Daily Technical Analysis BTC & ETH — 12 September 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 well bid above the $20,000 level and started a fresh increase. There was a clear move above the $21,000 and $21,200 resistance levels.
The price even surpassed the $21,500 resistance and spiked above the $22,000 resistance. A high was formed near $22,347 and the price recently started a downside correction. There was a move below the $22,000 and $21,850 levels.
Bitcoin price traded below the 23.6% Fib retracement level of the recent increase from the $21,180 swing low to $22,347 high. It is now trading above $21,500 and the 100 hourly simple moving average. Besides, there is a key bullish trend lien forming with support near $21,600 on the hourly chart of the BTC/USDT pair.
On the upside, an immediate resistance is near the $22,000 level. The next major resistance sits near the $22,350 level. A clear move above the $22,350 resistance might start another steady increase. In the stated case, the price may perhaps rise towards $22,800. Any more gains might send the price towards the $23,200 resistance zone.
If bitcoin fails to gain pace above the $22,000 zone, it could start a downside correction. An immediate support on the downside is near the $21,700 zone.
The 50% Fib retracement level of the recent increase from the $21,180 swing low to $22,347 high is also near $21,700. The first major support is now forming near the $21,600 level. A downside break below the $21,600 level might send the price towards the $21,200 support.
Ethereum remained well bid above the $1,650 level and started a fresh increase. ETH was able to clear the key $1,700 resistance zone and the 100 hourly simple moving average.
There was a clear move above the $1,750 resistance zone. A new multi-week high was formed near $1,788 and the pair is now correcting gains. There was a minor decline below the $1,750 level. Ether price declined below the 23.6% Fib retracement level of the recent increase from the $1,620 swing low to $1,788 high.
The price is now trading above $1,700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,725 on the hourly chart of ETH/USDT.
On the upside, the price is facing resistance near the $1,750 level. The next major resistance is near the $1,780 level. A clear break above $1,780 might send the price towards the $1,820 level. Any more gains may perhaps open the doors for a move towards the $1,880 resistance in the near term. If the bulls remain in action, the price could pump towards the $2,000 level.
If ethereum fails to rise above the $1,780 resistance, it could start a downside correction. An initial support on the downside is near the $1,720 zone.
The next major support is near $1,700. It is near the 50% Fib retracement level of the recent increase from the $1,620 swing low to $1,788 high. A downside break below the $1,700 support might spark more losses. In the stated case, ether price might drop towards the $1,650 level.
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