Daily Technical Analysis BTC & ETH — 19th Jan 2022
Bitcoin traded towards $41,200 before recovering against the US Dollar. BTC must clear $42,800 to start a fresh increase in the near term.
Bitcoin extended decline and traded below the $42,000 support zone. The price is still trading below $43,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $42,780 on the hourly chart of the BTC/USD pair. The pair could start a fresh increase if there is a clear move above the $42,800 resistance.
The next key resistance is near the $43,500 level. Any more gains may perhaps call for a test of the $44,000 resistance zone. The next major resistance is near the $44,800 level.
If bitcoin fails to start a fresh increase above $42,800, it could start a fresh decline. An immediate support on the downside is near the $42,200 zone.
The first major support is seen near the $42,000 zone. A downside break below the $42,000 support zone could push the price back towards the $41,200 support zone. The next major support is near $40,500, below which the bears might gain strength.
Ethereum extended decline below the $3,300 support zone against the US Dollar. ETH price could recover from $3,120, but it might face hurdles near $3,250.
Ethereum extended decline below the $3,300 and $3,250 support levels. The price is trading below $3,250 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,180 on the hourly chart of ETH/USDT. The pair could start a fresh increase if it clears the $3,200 and $3,250 resistance levels.
The 50% Fib retracement level of the recent decline from the $3,392 swing high to $3,129 low is also near the $3,250 level to act as a hurdle. A clear move above the $3,250 level might pump the price in the near term. The next major resistance is near the $3,400 level, above which ether price could gain bullish momentum. In the stated case, the price could rise towards $3,550 in the near term.
If ethereum fails to start a fresh increase above the $3,200 level, it could continue to move down. An initial support on the downside is near the $3,140 level.
The first key support is now forming near the $3,120 level. A downside break below the $3,120 level might push the price further lower. The next major support for the bulls may perhaps be near the $3,000 handle.
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