Daily Technical Analysis BTC & ETH — 15th April 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 was trading for $40,065 at the time of writing, peeking slightly over the $40,000 mark. The coin had managed to break past its immediate resistance of $40,956 over the last 24 hours.
At press time, however, the asset was trading below the aforementioned resistance mark. Consistent push from the bulls over the next trading sessions could push prices up to $42,000.
A fall from the current price level would mean that BTC would trade near the $38,000 support line. Failing to stay above this, the next support levels stood at $37,000 and then at $33,000.
Bitcoin had received a brief recovery in terms of buying pressure, however, after the recent fall buyers exited the market. For most of this month, BTC had witnessed considerably low buying strength.
On the Relative Strength Index, the coin was seen below the half-line which indicated that sellers were more than buyers in the market. This corresponded with the fear index too. For buyers to re-enter, broader market strength is required.
Bitcoin might try to reclaim its older levels as the coin again has been hovering close to the $40,000 resistance mark. The asset displayed a positive change in its price as reflected by the indicator above.
ETH hover below its own resistance level, as prices continued to move away from a recent floor of $2,950.
ETH/USDT was trading close to its ceiling of $3,145 during today’s session, as there appears to be a gradual build-up of bullish pressure.
This momentum saw ETH hit an intraday high of $3,139.93, which is its highest point since the start of the week.
As a result of this rally, the 14-day RSI is now near its resistance of 49.6, while tracking at 47.5, and unless we see this threshold broken, we may see the price fall back below $3,000.
This is especially the case due to the moving average crossover which has recently occurred, which is a signal of further bearish pressure.
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