Daily Technical Analysis BTC & ETH — 14th April 2022
Bitcoin price remained well bid above the $39,250 support zone. BTC formed a base and started a fresh increase above the $40,000 resistance zone.
The bulls gained strength and were able to push the price above $40,500. There was a move above the 23.6% Fib retracement level of the main drop from the $43,415 swing high from the $39,240 low. Besides, there was a break above a connecting bearish trend line with resistance near $40,000 on the hourly chart of the BTC/USDT pair.
The pair even broke the $41,000 resistance zone and settled above the 100-hourly simple moving average. An immediate resistance on the upside is near the $41,350 level.
The 50% Fib retracement level of the main drop from the $43,415 swing high from the $39,240 low is also near the $41,350 zone. The next key resistance could be $41,500. If the bulls able to clear the $41,350 and $41,500 resistance levels, the price could accelerate higher.
In the stated case, the price may perhaps rise towards the $41,800 resistance zone. Any more gains could set the pace for a move towards the $42,500 level in the near term.
If Bitcoin fails to clear the $41,500 resistance zone, it could start another decline. An immediate support on the downside is near the $41,000 level.
The next major support is seen near the $40,550 level. A downside break below the $40,550 support zone could accelerate losses. In the stated case, the price could decline towards the $40,000 level or even $39,250.
Ethereum was priced at $3103.96 and the coin has been hovering around the aforementioned price level over the past 48 hours. Immediate resistance for the coin stood at $3085.60 after the coin has been rejected from that level a couple of times in the past few days.
Continued rejection from the resistance mark can push Ethereum to trade near the $2839.12 support level.
A fall to that level would mean a 6.44% decline. In case the bulls resurface, the coin would aim for the resistance mark at $3391.95 and then at $3609.61. Trading volume was in red which signalled that buyers were less in number at the time of writing.
Ethereum was hovering in the oversold territory over the last 72 hours, at the time of writing the coin struggled to witness considerable buying pressure. On the Relative Strength Index, the coin was seen below the 50-mark because Ethereum was oversold and undervalued at press time. Over the last week, RSI has mostly remained below the half-line.
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