- Bitcoin is showing a few bearish signs below the $23,650 and $23,550 levels.
- Ether (ETH) might accelerate lower below $1,650.
- DOGE might start a major increase if it clears the $0.075 resistance zone.
After a steady upward move, bitcoin price faced sellers near the $24,500 zone. The price failed to continue higher and started a downside correction below the $24,000 support.
The bears pushed the price below the $23,550 level and the 21 simple moving average (H1). BTC is now showing a few bearish signs near the $23,200 level. There is also a key bearish trend line forming with resistance near $23,680 on the hourly chart.
On the downside, there is a crucial support near $22,600. A close below the $22,600 zone could start a major drop. Conversely, the price could start a fresh increase if it clears the 21 simple moving average (H1) and then the trend line resistance.
ETH also followed a similar pattern after it failed to clear the $1,780 resistance zone. There was a fresh decline below the $1,725 level and the 21 simple moving average (H1).
There was a move below the $1,700 level and the bears are now attempting a move below the $1,650 support zone. The next major support is near $1,600, below which there is a risk of a move towards the $1,520 low or even $1,500.
Conversely, the price could rise again and revisit the $1,745 resistance zone. The next major resistance is near the $1,780 level.
DOGE started a recovery wave from the $0.0500 support zone. There was a move above the $0.0620 level and the 21-day simple moving average.
The bulls attempted a push above the 23.6% Fib retracement level of the downward move from the $0.1750 swing high to $0.050 low. However, the price faced a strong resistance near the $0.0760 and $0.0750 levels.
DOGE also failed near a key bearish trend line with current resistance at $0.0740. The price is now consolidating below the $0.0700 level, with a decent support at $0.0650. If there is a close below $0.065, the price could accelerate lower.
Conversely, the price could clear the $0.075 and $0.076 resistance levels to start a major increase. In the stated case, it could easily rally 20%-25%.
ADA, BNB, and DOT price
Cardano (ADA) is down over 2% and trading below the $0.515 level. The next major support is seen near the $0.508 level.
Binance Coin (BNB) is slowly moving lower towards the $280 level. The key breakdown support is near the $272 level.
Polkadot (DOT) is up over 20% in a week and it is trading above the $8.50 resistance. The next major hurdle sits near the $8.80 level.