Daily Technical Analysis BTC & ETH — 16th Mar 2022
Bitcoin started a major increase above the $40,000 resistance against the US Dollar. BTC might correct lower, but downsides could be limited below $40,000.
Bitcoin was able to clear the $40,000 resistance and entered a positive zone. The price is trading above $40,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $39,250 on the hourly chart of the BTC/USD pair. The pair might correct lower, but there is key support forming near the $40,000 zone.
The next major resistance could be near the recent high of $41,800. A clear move above the $41,800 level could even push the price above the $42,000 resistance. In the stated case, the price might rise towards the $43,200 level.
If bitcoin fails to clear the $41,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,500 zone.
The next major support is seen near the $40,000 level. It is near the 50% Fib retracement level of the recent wave from the $38,170 swing low to $41,706 high. The main support now sits near the trend line and $39,000.
Ethereum rallied above $2,650 against the US Dollar. ETH price failed to settle above $2,700, trimmed gains, and now consolidating near $2,620.
Ethereum started a fresh increase above $2,600, but it faced sellers above $2,700. The price is now trading above $2,600 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,580 on the hourly chart of ETH/USD. The pair is consolidating above $2,600 and might start another increase in the near term.
Ether price must clear the $2,685 and $2,700 resistance levels to start a steady increase. In the stated case, the price may perhaps rise towards the $2,800 level.
If Ethereum fails to start a fresh increase above the $2,650 level, it could start another decline. An initial support on the downside is near the $2,610 level.
The next major support is near the $2,600 level. It is near the 61.8% Fib retracement level of the recent rally from the $2,506 swing low to $2,733 high. A close below the $2,600 support zone could start a drop towards the $2,500 support zone.
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