BTC and ETH Tumble, LINK Reaches Key Support

By FX Empire | FX Empire | 22 Jan 2022


Bitcoin price gained bearish momentum below $40,000, ether price dived to $2,750, LINK is now approaching a major support zone at $17.00. bitcoin crypto market

Bitcoin

After a strong rejection near $44,000, bitcoin price started a fresh decline. There was a clear move below the $42,000 and $40,000 support levels. There was also a close below the $40,000 level and the 21 simple moving average (H1).

 

The price cleared the $39,000 support zone to enter a bearish zone. It tested the $38,000 support zone and is currently struggling to recover. Any more losses could send the price towards the $37,000 level.

 

 

On the upside, the price is facing resistance near $39,000. The main resistance is now near $40,000, above which bitcoin may perhaps rise towards $42,000.

 

Ether (ETH)

Ether struggled to clear the $3,250 and $3,260 resistance levels. There was a sharp bearish reaction below the $3,000 level and the 21 simple moving average (H1).

There was a break below a key bullish trend line at $3,120 on the hourly chart. The price settled below $3,000 and even spiked below $2,800. It is now struggling to recover above the $2,850 level. The next key barrier is $2,900, above which the price could revisit the $3,000 resistance.

 

 

If not, there could be more losses below the $2,750 level. The next key support is near $2,620.

Chainlink (LINK)

LINK struggled to clear the $28.00 resistance and started a major decline. There was a crucial downside break below the $25.00 and $22.00 support levels.

The bears were able to push the price below the 50% Fib retracement level of the upward move from the $16.65 swing low to $28.00 high. The price settled below the $20.00 level and the 21-day simple moving average.

Recently, LINK traded below a key bullish trend line with support near $20.20 on the daily chart. It is now trading below the 76.4% Fib retracement level of the upward move from the $16.65 swing low to $28.00 high.

 

 

On the downside, there is a major support near $17.00 and $16.65. If there is a downside break below $16.65, the price may even test $15.00.

If LINK stays above $17.00, there could be a fresh increase above the $20.00 and $20.50 resistance levels. The next key resistance is near $22.00.

ADA, BNB, and DOT price

Cardano (ADA) is down over 10% and there was a break below the $1.20 support. The next major resistance is near the $1.15 level, below which the bears might aim at $1.08.

Binance Coin (BNB) is moving lower and is approaching the $405 and $400 support levels. If the bulls fail to protect $400, there is a risk of a drop towards the $365 level in the near term.

Polkadot (DOT) is down 10% and there was a break below the $22.50 support. The next major support is near the $20.00 level, where the bulls are likely to take a strong stand.

A few trending coins are LEODYDX, and PERP. Out of these DYDX is up over 10% and it cleared the $8.10 resistance zone.

 

How do you rate this article?


31

0

FX Empire
FX Empire

Market News & Forecasts, Charts, Broker Reviews


FX Empire
FX Empire

Market Forecasts and Analyses

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.