Daily Technical Analysis BTC & ETH — 17th Jan 2022
Bitcoin started a downside correction from $44,500 against the US Dollar. BTC is stable above $42,800 and the bulls might aim a fresh increase above $43,500.
Bitcoin is trading in a positive zone above $42,500 and $42,800. The price is trading below $43,500 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $43,200 on the hourly chart of the BTC/USD pair. The pair could start a major increase if there is a clear move above the $43,500 resistance.
On the upside, an initial resistance is near the $43,200 level. The next major resistance is near the $43,500 level. A clear move above the $43,500 level might send the price towards the $44,000 resistance. Any more gains may perhaps call for a test of the $44,200 resistance zone. The next major resistance is near the $45,000 level.
If bitcoin fails to start a fresh increase above $43,500, it could start a fresh decline. An immediate support on the downside is near the $42,800 zone.
The first major support is seen near the $42,500 zone. It is near the 61.8% Fib retracement level of the recent increase from the $41,800 swing low to $43,791 high. A downside break below the $42,500 support zone could lead the price towards the $41,800 level.
Ethereum (ETH) has gained more than Bitcoin (BTC) with a price rise of 6.19% over the last seven days.
After a false breakout of the $3,400 zone, the price is located around the recent resistance at $3,300. If bulls cannot seize the initiative and the bears’ pressure continues, the possible drop may lead ETH to the area around $3,200 as early as next week.
Ethereum is trading at $3,246 at press time. ETH currently is challenging the $3,250 support level. If the price cant stand above $3,250 then it might go down further to $3,200, $3,150 and $3,100 support level.
If the price can stand above $3,250, then it might go up to $3,300 and $3,400. ETH need to break through the main resistance at $3,400 then only consider break the current sideway pattern.
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