Daily Technical Analysis BTC & ETH — 16 August 2022
Bitcoin price attempted another increase above the $24,500 resistance zone. BTC was able to jump above the $25,000 resistance level and traded to a new monthly high.
However, the price failed to stay above the $25,000 level. A high was formed near $25,200 and the price started a downside correction. There was a move below the $24,800 and $24,500 levels. Besides, there was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USDT pair.
Bitcoin price is now trading below the $24,500 level and the 100 hourly simple moving average. A low is formed near $23,789 and the price is now consolidating losses.
There was a minor move above the 23.6% Fib retracement level of the recent decline from the $25,200 swing high to the $24,789 low. On the upside, immediate resistance is near the $24,300 level and the 100 hourly simple moving average.
The next key resistance is near the $24,500 zone. It is near the 50% Fib retracement level of the recent decline from the $25,200 swing high to the $24,789 low. A close above the $24,500 resistance zone could start another increase. The price may climb above the $25,000 resistance in the stated case. Any more gains might send the price towards the $25,800 level.
If bitcoin fails to clear the $24,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $23,780 level.
The next major support now sits near the $23,500 level. A downside break and a close below the $23,500 level might spark a sharp decline. In the stated case, the price might drop towards the $22,750 level.
Ethereum made a couple of attempts to gain strength above the $2,000 resistance zone. However, ETH failed to extend gains and started a downside correction below the $1,950 level.
There was a clear move below the $1,920 level and the 100 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near $1,925 on the hourly chart of ETH/USDT. Ether price even declined below the $1,900 level.
A low is formed near $1,862 and the price is now consolidating losses. It is now trading below $1,950 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,030 swing high to the $1,862 low. The first major resistance is near the $1,945 and $1,950 levels.
The 50% Fib retracement level of the recent decline from the $2,030 swing high to $1,862 low is also near the $1,950 level to act as key resistance. A clear move above the $1,950 level could start a steady increase to $2,000. If there are more upsides, the price may perhaps rise towards the $2,080 resistance zone in the near term.
If ethereum fails to rise above the $1,950 resistance, it could continue to move down. An initial support on the downside is near the $1,862 zone.
The next major support is near $1,850, below which there is a risk of a move towards the $1,810 level. If the bears remain in action, the price could even decline towards the $1,720 level.
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