Daily Technical Analysis BTC & ETH — 14 June 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 failed to start a recovery wave and extended decline below the $25,000 support zone. The bears gained strength for a move below the $23,500 support zone.
The price declined over 20% and even traded below the $22,000 support zone. A new multi-week low is formed near $20,824 and the price is still trading in a strong downtrend. There was a close below the $22,000 level and the 100 hourly simple moving average.
Bitcoin is now consolidating near the $21,000 level. An immediate resistance on the upside is near the $21,800 level. The first major resistance is near the $22,000 level.
There is also a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC/USDT pair. It is near the 23.6% Fib retracement level of the recent drop from the $28,300 swing high to the $20,824 low.
If there is a clear move above the trend line, the pair could rise towards the $23,000 level. The main resistance is near the $25,000 level. It is near the 50% Fib retracement level of the recent drop from the $28,300 swing high to the $20,824 low.
If bitcoin fails to clear the $22,100 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $21,000 level.
The next major support is near the $20,000 level. A downside break below the $20,000 support could send the price further lower. In the stated case, the price could drop towards the $18,500 support zone in the near term.
Ethereum remained in a bearish zone below the $1,500 support zone. The bears were able to push the price below the $1,320 support level.
There was also a close below the $1,200 level and the 100 hourly simple moving average. Ether price spiked below the $1,100 level and traded to a new multi-month low at $1,073. It is now consolidating losses above the $1,100 level.
On the upside, an initial resistance is near the $1,185 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,545 swing high to the $1,073 low.
The first major resistance is near the $1,280 and $1,300 levels. There is also a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USDT. The trend line is near the 50% Fib retracement level of the recent decline from the $1,545 swing high to the $1,073 low.
A clear move above the trend line resistance could start a recovery wave above $1,250. The next major resistance is near the $1,440 level and the 100 hourly simple moving average. Any more gains could start a move towards the $1,500 resistance.
If ethereum fails to rise above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,120 zone.
The next major support is near the $1,075 level. A clear move and break below the $1,075 support could start another decline. In the stated case, the price could slide towards the $1,000 support zone in the near term or even $950.
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