Bitcoin price failed to surpass the $20,500 resistance level. BTC started a fresh decline and traded below the $20,000 and $19,500 support levels.
Besides, there was a break below a connecting bullish trend line with support at $19,850 on the hourly chart of the BTC/USDT pair. The pair accelerated lower below the $19,200 level and the 100 hourly simple moving average. It even declined below $19,000 and traded as low as $18,706.
Bitcoin price is now consolidating losses below $19,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,050 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.
The next major resistance sits near the $19,350 level. It coincides with the 50% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.
The main barrier is now forming near the $20,000 zone and the 100 hourly simple moving average. A close above the $20,000 resistance might start a fresh increase. In the stated case, the price may perhaps rise towards $21,200.
If bitcoin fails to start a recovery wave above the $19,050 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,700 zone.
The next major support is near the $18,550 level. A clear move below the $18,700 and $18,550 levels might open the doors for a move towards the $18,000 level.
Ethereum failed to gain strength for a move above the $1,480 and $1,500 resistance levels. ETH formed a top near the $1,475 level and started a fresh decline.
There was a steady decline below the $1,400 level and the 100 hourly simple moving average. The price even traded below the $1,350 and $1,320 support levels. There was a drop over around 10% and the price traded as low as $1,288.
Ether price is now consolidating losses above the $1,280 level and below the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,335 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,474 swing high to $1,288 low.
The next major resistance is near the $1,360 and $1,380 levels. There is also a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USDT. It is near the 50% Fib retracement level of the recent decline from the $1,474 swing high to $1,288 low.
A clear break above $1,380 might send the price towards the $1,440 level. Any more gains may perhaps open the doors for a move towards the $1,480 resistance in the near term.
If ethereum fails to rise above the $1,360 resistance, it could continue to move down. An initial support on the downside is near the $1,300 zone.
The next major support is near $1,260. A downside break below the $1,260 support might another sharp decline. In the stated case, ether price might decline towards the $1,200 level.
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 with 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.