Bitcoin and Ether Face Bears, Why XRP Could Tumble

Key Insights

• Bitcoin spiked towards $40,000 before correcting lower.
• Ether could decline if it breaks $2,750.
• XRP remains at a risk of a sharp decline below $0.65.

Bitcoin

In the past few sessions, Bitcoin price made a couple of attempts to gain strength for a move above the $39,800 resistance. However, the bears remained in action and protected a move above $40,000.

There was a fresh decline below the $39,000 support level. There was also a break below the $38,600 support level and the 21 simple moving average (H1).

It is now consolidating above the $38,000 level. There is also a connecting bullish trend line with support near $38,000 on the hourly chart. If there is a downside break below the trend line, the price could decline sharply towards $37,100. The next major support is near the $36,000 level.

Ether (ETH)

Ether also followed a similar path and struggled to clear the $2,850 resistance zone. There was a bearish reaction below the $2,700 level and the 21 simple moving average (H1).

It is now trading below the $2,665 support zone.  An immediate support is near the $2,600 level and a bullish trend line with support on the hourly chart. If there is a downside break below the trend line, the price could decline sharply towards $2,400. The next major support is near the $2,320 level.

On the upside, the bears might remain active near the $2,665 level. The next key resistance is near the $2,700 level. Any more gains may perhaps call for a test of the barrier at $2,850.

XRP

XRP started a fresh decline after it failed to clear the key $0.900 resistance zone. The price declined below the $0.820 and $0.800 support levels.

The price even settled below the $0.800 level and the 21-day simple moving average. There was a clear move below the 50% Fib retracement level of the upward move from the $0.555 swing low to $0.915 high.

It is now consolidating above the $0.700 support level. It is near the 61.8% Fib retracement level of the upward move from the $0.555 swing low to $0.915 high.

The next major support is near the $0.6750 level. As long as XRP is above $0.700 and $0.675, it could start a fresh increase. If not, there is a risk of a sharp decline towards the $0.580 support. Any more losses might lead the price to $0.500.

ADA, BNB, and DOT price

Cardano (ADA) is stable above the $0.850 support zone. If there is a downside break, the price could decline towards the $0.820 support.

Binance Coin (BNB) is still above the $350 support level. However, the bears are protecting gains above the $380 level. The next major resistance sits near the $400 level.

Polkadot (DOT) is down over 5% and trading below the $17.00 level. The next major support is near the $16.50 level, below which there is a risk of a move towards the $16.20 level.

A few trending coins are UNI, FIL, and WAVES. Out of these, WAVES is up 10% and trading above the $12.75 level.