Daily Technical Analysis BTC & ETH — 15 June 2022
Bitcoin price remained in a bearish zone below the $25,000 support zone. The price spiked below the $21,000 level and settled well below the $23,000 level.
A low was formed near $20,824 and the price is now attempting an upside correction. There was a move above the $22,000 resistance level. However, the price is still well below the $24,000 level and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $21,100 level. There is also a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USDT pair.
The first major resistance is near the $22,600 level. It is near the 23.6% Fib retracement level of the downward move from the $28,300 swing high to the $20,825 low. If there is a clear move above the trend line, the pair could rise towards the $23,000 resistance.
The main resistance is near the $24,600 level. It is near the 50% Fib retracement level of the downward move from the $28,300 swing high to the $20,825 low. A clear move above the $24,500 and $25,000 levels could set the pace for a strong upward move.
If bitcoin fails to clear the $22,600 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $21,250 level.
The next major support is near the $21,000 level. A downside break below the $21,000 support could send the price towards the $20,825 swing low. Any more losses may perhaps call for a test of $20,000.
Ethereum settled well below the $1,500 support zone. The price traded as low as $1,073 and recently started a minor upside correction.
There was a recovery wave above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the recent decline from the $1,545 swing high to $1,072 low. However, the price is still trading below $1,250 and the 100 hourly simple moving average.
The bears were active near the $1,260 resistance zone. There is also a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USDT.
On the upside, an initial resistance is near the $1,240 level. The first major resistance is near the $1,280 and $1,300 levels. The 50% Fib retracement level of the recent decline from the $1,545 swing high to $1,072 low is also near the $1,300 zone.
A clear move above the trend line resistance and then $1,300 could start a recovery wave. The next major resistance is near the $1,350 level and the 100 hourly simple moving average. Any more gains could start a move towards the $1,440 resistance.
If ethereum fails to rise above the $1,280 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 $1,070 zone. A clear move and break below the $1,070 zone could put a lot of pressure on the bulls. In the stated case, the price could slide towards the $1,000 support zone in the near term.
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