Daily Technical Analysis BTC & ETH — 15th Feb 2022
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.
Thanks for reading!
Feel free to share your thoughts, feedback, and suggestions in the comments below. If you like this article share it on social media and to your friends! Follow us and stay tuned for daily updates!
Risk Disclaimer: Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.