
- Bitcoin is showing signs of more downsides below $20,000.
- Ether (ETH) could dive further below the $1,000 support.
- SOL seems to be forming a base for a rally above $35.
Recently, bitcoin price saw a recovery wave above the $22,000 resistance zone. There was a move above $22,450 level and the 21 simple moving average (H1).
However, the bears were active near the $23,000 zone. There was no upside break and the price started a fresh decline. BTC declined below the $21,000 support level and a key bullish trend line on the hourly chart.
On the downside, there is a crucial support near $20,000. A clear move below the $20,000 zone could spark a major decline in the coming sessions. On the upside, bitcoin is now facing resistance near the $22,000 level and the 21 simple moving average (H1).
ETH also followed a similar pattern after it failed to clear the $1,260 resistance zone. There was a fresh decline below the $1,200 level and the 21 simple moving average (H1).
There was a move below the $1,120 level and the bears are now attempting a close below a major bullish trend line on the hourly chart. If they succeed, there is a risk of a move below the $1,000 support zone.
Conversely, the price could rise again and revisit the $1,260 resistance zone. The next major resistance is near the $1,350 level.
SOL started a major decline from the $80 level. It traded below the $60 and $50 support levels to enter a bearish zone.
The price even moved below $40 and the 21-day simple moving average. Finally, there was a spike below the $30.00 level. The bulls appeared near the $25 and $26 levels. A base was formed and the price started a recovery wave above $30.
Today, the price gained over 15% and tested the main resistance near the $35 level. There is also a crucial bearish trend line with resistance near $35 on the daily chart.
A close above the trend line resistance and the 21-day simple moving average could set the pace for a move towards the $50 level. The next target for the bulls may perhaps be $65. If there is no upside break, the price could dive below $30.
ADA, BNB, and DOT price
Cardano (ADA) attempted a steady increase above the $0.52 resistance, but the bears were active. The price is now consolidating near the $0.50 level.
Binance Coin (BNB) is still above the $200 support zone. On the upside, the bears seem to be active near the $220 and $225 levels.
Polkadot (DOT) is struggling to stay above the $7.00 support. A downside break and close below $7.00 could set the pace for a move towards $6.00.