Bitcoin and ETH Bears Take Control, Doge Shines

Key Insights:

• Bitcoin declined below the $40,000 and $39,150 support levels.
• Ether (ETH) dropped below the key $2,915 support.
• DOGE stayed above an important support at $0.1250 on the daily chart.

Bitcoin

After a close below $40,000, bitcoin price started a fresh decline. BTC trimmed gains and traded below the key $39,150 support zone to enter a bearish zone.

There was also a move below the $39,000 support and the price settled below the 21 simple moving average (H1). It traded towards the $38,400 level, where it found buying interest. The price started an upside correction above $38,700.

On the upside, bitcoin is facing resistance near the $39,150 level and the 21 simple moving average (H1). The next major resistance is near $39,300 and a connecting bearish trend line on the hourly chart.

Ethereum (ETH)

ETH also declined over 4% and traded below the $2,915 support zone. It even broke the $2,850 support and tested the $2,810 level.

ETH also settled below $2,915 and the 21 simple moving average (H1). It is now correcting losses and trading above the $2,850 level. On the upside, the price is facing resistance near the $2,870 and the 21 simple moving average (H1).

The main resistance is now forming near the $2,950 level and a bearish trend line. On the downside, a clear move below $2,800 might send the price $2,720.

Dogecoin (DOGE)

DOGE started a major decline from the $0.1800 resistance zone. There was a drop below the $0.1500 and $0.1450 support levels.

The decline gained pace below the $0.1400 level and the 21-day simple moving average. The price even spiked below the $0.1320 level, but the bulls appeared near a major support at $0.1250 on the daily chart.

It reacted sharply to the upside and gained over 5%. DOGE is also gaining pace above $0.1300 after there were reports of Elon Musk buying Twitter. On the upside, it is facing a key resistance near the $0.1400 level and connecting bearish trend line on the daily chart.

A close above $0.1400 might start a major increase. The next key resistance might be $0.1500, above which the price could surge towards the $0.1650 level.

ADA, BNB, and DOT price

Cardano (ADA) declined 5% and tested the $0.850 support. If there is a close below $0.850, there is a risk of a move towards $0.820.

Binance Coin (BNB) tested the $380 support zone, where the bulls emerged. It is now back above $390, but the bears might remain active near $395 and $400.

Polkadot (DOT) declined towards the $17.00 level. It is now consolidating losses and might face resistance near the $17.80 level. The next key resistance could be near $18.00.

A few trending coins are APE, GMT, and KNC. Out of these, APE is up over 5% and is gaining pace above the $17.20 resistance level.