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With the whole crypto market on tenterhooks, and the U.S. non-farm payroll data expected later on Friday, sentiment is still decidedly bearish. That said, isn’t it at times like these that bottoms occur? Ethereum ($ETH), Binance Coin ($BNB), and Solana ($SOL), are the major cryptocurrencies ready to take advantage of a reverse back to the upside.

Time to go against market sentiment?

Bitcoin ($BTC) is right now struggling to stay above its last-ditch support at around $56,000. If the king of the cryptocurrencies falls through here, it is liable to continue falling until it reaches the next horizontal support at $51,000.

Things are looking bad, and many investors and traders, to say nothing of some of the institutions, are looking to sell and come back when things are looking up again.

However, it’s precisely at times like this that the successful investors look to do the opposite of the market. It could be said that arguably the best time to buy is when it just feels ridiculous to go against the rest of the herd.

Of course, the asset you are buying has to remain fundamentally sound, and if you are a long term investor, if it should fall further, this should also be looked on as another opportunity to add to the position.

$ETH finds strong horizontal support

Source: TradingView

Ethereum is the big dog crypto outside of Bitcoin. $ETH has fallen as much as 48% in this ongoing downtrend. However, the price recently wicked down to very strong horizontal support at $2,300. If there is a bounce to come from Bitcoin, then the number two cryptocurrency by market capitalization could also be expected to bounce from here. 

If things did become really problematic, from an economic perspective, the $ETH price could even fall down to the major support at $1,900. This is however the bull market support level for $ETH, and this would certainly need to hold.

$BNB primed for a bounce

Source: Go to Source to See Full Article
Author: Laurie Dunn

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