Daily Technical Analysis BTC & ETH — 17 August 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 price started a slow and steady decline from the $25,000 resistance zone. BTC declined below the $24,650 and $24,500 levels to move into a short-term bearish zone.
There was a break below the $24,000 level and the 100 hourly simple moving average. The price traded is as low as $23,673 and is currently consolidating losses. On the upside, an immediate resistance is near the $24,000 level. It is near the 23.6% Fib retracement level of the recent drop from the $25,200 swing high to the $23,673 low.
There is also a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USDT pair. The first major resistance on the upside sits near the $24,250 level and the 100 hourly simple moving average.
The next key resistance is near the $24,450 zone. It is near the 50% Fib retracement level of the recent drop from the $25,200 swing high to the $23,673 low. A close above the $24,450 and $24,500 resistance levels might start another increase.
The price may climb towards 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 $24,450 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,675 level.
The next major support now sits near the $23,450 level. A downside breaks and a close below the $23,450 level might put a lot of pressure on the bulls. In the stated case, the price might decline towards the $22,750 level.
ETH was trading at $1,896 at the time of writing. The coin had witnessed rejection at the $2,000 price mark multiple times. At the moment Ethereum’s price witnessed a correction after it attempted to trade near the $2,000 price level.
Overhead resistance for the coin was at $1,900 and a jump beyond the mentioned price level will push ETH to touch the $2,000 mark.
Local support for the coin was at $1,700 but consistent lateral movement might end up pushing Ethereum’s price to $1,500.
The amount of Ethereum traded depicted an increase in selling pressure indicating that sellers were starting to drive control in the market.
The altcoin’s lateral trading had taken a toll on its buying strength. The indicator on the four-hour chart reflected the same. The Relative Strength Index was under the half-line which indicated that buyers are lesser than sellers in the market.
This fall in buying strength could cause Ethereum’s price to revisit $1,745 where the altcoin might again witness demand. Ethereum’s price was above the 20-SMA line and pointed toward buyers driving the price momentum in the market.
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