Bitcoin and Ether Could Nosedive, AVAX Takes Center Stage


Bitcoin

Recently, bitcoin price started an upside correction above the $47,000 level. BTC climbed above the $48,000 resistance level and the 21 simple moving average (H1).

However, the price faced a strong resistance near the $48,400 and $48,650 levels. The price is slowly moving lower and trading below $48,000. There is also a rising channel forming with support near $46,800 on the hourly chart.

A downside break below the channel support could push the price further lower below $46,000. The next major support sits at $45,000, below which there is a risk of a larger decline.

Ether (ETH)

Ether also started an upside correction above the $3,750 resistance zone. The price even broke the $3,800 level and the 21 simple moving average (H1). However, the price failed to gain strength for a move towards the $4,000 level.

It failed surpass the $3,900 level and started a fresh decline. The price is trading below $3,800. There is also a rising channel forming with support near $3,780 on the hourly chart.

A downside break below the channel support could push the price further lower below $3,700. The next major support sits at $3,620, below which there is a risk of a move towards $3,500.

Avalanche (AVAX)

AVAX consolidated above the $75.00 support zone for a few days. As a result, there was a fresh increase above the $80.00 resistance level. The price gained over 10% in the past few sessions and climbed above $85.00.

There was a move above a crucial bearish trend line with resistance near $87.10 on the 4-hours chart. Besides, there was a close above the $85.00 level and the 21 simple moving average (H4).

The upward move was such that the price even surged above the 23.6% Fib retracement level of the last major decline from the $128.00 swing high to $75.80 swing low.

On the upside, the price is now facing resistance near the $92.00 level. The next major resistance is near the $100.00 level. It is close to the 50% Fib retracement level of the last major decline from the $128.00 swing high to $75.80 swing low.

ADA, BNB, and DOT price

Cardano (ADA) is moving lower and trading below $1.22. The main breakdown support is near $1.20. A downside break below the $1.20 support level could spark a sharp decline. The next major support is $1.05.

Binance Coin (BNB) struggled to recover above the $525 and $530 levels. It is moving lower and trading below $515. The key support is $500, below which there is a risk of a move towards the $450 level.

Polkadot (DOT) is down 4% and trading below the $25.50 support. It is trading below the $25.00 support. Any more losses may perhaps push the price towards the $23.20 level.

A few trending coins are CAKE, and XTZ. Out of these CAKE is up over 10% and it cleared the key $12.20 resistance zone.



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