Bitcoin and Ether Target Additional Losses, WAVES Eyes Crucial Breakout
After a failed attempt near $49,500, bitcoin price started a fresh decline. There was a steady decline below the $48,000 and $47,000 levels. The bears even pushed the price below $46,500 and the 21 simple moving average (H1).
Besides, there was a break below a major bullish trend line with support near $47,350 on the hourly chart. The next major support sits at $46,250, below which there is a risk of a larger decline.
The main support is near $46,000. Any more losses may possibly lead the price towards the $45,000 level. If there is a fresh increase, the price could test the $47,000 level. The key barrier is now near $47,500, above which the price might rise steadily.
Ether also started a major decline from well above the $4,000 zone. There was a clear move below the $3,850 and $3,800 support levels. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $3,650 swing low to $4,120 high.
It is now trading below $3,750 and the 21 simple moving average (H1). The next major support is near $3,690. A downside break below the $3,690 support could push the price further lower. The next major support sits at $3,650, below which there is a risk of a move towards $3,520.
WAVES remained stable near the $14.50 and $15.00 levels. As a result, there was a steady increase above the $16.50 resistance level.
The bulls pumped the price above the 38.2% Fib retracement level of the downward move from the $23.40 swing high to $14.40 low. It is now trading near the $19.50 and $20.00 resistance levels.
There is also a key bearish trend line forming with resistance near $19.50 on the daily chart. WAVES is now trading above the $19.00 level and 21-day simple moving average. It is also facing resistance near the 50% Fib retracement level of the downward move from the $23.40 swing high to $14.40 low.
The next major resistance is near the $20.20 level. A close above $20.00 and $20.20 could open the doors for a strong rally.
ADA, BNB, and DOT price
Cardano (ADA) is down 7% and trading near the $1.20 support. A proper close below the $1.20 support could push the price further lower. The next major support is $1.05. Any more losses might call for a move towards $1.00.
Binance Coin (BNB) is trading well below the $525 and $530 levels. It is approaching the $500 support level. A downside break below $500 could open the doors for a move towards $450.
Polkadot (DOT) is down 8% and trading below the $25.00 support. It is trading below the $24.50 support. It seems like the bears are aiming a move towards the $23.20 level.