Crypto Market Today: Bitcoin Remains At Risk, Ether Stable, and LINK Gains Pace
After a steady increase, bitcoin price failed to clear the $52,000 resistance. BTC started a fresh decline and traded below the $50,000 support level. There was also a close below the $50,000 level and the 21 simple moving average (H1).
More importantly, the price traded below the key $49,800 support level. It seems like the price might continue to move down towards the $47,250 support. Any more losses could send the price towards the $46,000 level.
On the upside, the price is facing resistance near $50,000 and a key bearish trend line on the same chart, above which bitcoin may perhaps rise towards $52,000.
Ether struggled to clear the $4,400 and $4,425 resistance levels. It is correcting lower and trading below $4,350. There was a sharp decline below $4,300, but the bulls remained active near $4,250. Ether is rising and trading above $4,300.
However, the bulls need to clear the $4,380 level to continue higher. There is also a major bearish trend line forming with resistance near $4,380 on the hourly chart. The next key barrier is $4,400, above which the price could revisit the $4,550 resistance.
If not, there could be a fresh decline towards the $4,250 level. The next key support is near $4,140.
LINK formed a base above the $17.00 level. The price started a fresh increase above the $18.00 and $18.50 levels. The price climbed above the 50% Fib retracement level of the downward move from the $26.50 swing high to $16.70 low.
LINK price settled above the $22.00 level and the 21 simple moving average (H4). It is now facing resistance near the $22.80 and $23.00 levels. There is also a crucial bearish trend line with resistance near $22.80 on the 4-hours chart.
It coincides with the 61.8% Fib retracement level of the downward move from the $26.50 swing high to $16.70 low. A close above the $22.80 and $23.00 levels may perhaps send the price towards the $25.00 high or even $27.50. If there is a downside correction, the price might find bids near the $20.00 level.
ADA, BNB, and DOT price
Cardano (ADA) is recovering and trading above $1.38. It is now facing resistance near $1.40. A clear break above $1.40 level could send the price further higher. The next major resistance is near the $1.45 level.
Binance Coin (BNB) is showing positive signs and trading above the $580 level. It also settled above $585, and it might continue to rise. However, the main barrier is near $600, above which the price may perhaps rise towards the $625 level.
Polkadot (DOT) is struggling to gain pace for a move above the $29.50 and $30.00 levels. A close above $30.00 may possibly clear the path for a steady increase. If there is a fresh decline, the price might find bids near the $26.50 level.