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.
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