Daily Technical Analysis BTC & ETH — 19 September 2022
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.
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