Bitcoin Price and Ether Price Face Hurdle

After a downside break, bitcoin price extended decline below the $49,200 support. The price settled below the $49,500 level and the 21 simple moving average (H1). The bears even pushed the price below the $48,200 and $48,000 support levels.

Bitcoin Price and Ether Price Face Hurdle

However, the bulls protected the bitcoin price $47,500 support zone. As a result, there was a fresh increase above $49,000. There was a clear move above a key bearish trend line with resistance near $49,300 on the hourly chart. It is now trading above $49,000 and the 21 simple moving average (H1).

On the upside, the bitcoin price is facing resistance near $50,000, above which it could continue to rise. Ether started a major decline after there was a clear break below the $4,250 support and the 21 simple moving average (H1). The price even broke the $4,120 level and tested the $4,025 support zone.

The price is now recovering and trading above $4,100. There was a push above the $4,150 level and the 21 simple moving average (H1). On the upside, the price could face resistance near the $4,200 level. The main resistance is near the $4,250 level, above which the bulls could gain strength in the coming sessions.

Bitcoin Price and Ether Price Face Hurdle

BNB started a downside correction from the $680 resistance zone. The price traded below the $600 support zone, but the bulls were active near the $500 level. A base was formed, and the price is now rising above $550. There was a clear break above the 50% Fib retracement level of the downward move from the $650 swing high to $500 swing low.

It is now facing resistance near the $590 zone and the 21 simple moving average (daily). There is also a crucial contracting triangle forming with resistance near $625 on the daily chart. It coincides with the 76.4% Fib retracement level of the downward move from the $650 swing high to $500 swing low.

A close above the $600 and $625 levels may perhaps send the price towards the $700 resistance zone. If not, there is a risk of a downside break below the $550 and $500 support levels. The next major support is near $420.

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Bitcoin Price and Ether Price Face Hurdle via @marketinvestor
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