Daily Technical Analysis BTC & ETH — 12th Mar 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 analysis is bullish today. BTC/USD failed to move lower overnight. Brief spike higher seen earlier.
Bitcoin price analysis is bullish today as we have seen the support area around $38,500 still preventing further downside over the last 24 hours. Therefore, we assume another higher low is set, and BTC/USD is ready to continue higher over the weekend.
On the 4-hour chart, we can see the Bitcoin price rejecting upside over the past hours, likely leading to more consolidation.
Bitcoin price action has seen a strong rally during the first days of the week. The new high was set around $42,500 during the middle of the 9th of March, with swift retracement following the next 24 hours.
Support was found around $38,500, meaning a higher low is set. After further tests of the downside, BTC/USD continued to consolidate around $39,000, further indicating that reversal is forming.
Therefore, the Bitcoin price action should see a reversal soon. Once the current high of $40,400 gets broken, BTC/USD should see a quick spike higher later in the weekend.
Bitcoin price analysis is bullish today as we have seen clear support at $38,500 over the last 24 hours to prevent further downside. However, BTC/USD is yet to make a significant rally higher, meaning more consolidation should follow over the next 24 hours.
Ethereum is challenging the strong support zone between $2,580 and $2,600 since yesterday. Ethereum remained in a bearish zone below the $2,650 support. There is a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD. The pair could extend decline if it fails to stay above $2,500 and $2,445.
The next major resistance is near the $2,600 level. A close above the $2,650 resistance could start a steady increase. In the stated case, the price might rise towards the $2,750 level, where the bears could take a stand in the near term.
If Ethereum fails to start a fresh increase above the $2,600 level, it could continue to move down. Initial support on the downside is near the $2,500 level. If there is big downward during the weekend, price might be moving towards to $2,320 level or even $2,250.
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