Daily Technical Analysis BTC & ETH — 19th April 2022
Bitcoin price followed a bearish path below the $40,000 level. BTC even traded below the $39,200 support and declined to a new weekly low.
It spiked below $39,000 and traded as low as $38,570. Recently, it started a strong recovery wave and climbed above the $40,000 resistance zone. There was a break above a major bearish trend line with resistance near $40,220 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $40,000 and the 100 hourly simple moving average. It even traded above the $41,000 level, but failed to clear the $41,500 resistance zone.
A high is formed near $41,334 and the price is now correcting gains. It is testing the 23.6% Fib retracement level of the recent increase from the $38,570 swing low to $41,334 high. An immediate resistance on the upside is near the $41,000 level.
The next key resistance could be $41,350. The main resistance is still near the $41,500 zone. To start a strong upward move, the price must clear the $41,500 zone. The price may rise towards the $42,500 resistance zone in the stated case. Any more gains could set the pace for a move towards the $43,200 level.
f bitcoin fails to clear the $41,500 resistance zone, it could start another decline. An immediate support on the downside is near the $40,250 level and the 100 hourly simple moving average.
The next major support is seen near the $39,950 level. It is near the 50% Fib retracement level of the recent increase from the $38,570 swing low to the $41,334 high. A downside break below the $39,950 support zone could push the price towards the $39,000 level.
Ethereum attempted a fresh increase above the $3,050 level and the 100 hourly simple moving average. However, ETH failed to gain strength above the $3,080 level.
A high was formed near $3,082 and the price started a fresh decline. There was a clear move below the $3,050 support level and the 100 hourly simple moving average. Besides, there was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USDT.
The pair traded below the $3,000 support zone. More importantly, there was a move below the $2,920 support. A low is formed near $2,896 and ether is now consolidating losses.
On the upside, an initial resistance is seen near the $2,940 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,082 swing high to $2,896 low. The next major resistance is near the $2,980 and $3,000 levels.
The 50% Fib retracement level of the recent decline from the $3,082 swing high to $2,896 low is also near the $2,990 level. A close above the $3,000 level and the 100 hourly simple moving average might start a decent recovery wave. The next major resistance could be near the $3,050.
If Ethereum fails to start a recovery wave above the $3,000 level, it could continue to move down. An initial support on the downside is near the $2,900 zone.
The next major support is near the $2,850 level. If there is a downside break below the $2,850 support, the price could start another decline. In this scenario, there is a risk of a move towards the $2,780 level.
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