Daily Technical Analysis BTC & ETH — 2 August 2022
Bitcoin price failed to start a fresh increase above the $24,000 resistance zone. The price started a fresh decline and settled below the $23,500 support zone.
There was a clear move below the 23.6% Fib retracement level of the upward move from the $20,695 swing low to $24,670 high. The price is now showing bearish signs below the $23,500 level and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USDT pair. The current price action suggests bitcoin could continue to move down, with an immediate support at $22,800.
On the upside, the price is facing resistance near the $23,300 level and the trend line. The next key resistance is near the $23,750 zone and the 100 hourly simple moving average.
The main resistance could be near the $24,000 zone. A close above the $24,000 resistance zone could set the pace for a fresh increase. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.
If bitcoin fails to clear the $23,300 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,800 level.
The next major support now sits near the $22,680 level. It is near the 50% Fib retracement level of the upward move from the $20,695 swing low to $24,670 high. Any more losses might send the price towards $22,000 level.
Ethereum failed to stay above the $1,700 level and started a downside correction. ETH moved below the $1,660 and $1,650 support levels to enter a short-term bearish zone.
There was a clear move below the 23.6% Fib retracement level of the upward move from the $1,356 swing low to $1,785 high. Besides, there was a break below a declining channel with support near $1,610 on the hourly chart of ETH/USDT.
Ether price is now trading below $1,650 and the 100 hourly simple moving average. It seems like the price might continue to move down, with an immediate support at $1,570.
An immediate resistance on the upside is near the $1,600 level and the broken channel support zone. The first major resistance is near the $1,665 zone and the 100 hourly simple moving average. The main resistance is now forming near the $1,680 zone.
A clear move above the $1,680 level could even pump the price to $1,720. In the stated case, the price may perhaps rise towards the $1,750 resistance zone or even $1,780.
If ethereum fails to rise above the $1,680 resistance, it could continue to move down. An initial support on the downside is near the $1,570 zone.
The 50% Fib retracement level of the upward move from the $1,356 swing low to $1,785 high is also near the $1,570 level. The next major support is near $1,520, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,400 support in the near term.
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