Bitcoin and ETH Signal Bearish Continuation, TRX Holds Ground

Key Insights:

• Bitcoin is moving lower and trading near the $28,750 support.
• Ether (ETH) is struggling to stay above $1,920.
• TRX eyes more upsides above the $0.0820 resistance.

Bitcoin

After a short-term recovery wave, bitcoin price failed to clear the $30,550 resistance zone. BTC formed a top and started a fresh decline below the $30,000 level.

There was a clear move below the $29,800 support area and a connecting bullish trend line on the hourly chart. There was a close below the $29,250 support zone and the 21 simple moving average (H1).

Bitcoin is now trading near the $28,750 support zone. A close below the $28,750 and $28,550 support levels could signal bearish continuation. In the stated case, the price might decline towards the $27,500 and $27,400 support levels.

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $2,075 resistance zone. The price started a fresh decline below the $2,000 support level and the 21 simple moving average (H1).

There was a clear move below a key bullish trend line with support near $2,010 on the hourly chart. It is now testing the key $1,920 support. The next major support sits near the $1,900 level. A downside break below the $1,900 level could stage a strong decline.

In the stated case, the price might decline towards the $1,850 level. On the upside, the price could face sellers near the $1,975 and $2,000 levels.

Tron (TRX)

TRX formed a strong base above the $0.0600 level and started a steady increase. There was a steady increase above the $0.0800 level.

It tested the $0.0900 zone before there was a bearish reaction. The price traded below $0.0700, but the bulls were active near $0.0600. The price started another increase and climbed above $0.0700.

There was a move above the 50% Fib retracement level of the downward move from the $0.0925 swing zone to $0.0622 low. There is also a key bullish trend line forming with support near $0.0700 on the hourly chart.

TRX price is now trading above $0.0780 resistance and the 21-day simple moving average. It is now facing a major resistance near the $0.0830 zone on the daily chart. If there is a clear move and close above $0.08300, TRX could extend its rally.

ADA, BNB, and DOT price

Cardano (ADA) is down over 8% and there was a move below the $0.500 support zone. The next major support is near $0.480, where the bulls might emerge.

Binance Coin (BNB) failed to continue higher above $335 and started a fresh decline. It is back below $320 and might even test $300.

Polkadot (DOT) declined heavily below the $10.20 and $10.00 support levels. If the bears remain active, there is a risk of a move towards the $9.20 level.

A few trending coins are XMR, KCS, and PAXG. Out of these, XMR might start a fresh increase above the $200 level.