Daily Technical Analysis BTC & ETH — 21th April 2022
Bitcoin price extended increase above the $41,500 resistance zone. BTC even cleared the $42,000 resistance zone and settled above the 100 hourly simple moving average.
A high was formed near $42,235 before the price started a downside correction. There was a move below the $41,500 pivot level. The price even spiked below the $41,000 level, but it found support near the $40,900 level.
A fresh base was formed and the price is now back above $41,500. Bitcoin climbed above the 50% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low. It is now trading above $41,500 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $41,725USD pair. An immediate resistance on the upside is near the $41,725 level.
The 61.8% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low is also near the $41,725 level. The next key resistance could be $42,000. To start a strong upward move, the price must settle above the $42,000 zone and then clear $42,230. If the bulls succeed, the price could rise towards the $43,200 resistance zone.
If bitcoin fails to clear the $42,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $41,250 level.
The next major support is seen near the $41,000 level and the trend line zone. A downside break below the trend line might send the price to $40,750 or the 100 hourly simple moving average.
Ethereum gained for a third consecutive session, as the price continues to move away from the recent support of $2,950.
Following a low of $3,054.56 on Tuesday, ETH/USDT surged to an intraday high of $3,157.89 during today’s session.
This high saw the world’s second-largest cryptocurrency move past its recent price ceiling of $3,150, hitting its highest level since last Monday as a result.
Looking at the chart, the resistance of 49.90 within the Relative Strength Index (RSI) was also broken, with price strength now tracking at a ten-day high.
Price strength is now tracking at 51, with bulls looking to potentially take this to the ceiling of 55, which could turn out to be a two-week high.
If this were to occur, it is likely that we will see ETH/USDT trading at $3,300.
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