Bitcoin, Ethereum, & DOT Price Analysis: Bitcoin Tumbles Into Triangle Support And Drags Market Lower - Will It Hold?

Key highlights:

• Bitcoin saw a sharp 7% price fall today as the cryptocurrency drops into a symmetrical triangle’s lower boundary.
• Ethereum saw a steeper 8.3% price drop as it falls from the ATH to reach $1276.
• DOT is down by a precipitous 11% as it drops into support at $14.85 (.382 Fib Retracement).

Bitcoin took a sharp 7% price tumble today as the cryptocurrency falls beneath the weekend support of $34,800 to hit the support at the lower boundary of a symmetrical triangle at around $34,000.

Bitcoin started to form this triangle in the second week of January after it managed to clock in an ATH price of $42,000. From there, it started to head lower but found support at $32,500 to establish the triangle pattern.

This type of consolidation is always required after a market has gone parabolic.

As a result, the other top-ranked coins are also taking a hit, with ETH down 8.3% and DOT down by 11%.

Let us look at the top 3 coins and provide some strong support and resistance areas moving forward.

Bitcoin Price Analysis

What has been going on?

Bitcoin saw a steep 7% price drop today as the cryptocurrency rolled over from resistance around $38,000 and plummeted into the support at $34,000. There, it met the support provided by the lower boundary of a symmetrical triangle pattern that Bitcoin has been trading within since setting the new ATH price at $42,000 a few weeks ago.

This type of consolidation is required when we consider the fact that Bitcoin has been parabolic since mid-December - setting new ATH prices every week since. It seems like the bullish momentum started to fade at $42,000, allowing for the consolidation to begin and the triangle to form.

The good news is that Bitcoin is sitting at strong support right now with the lower boundary of the triangle combined with .382 Fib support here. The bad news is that, if it breaks beneath the triangle, Bitcoin could be heading much lower to $30,000.

BTC price short term prediction: Bullish

Even though Bitcoin is consolidating, we can still consider it bullish right now. The coin would need to fall beneath $30,000 to turn neutral and break further beneath $24,000 to be in danger of turning bearish.

If the sellers push beneath the support at the lower boundary of the triangle, the first level of support lies at $33,000. This is followed by added support at $31,965 (.5 Fib Retracement), $31,000, and $30,000.

Beneath $30,000, added support is found at $29,635 (.618 Fib), $28,000, $27,163, and $26,320 (.786 Fib).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $36,000. This is followed by resistance at $37,175, $38,000, and the triangle’s upper boundary. Above the triangle, resistance lies at $39,426, $40,000, and $42,000.

Ethereum Price Analysis

What has been going on?

ETH saw a strong 8.3% today after hitting the ATH price at $1424 yesterday. It managed to

It has found support near $1226 (.236 Fib Retracement), combined with support at a rising trend line.

ETH price short term prediction: Bullish

ETH is also considered bullish right now, especially after hitting the ATH price yesterday. The coin would need to fall beneath $990 to turn neutral and break further beneath $800 to be in danger of turning bearish in the short term.

If the sellers do push lower, the first level of support lies at $1226 (.236 Fib). This is followed by support at $1200, $1100 (.382 Fib), $1000, and $990 (.5 Fib). Beneath $990, additional support lies at $887 (.618 Fib), $800, and $737 (.786 Fib & 100-day EMA).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $1300. This is followed by resistance at $1336, $1400, $1425 (previous ATH), and $1439 (new ATH). Above this, additional resistance lies at $1500, $1520 (1.272 Fib Extension), $1558 (short term 1.272 Fib Extension), and $1630 (short term 1.414 Fib Extension).

Polkadot Price Analysis

What has been going on?

DOT saw a precipitous 11% price drop today as it falls into the support at $14.85, provided by a .382 Fibonacci Retracement level. The cryptocurrency had pushed higher last week and set an ATH price at $20. Unfortunately, it could not close a daily candle above resistance at $18 and started to head lower from there to reach the $14.85 support today.

DOT price short term prediction: Bullish

DOT is also considered strongly bullish right now after surging by a strong 190% over the past month alone. The cryptocurrency would have to drop beneath $11.63 (.618 Fib) to turn neutral and would have to continue further beneath $6 to be in danger of turning bearish.

If the sellers push beneath the current $14.85 support, added support lies at $14, $13.25 (.5 Fib), $11.63 (.618 Fib), $11, and $10.

Where is the resistance toward the upside?

On the other side, if the bulls can defend the $14.85 support, the first level of resistance lies at $16. This is followed by resistance at $17, $17.81, $18.68, $19.27, and then at the ATH price of $20.

Beyond the ATH, additional resistance lies at $20.45 (1.618 Fib Extension - pink) $21, $21.36 (1.618 Fib Extension - blue), and $22.