Daily Technical Analysis BTC & ETH — 13th May 2022
Bitcoin price remained in a bearish zone below the $30,000 support zone. BTC extended its decline and traded below the $28,000 level.
There was a spike below the $26,000 level and the price traded to a new multi-month low at $25,332. A base was formed above $25,000 and the price started a fresh upward move. There was a clear move above the $26,500 and $27,500 resistance levels.
The price climbed above the 50% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low. However, it is still trading below $30,000 and the 100 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USDT pair. The next major resistance is near the $30,500 zone and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low.
A clear move above the $30,000 and $30,500 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $31,500 level, above which the price might rise above $32,000.
If bitcoin fails to clear the $30,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level.
The next major support is seen near the $27,650 level. A downside break and close below the $27,650 support might accelerate losses. The next major support could be $26,200, below which the bears might aim a move towards the $25,500 support zone.
Ethereum extended losses below the key $2,000 support zone. ETH even broke the $1,800 level before the bulls took a stand near the $1,700 level.
A low was formed near $1,700 and the price started a fresh increase. There was a clear move above the $1,800 and $1,900 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USDT.
Ether price is now trading just above the 50% Fib retracement level of the key decline from the $2,450 swing high to the $1,700 low. However, it is still trading below $2,150 and the 100 hourly simple moving average.
The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,200 level. It is close to the 61.8% Fib retracement level of the key decline from the $2,450 swing high to the $1,700 low. A close above the $2,200 level could open the doors for a decent increase.
In the stated case, ether price might rise towards the $2,400 resistance. An intermediate resistance may perhaps be near the $2,350 level.
If ethereum fails to recover above the $2,200 resistance, it could start a fresh decline. An initial support on the downside is near the $2,000 zone.
The next major support is near the $1,870 level. A close below the $1,870 level might restart the downtrend. The price could dive towards the $1,700 level in the stated case. The next major support might be near the $1,620 and $1,600 levels in the near term.
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