Bitcoin is recovering losses and trading above $43,000 against the US Dollar. BTC must clear $43,800 to continue higher in the near term.
Bitcoin found support near $41,600 and started a fresh upward move. The price is trading above $43,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $42,250 on the hourly chart of the BTC/USD pair. The pair could continue to rise if there is a clear move above the $43,800 resistance.
The 50% Fib retracement level of the key decline from the $45,900 high to $41,570 low is also near the $43,800 zone. A clear move above the $43,800 resistance zone might send the price further higher. The next major resistance is near $44,850, above which the price might rise towards the $45,500 resistance level.
If bitcoin fails to continue higher above the $43,800 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,200 zone.
The next major support is seen near the $42,850 level (the recent breakout zone). If there is a downside break below the $42,850 support zone, the price might start a fresh decline. The next support sits near $42,000, below which there is a risk of a new low below $41,570.
Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could continue to move down if it stays below the $3,000 pivot level.
Ethereum started a downside correction after it failed to stay above the $3,200 level. The price is now trading below $3,000 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $2,900 on the hourly chart of ETH/USD. The pair could extend decline if there is a clear move below the $2,800 support zone.
The main resistance is near the $3,000 level and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the recent decline from the $3,141 swing high to $2,832 low. A successful close above $3,000 might start another increase. In the stated case, the price could surpass the $3,050 and $3,080 levels. Any more gains might send the price towards the $3,120 level.
If ethereum fails to start a fresh increase above $2,900 or $3,000, it could continue to move down. An initial support on the downside is near the $2,830 level.
The next major support is near the $2,800 level. A downside break below the $2,800 level might push the price towards the $2,720 level. The next major support is near the $2,650 level, below which there is a risk of a larger decline. In the stated case, the price could test $2,550.
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