What Could Cause Bitcoin and Ether to Consolidate?
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Bitcoin is maintaining the $35,550 support zone, ether is approaching $2,640, and LUNA is aiming for a comeback wave above $50.00.
Bitcoin
Bitcoin’s price has saw a negative response from the $38,700 level. A break below $38,000 and the 21 simple moving average occurred (H1).
The bears even drove the price below $37,000. However, the price remained above the pivot point of $36,200. On the hourly chart, it appears that a bullish continuation pattern (a bull flag) is emerging, with resistance at $38,000.
A decisive breach over the channel resistance might signal the beginning of a powerful advance. The next key barrier for the bulls is at $39,250. Otherwise, there is a chance of a further slide towards the critical $35,550 support zone.
Ether (ETH)
Ether has struggled to break over the $2,640 barrier zone on several occasions. A modest negative drop occurred recently below the $2,550 mark.
The price fell below $2,500, but the fall was restricted. On the hourly chart, a strong bullish trend line is formed with support at $2,510. If ETH fails to hold above the trend line support, it may fall to the $2,350 support level.
On the upside, the price is presently encountering resistance at $2,640 and $2,650. To drive the price towards the $2,800 resistance, the bulls must break through the $2,650 mark.
Terra (LUNA)
After failing to break over the $100 barrier, LUNA began a precipitous drop. There was a significant drop below the $80.00 and $60.00 levels.
On the daily chart, there was also a move below a significant contracting triangle with support at $72. The price fell below $60 and below the 21-day simple moving average. The fall has even accelerated for a move below the $50.00 mark.
However, substantial offers are presently being found between the $45.00 and $42.00 levels. It is settling over the $42.00 mark. Near the $50 mark, there is instant resistance.
The next significant barrier is located at the $55.00 level. A closing above $55.00 might push the price up to the $60.00 area. If not, there is a chance of a greater…
