Daily Technical Analysis BTC & ETH — 13 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 gained pace for a clear move above the $21,500 and $22,000 resistance levels. The price even settled above the $22,000 resistance zone and the 100 hourly simple moving average.
Recently, it made an attempt to clear the $22,500 resistance zone. A high was formed near $22,473 before the price started a downside correction. There was a move below the $22,200 level. The price traded below the 23.6% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high.
Bitcoin price is now trading above $22,000 and the 100 hourly simple moving average. There is also a major bullish trend lien forming with support near $21,800 on the hourly chart of the BTC/USDT pair.
On the upside, an immediate resistance is near the $22,450 level. The next major resistance sits near the $22,500 level. A close above the $22,500 resistance might start a fresh surge. In the stated case, the price may perhaps rise towards $23,200. Any more gains might send the price towards the $24,000 resistance zone.
If bitcoin fails to clear the $22,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,000 zone.
The next major support is near the trend line and $21,800. It is near 50% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high. The first major support is now forming near the $21,500 level. A downside break below the $21,500 level might send the price towards the $21,000 support.
Ethereum gained pace above the $1,700 and $1,720 levels. ETH even cleared the $1,750 level, but there was no test of the $1,800 resistance zone. A high was formed near $1,788 before the price started a downside correction.
There was a move below the $1,750 level and the 100 hourly simple moving average. The price dipped below the 23.6% Fib retracement level of the upward move from the $1,490 swing low to $1,788 high. Ether price even dipped below the $1,700 level.
However, the bulls were active near the $1,680 level. The price is now rising and trading above $1,700. It is trading near $1,720 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,730 level. There is also a key bullish flag pattern forming with resistance near $1,730 on the hourly chart of ETH/USDT. The next major resistance is near the $1,750 level. A clear break above $1,750 might send the price towards the $1,780 level.
Any more gains may perhaps open the doors for a move towards the $1,850 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.
If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,680 zone.
The next major support is near $1,650. It is near the 50% Fib retracement level of the upward move from the $1,490 swing low to $1,788 high. A downside break below the $1,650 support might spark more losses. In the stated case, ether price might drop towards the $1,600 level.
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