Key Insights
- Bitcoin started a steady upward move above $40,000.
- Ether (ETH) climbed above the $2,650 and $2,670 resistance levels.
- WAVES surged over 15% and might rise further towards $38.00.
Bitcoin
After a long battle, bitcoin price started a steady increase above the $40,000 resistance. BTC cleared the $40,200 resistance zone and the 21 simple moving average (H1).
Later, there was a sharp bearish reaction from well above $41,000, but the bulls were active near $39,000. The price is now gaining pace and trading above $40,500. There is also a key bullish trend line forming with support near $39,850 on the hourly chart.
It is slowly moving higher towards the $41,000 resistance. The next key resistance is near $41,550, above which the price might even clear $42,000.
Ethereum (ETH)
ETH also gained bullish momentum and cleared the $2,600 resistance level. It even surpassed the $2,670 resistance level and the 21 simple moving average (H1).
It is now consolidating near the $2,700 resistance zone. A clear move above the $2,700 resistance zone could open the doors for a strong increase. In the stated case, the price may perhaps rise towards the $2,800 level or $2,820.
If there is a downside correction, the price might test the $2,670 support and a connecting bullish trend line on the hourly chart. The main support is now near $2,600, below which the bears might gain strength.
WAVES
WAVES started a strong rally after it broke the $10.00 resistance zone (as discussed in the last analysis). We also discussed how the price might climb further to $30.00.
The price is currently rising steadily and almost tested $30.00. There was a clear move above the 61.8% Fib retracement level of the key decline from the $35.50 swing high to $7.85 low. The price is trading well above the $25.00 level and the 21-day simple moving average.
WAVES is now consolidating near the 76.4% Fib retracement level of the key decline from the $35.50 swing high to $7.85 low. An upside continuation could easily send the price towards the $35.00 level or $38.00 in the near term.
If there is a downside correction, the bulls might remain active near the $25.50 and $25.00 levels. Any more losses might call for a test of $22.00.
ADA, BNB, and DOT price
Cardano (ADA) is attempting an increase above $0.820. If the bulls succeed, the price could even clear $0.835. The next stop for the bulls might be $0.850.
BNB is rising and trading above the $380 level. The main barrier is now near the $386 level. A clear upside break above $386 could set the pace for a test of $400.
Polkadot (DOT) is up 5% and trading above the $18.00 resistance. An immediate resistance is near the $18.35 level. Any more gains could send the price towards the $18.80 level.
A few trending coins are SAND, FTM, and GRT. Out of these, SAND is gaining pace above the $3.00 resistance level.
