Daily Technical Analysis BTC & ETH — 20th Jan 2022
Bitcoin found support near the $41,200 zone against the US Dollar. BTC must clear $42,500 to start a recovery wave in the near term.
Bitcoin extended decline and tested the $41,200 support zone. The price is still trading below $42,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $42,450 on the hourly chart of the BTC/USD pair. The pair could start a decent recovery if there is a clear move above the $42,500 resistance.
The next key resistance is near the $43,000 level, above which the bulls might aim a test of $43,500. Any more gains may perhaps call for a test of the $44,500 resistance zone.
If bitcoin fails to start a fresh increase above $42,500, it could start a fresh decline. An immediate support on the downside is near the $41,600 zone.
The first major support is seen near the $41,200 zone. A downside break below the $41,200 support zone may perhaps spark another major decline. The next major support is near $40,500, below which the price could even decline below the $40,000 zone.
Ethereum extended decline below the $3,200 support zone against the US Dollar. ETH price remains at a risk of a sharp decline below $3,000.
Ethereum extended decline below the $3,200 and $3,150 support levels. The price is trading below $3,200 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,120 on the hourly chart of ETH/USD. The pair could start a fresh increase if it clears the $3,120 and $3,150 resistance levels.
If there is an upside break above the trend line, the price could rise towards the $3,200 resistance zone. The next major resistance is near the $3,225 level, above which ether price could gain bullish momentum. In the stated case, the price could rise towards $3,350 in the near term.
If Ethereum fails to start a fresh increase above the $3,120 level, it could continue to move down. An initial support on the downside is near the $3,050 level.
The first key support is now forming near the $3,000 level. A downside break below the $3,000 level might accelerate losses in the near term. The next major support for the bulls may perhaps be near the $2,880 handle. Any more losses may perhaps push the price towards the $2,750 level in the coming days.
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