Bitcoin and ETH Signal Relief Rally, BNB Forms Key Bullish Pattern

Key Insights:

• Bitcoin (BTC) dived to $26,000, before it found support.
• Ether (ETH) traded close to $1,700 and is currently recovering losses.
• BNB tested $200 and is now forming a bullish candlestick pattern on the daily chart.

Bitcoin

In the past two days, bitcoin (BTC) price saw a major decline below the $32,000 support zone. There was a clear move below the $30,000 support level and the 21 simple moving average (H1).

The price even declined below the $28,250 level and tested $26,000. It is now consolidating losses and attempting a recovery wave above the $28,000 level. On the upside, the price is facing a major hurdle near the $28,500 level and the 21 simple moving average (H1).

A move above $28,500 could resend the price towards the $32,000 resistance. If not, it could start another decline and may possibly trade below $26,000.

Ethereum (ETH)

ETH also followed a bearish path below the $2,200 support zone. The price gained pace below the $2,000 level and the 21 simple moving average (H1).

The bears even pushed the price below $1,800. It tested the $1,700 zone and is currently attempting a recovery wave. It is facing a key bearish trend line with resistance near $1,925 on the hourly chart.

A proper upside break above the $1,920 level and $1,950 could push the price towards the $2,200 resistance zone. If not, it could start another decline and may possibly trade below $1,750.

BNB

BNB started a major decline from well above the $400 level. There was a clear move below the $350 and $300 support levels to move into a bearish zone.

The price tumbled over 30% in the past three sessions and even declined below $250. However, the bulls took a strong stand near the $200 zone. There was a major recovery wave and the price climbed above the $250 level.

It seems like the price is forming a key bullish reversal candlestick pattern on the daily chart. Immediate resistance is near the $280 level. A clear upside break above the $280 resistance might stage a strong rally.

The next key resistance might be $300, above which the bulls could aim a move towards the $350 level. If there is no upside break, the price could start a decline below the $240 level. The next major support is near $200.

ADA and DOT price

Cardano (ADA) nosedived below the $0.45 and $0.40 levels. It is now recovering and trading above $0.45. However, the price might face hurdles near $0.50.

Polkadot (DOT) tumbled below the $8.00 and $7.50 levels. It is back above $8.00, but bears might remain active near $8.80 and $9.00.

A few trending coins are APE, LEO, and TRX. Out of these, APE is trading in the green zone and might rise above the $7 level.