Daily Technical Analysis BTC & ETH — 21th Mar 2022
Bitcoin struggled to clear the $42,500 resistance against the US Dollar. BTC is correcting gains and might find bids near the $40,000 support zone.
Bitcoin started a downside correction from the $42,500 resistance zone. The price is trading below $41,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $41,550 on the hourly chart of the BTC/USD pair. The pair might start a fresh increase unless there is a clear move below the $40,000 support zone.
The next major resistance could be near the $41,200 zone and the 100 hourly SMA. A successful break and close above the $41,200 level might start a steady increase. In the stated case, the price might rise towards the $42,000 level. Any more gains might send the price towards the key $42,500 barrier in the near term.
If bitcoin fails to clear the $41,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,500 zone.
The next major support is seen near the $40,000 level. It is near the 61.8% Fib retracement level of the upward move from the $38,810 swing low to $42,370 high. A downside break below the $40,000 support zone could start a sharp decline. In this case, the price may perhaps decline towards the $38,500 level.
Ethereum failed to break the $2,983 resistance zone and back to the $2,800 support zone. ETH's price is now consolidating near $2,900 and might rise further above $3,000.
Immediate resistance on the upside is near the $2,900 level. The first major resistance is near the $2,900 level. Ether price must clear the $2,900 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $2,880 level. Any more gains might call for a move towards the main $3,000 resistance zone in the coming sessions.
If Ethereum fails to start a fresh increase above the $2,900 level, it could start a downside correction. Initial support on the downside is near the trend line support and $2,775.
The next major support is near the $2,750. The main support is now near the $2,730 level. It is near the 50% Fib retracement level of the upward move from the $2,635 swing low to $2,838 high. A downside break below the $2,730 support zone might push the price further lower. In the stated case, the price might drop to $2,680.
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