After such a vicious drop, many crypto traders and investors are undoubtedly thinking to buy the dip as some of the major crypto currencies are testing key support levels. Bitcoin, for example, has bounced at $40K after a 40% drop, while Ether is holding its own above key support at $3K.
Bitcoin has turned positive on the week after holding its own above THIS long-term bullish trend line:
If the buyers hold their ground here, I think a run toward $45.5K is on the cards, possibly more in the days ahead.
Today I also wanted to share the daily charts of Binance coin and ADA/USD.
BNB has bounced off its bullish trend line and climbed above Monday’s bearish candle. If it can manage to close the session around current levels, then we could see a run towards $500 next, possibly higher in the days to come.
ADA has bounced off horizontal support at around 1.08ish. It is not out of the woods yet. We need a closing break above the bearish trend line to tip the balance back in the bulls’ favour. But a close above Monday’s high would be a bullish development.