Bitcoin and ETH Eye Fresh Increase, DOT Signals Massive Breakout

Key Insights:

• Bitcoin found support above $38,000 and started an upside correction.
• Ether (ETH) could attempt a fresh increase if it clears $2,680.
• DOT broke a major bearish trend line near $17.20 on the daily chart.

Bitcoin

Recently, bitcoin price saw a fresh decline from well above $40,000. It traded below the $39,000 support zone and the 21 simple moving average (H1).

However, the bulls managed to protect the $38,000 zone. A low was formed near $38,220 and the price started a decent upward move. There was a break above a key bearish trend line with resistance near $39,000 on the hourly chart.

The price also climbed above the $39,200 level and the 21 simple moving average (H1). It is now facing a strong resistance near the $40,000 zone. A clear move above the $40,000 level might push the price towards the $41,500 level.

If not, the price could start a fresh decline towards the $38,200 level in the near term. The next major support is seen near the $37,650 level.

Ethereum (ETH)

ETH also followed a similar pattern and found support near the $2,530 zone. The price started a fresh increase and climbed above the $2,570 resistance.

There was a break above a connecting bearish trend line with resistance near $2,620 on the hourly chart. The price also climbed above the $2,640 level and the 21 simple moving average (H1). The next major resistance is near the $2,680 level.

A successful close above the $2,680 level might start a fresh increase. Conversely, the price could dive back towards the $2,500 level.

Polkadot (DOT)

DOT saw a sharp decline below the $20.00 support. The price even dived below the $17.50 and $16.50 support levels. Finally, the bulls took a stand near the $14.25 level.

A base was formed and the price started a fresh increase above $15.50. There was a clear move above the $16.50 resistance and a key bearish trend line on the daily chart.

The price is now attempting a close above the $18.00 level the 21-day simple moving average. If the bulls succeed, the price could start a major increase. In the stated case, DOT price may perhaps clear the $20.00 resistance. The next stop might be near the $23.20 level.

ADA and BNB price

Cardano (ADA) spiked below the $0.80 support zone, but stayed above $0.785. It is now recovering, but there are many hurdles on the upside such as $0.820 and $0.832.

Binance Coin (BNB) remained well bid near the $365 level. It is now consolidating gains and might rise towards the $380 level. The next major resistance is near the $388 level, above which the bulls could aim a move towards $400.

A few trending coins are NEAR, ZEC, STX, and KDA. Out of these, STX is gaining pace above the 1.40 level, but it might face resistance near the $1.50 level.