Daily Technical Analysis BTC & ETH — 12th April 2022
Bitcoin price struggled to recover above the $43,500 level. BTC started another decline and traded below the $42,000 support level.
The bears took control and pushed the price below the $41,000 level. There was also a clear move below the $40,000 support zone and a close below the 100 hourly simple moving average. The price traded is as low as $39,240 and is currently consolidating losses.
An immediate resistance on the upside is near the $39,700 level. There is also a steep bearish trend line forming with resistance near $39,700 on the hourly chart of the BTC/USDT pair.
The first major resistance is forming near the $40,000 level. The next resistance could be near $40,200. It is close to the 23.6% Fib retracement level of the recent decline from the $43,415 swing high from the $39,240 low. A clear move above the $40,000 and $40,200 levels might start a short-term recovery wave.
In the stated case, the price may perhaps rise towards the $41,350 resistance zone. It is near the 50% Fib retracement level of the recent decline from the $43,415 swing high from the $39,240 low.
If Bitcoin fails to clear the $40,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,250 level.
The next major support is seen near the $38,880 level. A downside break below the $38,880 support zone could increase selling pressure. In the stated case, the price could accelerate lower towards the $37,500 level in the coming sessions.
Ethereum remained in a bearish zone below the $3,120 level. ETH broke the key $3,000 support zone to move further into a bearish zone. The bears even pushed the price below $2,980. A low is formed near $2,951 and the price is now consolidating losses. Besides, ether price now trading below $3,050 and the 100 hourly simple moving average. On the upside, an initial resistance is seen near the $2,990 level.
There is also a connecting bearish trend line forming with resistance near $2,990 on the hourly chart of ETH/USDT. The next major resistance is near the $3,035 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,308 swing high to $2,951 low.
A close above the $3,035 level might start a decent recovery wave. The next major resistance could be near the $3,130 level. The 50% Fib retracement level of the recent decline from the $3,308 swing high to $2,951 low is also near $3,130.
A clear move above the $3,130 resistance could increase the chances of a trend change. In the stated case, the price could climb above the $3,150 zone.
If Ethereum fails to start a recovery wave above the $3,035 level, it could continue to move down. An initial support on the downside is near the $2,965 zone.
The next major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could resume its decline. In the stated case, the price could drop towards the $2,820 level or even $2,800 in the near term.
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