Daily Technical Analysis BTC & ETH — 17th Jan 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 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.

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.

Follow us:

Instagram: https://www.instagram.com/wenxpro_official/

Twitter:https://twitter.com/OfficialWenx

Facebook:https://www.facebook.com/WenXPro

Telegram:https://t.me/WenXpro

Medium:https://medium.com/wenxofficial

--

--

--

Wenxpro.com is a world-leading digital assets trading platform. Secure, Comprehensive, Creative, Sincere.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

BookMyGain is Changing the Face of Investing with their User-focused Ecosystem

How the stable currency USDN is issued and destroyed?

Bitcoin to One million dollars? “Nonsense!”

Weekly Burst Report #57

ETHPlanet AMA with Alex Gluchowski from Matter Labs

The perfect time to explore Elrond and get involved as a validator, developer, business, investor…

About our upcoming RSVC token distribution.

Janet Yellen Continues Washington’s Tradition Of Corruption

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
WenX Official

WenX Official

Wenxpro.com is a world-leading digital assets trading platform. Secure, Comprehensive, Creative, Sincere.

More from Medium

Daily Technical Analysis BTC & ETH — 9th Jan 2022

A newbies attempt at crypto investment.

Crypto Beginner Series (2022): Step-by-step guide to buying your first Bitcoin (& Ethereum)

Technical Analysis for Cryptocurrencies