Daily Technical Analysis BTC & ETH — 13th April 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 attempted an upside correction above the $40,000 level. BTC climbed above the $40,400 level, but the bears remained active.
It seems like the price struggled to stay above the 23.6% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low. A high was formed near $40,800 and the price started another decline. There was a break below the $40,000 level, but the bulls again defended the $39,250 zone.
It is now consolidating near the $40,000 level, but it is well below the 100 hourly simple moving average. An immediate resistance on the upside is near the $40,250 level. There is also a connecting bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USDT pair.
A clear move above the trend line could send the price towards $40,800. The next resistance could be near $41,250. It is close to the 50% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low.
If the bulls able to clear the $41,250 and $41,350 resistance levels, the price could accelerate higher. The price may rise towards the $41,800 resistance zone or the 100 hourly simple moving average in the stated case.
If Bitcoin fails to clear the $40,250 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,600 level.
The next major support is seen near the $39,250 level. A downside break below the $39,250 support zone could accelerate losses. In the stated case, the price could decline towards the $38,500 level or even $38,000.
ETH/USDT dropped below $3,000 for the first time since March 23, as it went on to hit an intraday low of $2,957.87 in the process.
However, following the release of U.S. inflation data, which showed that consumer prices rose to a record 8.5% annualized rate, ETH has somewhat rebounded.
As of writing, ETH is now trading above its floor of $2,950, as it currently sits at $3,050, which is roughly 0.9% lower than yesterday’s high.
Looking at the chart, the RSI is currently hovering below its resistance of 50, and now sits at 45, so if price strength continues to increase, this could be the target point.
Despite this, recent momentum has now brought moving averages on the cusp of a cross, but bulls still have the opportunity to avert this, by re-entering the market.
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