Bitcoin(BTC) Price Analysis
Bitcoin price had a very bearish start for the day’s trade as the asset plunged heavily since the early trading hours, slashing the price by more than 7%. No doubt the price was successful in halting the plunge to some extent as the buyers were jumping in every now and then. Nullifying all the attempts the BTC price could plunge heavily yet may sustain the $40K support levels strongly.
With the recent slash and the further continued consolidation, the BTC price has formed a notable bearish flag.The BTC price is expected to hover within the flag for another couple of hours and eventually end up plunging towards the lower support. However, the asset may not reach the lower strong resistance-flipped-to support levels around $41,200. A decent flip may be expected at $42,500 much above the support levels that may assist the price to test the upper resistance.
Ethereum(ETH) Price Analysis
Ethereum price is slowly rising within an ascending channel swinging within very narrow ranges, eliminating extreme diversions. The asset yet again faced a notable drain in the early trading hours, however, it did not impact the price much. The ETH price comfortably trades over $3000 and the tendency of the asset to maintain a notable uptrend.
Bollinger bands are usually used to determine the entry and the exit points from the trade. The ETH price smashed the upper bands which triggered the sell signal as the asset was hovering in the overbought levels. However, amid the slight downtrend the asset did not hit the lower bands and hence no clear buy signal is let out. And hence the price is consolidating within a very narrow range. The accumulation may continue throughout the day and with the daily close at the footstep, the asset may gear up to record a bullish close.
Cardano(ADA) Price Analysis
Cardano price on the other hand is displaying a possibility of plunging down but may not hit the lower support at $1.01. The ADA price if dropped down may hit the levels around $1.1 as the asset has flipped from these levels a couple of times. And hence the asset appears to be primed to rebound visiting these levels but may not surge high beyond $1.2.
The cardano price as mentioned in the chart is swinging within a small descending triangle which is usually bearish. No doubt the asset has bounced from the lower support, yet the intensity remains pretty low and hence the possibility of revisiting the support is pretty high.On the other hand,if in case the ADA price hits these levels again, then the probability of a breakdown is more as the asset may be rejected at its apex which is a pretty bearish signal.