Bitcoin and Ether Signals Recovery, Why WAVES At Crucial Juncture

Bitcoin

After a close below $40,000, Bitcoin price extended decline. It even broke the $39,200 support level and settled below the 21 simple moving average (H1).

However, the price found support near the $37,250 level. It seems like the bulls are now attempting a strong recovery wave above $38,000. An immediate resistance is near the $39,000 level. The main resistance is forming near $39,400 and a bearish trend line on the hourly chart.

A clear move above the trend line might even push the price above $40,000. If not, it could start a fresh decline towards the $37,500 level.

Ether (ETH)

Ether also gained bearish momentum below the $2,800 level. It tested the $2,600 support zone. The bears made two attempts to push the price below $2,600 but failed.

As a result, ether price started a recovery wave above $2,700 and the 21 simple moving average (H1). However, it is facing a key hurdle near the $2,750 level and a bearish trend line on the hourly chart.

A close above the trend line might start a steady increase towards $2,920. If not, it could start a fresh decline towards the $2,600 level. The next major support sits at $2,550, below which there is a risk of a move towards $2,400.

WAVES

WAVES remained stable above the $8.00 level after a strong decline. The bulls protected more downsides below $8.50 and $8.00. A support base seems to be forming above the $8.00 level.

The price recently attempted an upside break above the $10.00 resistance and the 21-day simple moving average, but failed. There is also a key bearish trend line forming with resistance near $10.80 on the daily chart.

The trend line is near the 23.6% Fib retracement level of the downward move from the $20.00 swing high to $7.85 low. A clear move above the trend line might start a major increase to $12.80.

The next major resistance is near the $14.00 level or the 50% Fib retracement level of the downward move from the $20.00 swing high to $7.85 low.

ADA, BNB, and DOT price

Cardano (ADA) extended decline below $0.925 and even spiked below $0.900. The price is now consolidating losses and might recover above $0.920. The next key resistance is near $0.935.

Binance Coin (BNB) declined and tested the $365 support level. If the bears remain in action, the price might decline towards $350. Conversely, it could recover and test the $382 resistance level.

Polkadot (DOT) settled below the $18.00 level. It is now stuck near the $17.20 level. A downside break below $17.00 may perhaps send the price towards the $16.50 level.

A few trending coins are SHIB, and LUNA. Out of these SHIB is currently gaining pace above the $0.0000265 resistance level. The next key resistance is seen near the $0.0000285 level.