Bitcoin and Ethereum Might Encounter Hurdles; LUNA Highlights Bullish Signals

Gamma Capitals

BTC price might encounter resistance at $38K as Ether settles beneath $2,750. Meanwhile, LUNA eyes an upward break past $55.

Bitcoin (BTC)

Bitcoin recorded bearish actions beneath the support at $38,000. Nevertheless, the crypto saw a break under $37K and the 21 SMA. Bears tightened their positions, dragging BTC beneath $36,800. Nevertheless, Bitcoin steadied beyond the pivot zone t $36,500. For now, the price corrects losses, changing hands beyond $37K. . Meanwhile, the initial resistance develops around $38K and $38.1K.

Also, the hourly chart shows a vital bearish trend-line with the resistance of $38.1K. A decisive break past the trend-line might kick-start a massive recovery. The next obstacle for bulls stands at $39K. Failure to do that will trigger further declines towards the support zone at $36.5K.

Ethereum (ETH)

Ether had its price struggling beneath the pivot of $2,650. The alt further dropped beneath $2,550 before testing the support of $2.5K. For now, bulls attempt a recovery move past $2,550. Furthermore, the price faces resistance around $2,640, then $2,650. Meanwhile, the primary resistance stands at $2.7K, beyond which ETH might witness uptrends.

Ethereum’s failure to overcome the trend-line resistance might trigger drops towards the support of $2.5K. The following support stands around the $2,440 mark.

Terra (LUNA)

Terra secured support around $45, following a massive fall. However, bulls emerged and prevented further drops to $40. A base appears to form beyond $46.5 and $48 zones. Moreover, there’s a vital bullish trend-line developing with the support of $47.2 on its daily chart. Nevertheless, the closest resistance stands near $54 and the 21-day SMA. The following massive resistance locates at $55.

The initial massive obstacle stands at the $60 zone. The level sits near $38.2% Fibonacci retracement of the fall to $44.2 from the swing peak of $90. A decisive move past $60 might propel the price to $70. Failure to catalyze new surges would trigger declines beneath the trend-line foothold to $45 in the short term.

BNB and ADA Prices

Cardano lost more than 15% of its value to test the $0.815 mark. For now, the alt corrects its losses, but bears can guard the resistances of $0.920 and $0.925. Binance Coin saw a sharp decline to test $350, where the token secured support. BNB surges at the moment, trading beyond $365. The following resistance stands at $375.