Daily Technical Analysis BTC & ETH — 12th Jan 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 started a steady recovery wave above $42,000 against the US Dollar. BTC tested $43,000 and the bulls might aim more upsides above $43,500.
Bitcoin is showing positive signs above the $42,000 support zone. The price is trading above $42,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair. The pair might continue to recover and test the $44,000 resistance zone in the near term.
On the upside, an initial resistance is near the $43,000 level. The next major resistance is near the $43,200 level. Any more gains could pump the price towards the $44,000 level. The next major resistance is near the $45,000 level.
If bitcoin fails to recover above $43,000, it could start a fresh decline. An immediate support on the downside is near the $42,500 zone. The first major support is near $42,200 and the bullish trend line.
Ethereum fell to $2,930 before correcting higher against the US Dollar. ETH price is rising and a close above $3,200 could spark a strong recovery.
Ethereum extended decline and broke the $3,000 support zone. The price is trading below $3,200 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD. The pair could start a major recovery wave if there is a close above $3,200.
A clear upside break above the $3,200 level could spark a decent recovery wave. The next key resistance is near the $3,300 level. Any more gains could send the price towards the $3,420 level in the near term.
If Ethereum fails to start a fresh increase above the $3,200 level, it could start another decline. An initial support on the downside is near the $3,060 level.
The first key support is now forming near the $3,000 level. A downside break below the $3,000 level might put a lot of pressure on the bulls. In the stated case, there is a risk of a new monthly low below the $2,931 level.
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