Daily Technical Analysis BTC & ETH — 20th Jan 2022

In order to support you and the crypto community with trading decisions, WenX is serving you with Daily Technical Analysis updates on BTC & ETH.

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.

Thanks for reading!

Feel free to share your thoughts, feedback, and suggestions in the comments below. If you like this article share it on social media and to your friends! Follow us and stay tuned for daily updates!

Risk Disclaimer: Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.

Follow us:

Instagram: https://www.instagram.com/wenxpro_official/

Twitter:https://twitter.com/OfficialWenx

Facebook:https://www.facebook.com/WenXPro

Telegram:https://t.me/WenXpro

Medium:https://medium.com/wenxofficial

--

--

--

Wenxpro.com is a world-leading digital assets trading platform. Secure, Comprehensive, Creative, Sincere.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Bitcoin Education for Nation-State Adoption

Bitcoin Red Diamond is a peer-to-peer crypto currency and can be termed as a modified version of…

VCG Biweekly Newsletter

5 Things You Need to Know About Crypto.com (And Nothing About Matt Damon)

Asian woman holding up five fingers.

Solidifying the Idea of Bitcoin

Participate in the TosDis BSC airdrop & Earn N1CE!

NFTs and digital avatars: how blockchain has enabled these technologies

Have You Really Missed Buying BAT at Low Prices?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
WenX Official

WenX Official

Wenxpro.com is a world-leading digital assets trading platform. Secure, Comprehensive, Creative, Sincere.

More from Medium

Daily Technical Analysis BTC & ETH — 14th Jan 2022

Betting Basics 101 (Part 1): Stake, Odds & Margin

HypeProfit providing multiple utilities to the users all under one roof

Celebrate a crypto Christmas with DIFX