Daily Technical Analysis BTC & ETH — 12 August 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 gained pace after there was a clear move above the $24,000 resistance zone. BTC broke the $24,200 level to move further into a positive zone.
The price even climbed above the $24,500 level and traded close to the $25,000 level. A high was formed near $24,900 and the price started a downside correction. There was a move below the $24,500 support level.
Besides, there was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USDT pair. Bitcoin price even traded below the 23.6% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high.
However, the price is now trading above the $23,600 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $24,200 level.
The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,000 resistance.
If bitcoin fails to clear the $24,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,800 level and the 100 hourly SMA.
It is near the 50% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high. The next major support now sits near the $23,500 level. If the bears push the price below the $23,500 support level, there might be a move towards the $23,000 level. Any more losses might send the price towards $22,500 level.
Ethereum remained well bid above the $1,750 level. ETH gained pace after there was a clear move above the $1,800 resistance zone. It even climbed above the $1,880 level.
There was a spike above the $1,920 resistance and the price traded as high as $1,943. Recently, there was a downside correction below the $1,900 level. Ether price tested the 23.6% Fib retracement level of the recent increase from the $1,655 low to $1,943 high.
However, the price remained well bid above the $1,880 level. There is also a key bullish trend line forming with support near $1,880 on the hourly chart of ETH/USDT.
Ether price is now trading above $1,820 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,920 level. The first major resistance is near the $1,940 level. A clear move above the $1,940 level could start a steady increase to $2,000. If there are more upsides, the price may perhaps rise towards the $2,120 resistance zone in the near term.
If ethereum fails to rise above the $1,940 resistance, it could start a downside correction. An initial support on the downside is near the $1,880 zone and the trend line. The next major support is near $1,855.
The main support is near the $1,800 level or the 50% Fib retracement level of the recent increase from the $1,655 low to $1,943 high, below which there is a risk of more losses. In the stated case, ether price may perhaps decline towards the $1,765 support. Any more losses might call for a test of the $1,720 level.
Thanks for reading!
Feel free to share your thoughts, feedback, and suggestions in the comments below. If you like this article share it on social media and with your friends! Follow us and stay tuned for daily updates!
Risk Disclaimer: Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.
Follow us:
Instagram: https://www.instagram.com/wenxpro_official/
Twitter：https://twitter.com/OfficialWenx
Facebook：https://www.facebook.com/WenXPro
Telegram：https://t.me/WenXpro
