Daily Technical Analysis BTC & ETH — 1 July 2022
Bitcoin price started another decline below the $20,000 support zone. The price even traded below the $19,200 support zone and spiked below the $18,800 level.
There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low.
However, the price is now facing a strong resistance near the $20,500 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USDT pair.
The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level.
The next key resistance is near the $20,950 zone. A clear move above the trend line resistance and then $20,950 could push the price further higher. In the stated case, the price could rise towards the $21,650 level. The next major resistance sits near the $22,500 level.
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.
The next major support now sits near the $19,800 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $18,500 level.
Ethereum remained in a bearish zone and extended losses below the $1,100 support zone. ETH even broke the $1,050 level to move further into a bearish zone.
Finally, ether price spiked below the $1,000 level and traded as low as $997. Recently, there was a sharp upward move above the $1,050 level. The price surged above the 23.6% Fib retracement level of the downward move from the $1,235 swing high to $997 low.
Besides, there was a break above a major bearish trend line with resistance near $1,030 on the hourly chart of ETH/USDT. However, the bears were active near the $1,100 resistance zone.
Ether is now trading below $1,120 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,100 level. The next major resistance is near the $1,120 zone. The 50% Fib retracement level of the downward move from the $1,235 swing high to $997 low is also near $1,120. A close above the $1,120 resistance zone could start a steady increase.
In the stated case, the price could rise towards the $1,200 resistance. Any more gains might send the price towards the $1,235 high.
If ethereum fails to rise above the $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,045 zone.
The next major support is near the $1,000 zone. A close below the $1,000 level might push ether price further lower. In the stated case, ether price may perhaps decline towards the $925 level.
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