Daily Technical Analysis BTC & ETH — 18th May 2022
Bitcoin price found support near the $29,000 zone and started a fresh increase. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average.
The price climbed above the $30,000 resistance zone. There was a move above the 50% Fib retracement level of the last main decline from the $31,390 swing high to the $29,060 low. However, the bulls struggled to stay in action above the $30,500 zone.
It faced resistance near the $30,600 level and the 61.8% Fib retracement level of the last main decline from the $31,390 swing high to the $29,060 low.
Bitcoin is now trading near the $30,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USDT pair. An immediate resistance is near the $30,600 level.
The next major resistance is near the $31,350 level. A clear move above the $31,300 and $31,350 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $32,000 level, above which the price might rise to $33,200.
If bitcoin fails to gain pace above the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $29,650 level.
The next major support is near the $29,150 level. A downside break and close below the $29,150 support might put pressure on the bulls. The price could decline towards the $28,000 level in the stated case.
Ethereum which is presently trading at $2,000, is about to break through the support zone and will most likely fall below $420. Roque drew attention to a price range in which $3,580 is the top and $2,000 is the bottom.
With Ether falling below $2,000, it is no longer within the previously specified range and will begin to fall to the next significant chart support at around $420.
Because the second-largest cryptocurrency is rapidly losing value, it has fallen below all moving averages, including the 50-, 100-, and 200-day lines. The above-mentioned indicators’ downward movement is a significantly bearish factor for any asset.
Ethereum is also oversold on both the weekly and daily charts, which is why it cannot rally in the foreseeable future.
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