Daily Technical Analysis BTC & ETH — 10th May 2022
In order to support you and the crypto community with trading decisions, WenX is serving you with Daily Technical Analysis updates on BTC & ETH.
Bitcoin price remained in a major downtrend and extended downsides below the $35,000 level. BTC traded below the key $33,500 and $32,000 support levels to move further into a bearish zone.
There was a close below $32,000 and the 100 hourly simple moving average. The price even traded below the $30,800 level and spiked below $30,000. A new multi-week low is forming near $29,755 and the price is now consolidating losses.
On the upside, bitcoin price is facing resistance near the $31,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $36,060 swing high to $29,755 low.
The next key resistance could be near the $32,000 level. There are two important bearish trend lines forming with resistance near $32,000 on the hourly chart of the BTC/USDT pair. The key breakout zone could be near the $33,000 zone.
The 50% Fib retracement level of the recent decline from the $36,060 swing high to $29,755 low is also near the $33,000 zone. To start a decent recovery wave, the price must settle above the $33,000 level. In the stated case, the price might rise towards the $35,000 level.
If bitcoin fails to clear the $32,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $30,200 level.
The next major support is seen near the $30,000 level. A downside break and close below the $30,000 support might spark more downsides. The next major support could be $29,500. Any more losses might send the price towards the $28,800 support zone.
Ethereum remained in a bearish zone below the $2,500 pivot level. ETH traded below the $2,400 and $2,350 levels to move further into a bearish zone.
The price declined below the $2,300 level and settled below the 100 hourly simple moving average. Finally, ether tested the $2,200 support zone. A low is formed near $2,200 and the price is correcting losses. There was a move above the 23.6% Fib retracement level of the recent drop from the $2,569 swing high to the $2,200 low.
On the upside, an initial resistance is seen near the $2,350 level. The first major resistance is near the $2,380 level. There is also a major bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USDT.
The main resistance is now forming near the $2,400 level. It is near the 50% Fib retracement level of the recent drop from the $2,569 swing high to the $2,200 low. A close above the $2,400 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,550 resistance or the 100 hourly simple moving average.
If ethereum fails to recover above the $2,400 resistance, it could continue to move down. An initial support on the downside is near the $2,250 zone.
The next major support is near the $2,220 level. The main breakdown support now sits near the $2,200 level. If there is a downside break below $2,200 and the recent low, ether price might accelerate lower. In this case, it could even decline towards the $2,080 level.
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