BTC and ETH Bears in Control, ALGO Aims Major Reversal

Key Insights:

• Bitcoin (BTC) is facing a major hurdle near $39,150.
• Ether (ETH) is struggling to rise above $2,875 and $2,900.
• ALGO surged over 15%, but it must settle above $0.70 for upside continuation.

Bitcoin

Recently, the bitcoin price started an upside correction above the $38,000 level. The price climbed above the $38,500 resistance level and the 21 simple moving average (H1).

However, the bears were active near the $39,150 level. A swing high was formed near $39,150 and the price slowly moved lower. There was a break below the $38,800 level and the 21 simple moving average (H1).

Bitcoin is now struggling to stay above the $38,150 support zone. A close below $38,150 might start a sharp decline towards the $37,500 and $37,200 levels.

Ethereum (ETH)

ETH also started an upside correction above the $2,800 level and the 21 simple moving average (H1). There was a move above the $2,850 level.

The bears appeared near the $2,875 level. The bulls made two attempts to clear $2,875 resistance but failed. The price started another decline and traded below $2,850. The price is now showing bearish signs below $2,820 and the 21 simple moving average (H1).

Immediate support sits near the $2,800 level and a connecting trend line on the hourly chart. The next major support sits near the $2,775 level, below which the price might take a hit.

Algorand (ALGO)

ALGO started a major decline from the $1.00 resistance zone. There was a nasty drop below the $0.80 and $0.70 support levels.

Finally, the price found support near the $0.55 zone. A support base was formed and the price started a recovery wave. It surpassed the $0.60 resistance. Today, it gained over 15% and spiked above the $0.70 resistance.

It even tested the 38.2% Fib retracement level of the downward move from the $1.00 swing zone to $0.55 low. ALGO is now attempting a close above a major bearish trend line with resistance near $0.70 on the daily chart. A close above the $0.70 level might start a strong reversal.

The next key resistance on the upside may perhaps be near $0.770 or $0.800. If there is no upside break, the price could revisit the $0.550 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is still consolidating below the $0.800 resistance zone. If the bears remain in action, the price could decline towards the $0.750 level.

Binance Coin (BNB) is sliding and might revisit the $382 support. The next major support sits near the $375 level, followed by $365.

Polkadot (DOT) settled below the $15.00 level, which is now acting as a resistance. On the downside, the $14.00 level is a major support zone.

A few trending coins are AVAX, TRX, and NEAR. Out of these, TRX is gaining pace above the $0.070 level.