Daily Technical Analysis BTC & ETH — 12 August 2022
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.
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