Daily Technical Analysis BTC & ETH — 14 September 2022
Bitcoin price attempted to gain strength above the $22,000 and $22,500 resistance levels. The price even spiked above the $22,750 resistance zone and the 100 hourly simple moving average.
However, the price failed to gain strength and topped near the $22,768 level. As a result, there was a bearish wave below the $22,000 and $21,500 levels. There was also a move below the $21,000 level and the 100 hourly simple moving average.
Besides, there was a break below a key bullish trend line with support near $21,810 on the hourly chart of the BTC/USDT pair. Bitcoin price even tested the $20,000 zone. A low is formed near $19,921 and the price is now consolidating losses.
On the upside, an immediate resistance is near the $20,600 level. It is near the 23.6% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low.
The next major resistance sits near the $21,350 level. It coincides with the 50% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low. A close above the $21,350 resistance might start a fresh surge. In the stated case, the price may perhaps rise towards $22,000. Any more gains might send the price towards the $22,500 resistance zone.
If bitcoin fails to clear the $21,350 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,000 zone.
The next major support is near the $19,500 and $19,400 levels. A downside break below the $19,400 level might send the price towards the $18,500 support.
Ethereum failed to stay above the $1,750 and $1,720 levels. ETH reacted to the downside below the $1,700 level and the 100 hourly simple moving average.
The price declined over 5% and even spiked below the $1,600 level, similar to bitcoin. It even tested the $1,550 support and traded as low as $1,552. Ether is now trading below $1,650 and the 100 hourly simple moving average.
The bulls are now pushing the price above the 23.6% Fib retracement level of the downward move from the $1,789 swing high to $1,552 low. On the upside, the price is facing resistance near the $1,620 level.
The next major resistance is near the $1,660 and $1,670 levels. It is near the 50% Fib retracement level of the downward move from the $1,789 swing high to $1,552 low. A clear break above $1,670 might send the price towards the $1,700 level.
There is also a connecting bearish trend line forming with resistance near $1,700 and the 100 hourly simple moving average on the hourly chart of ETH/USDT. Any more gains may perhaps open the doors for a move towards the $1,780 resistance in the near term.
If ethereum fails to rise above the $1,660 resistance, it could continue to move down. An initial support on the downside is near the $1,580 zone.
The next major support is near $1,550. A downside break below the $1,550 support might spark more losses. In the stated case, ether price might decline towards the $1,500 level. Any more losses could push the price to $1,440.
Thanks for reading!
Feel free to share your thoughts, feedback, and suggestions in the comments below. If you like this article share it on social media and with your friends! Follow us and stay tuned for daily updates!
Risk Disclaimer: Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.