Jun 22, 2022
Daily Technical Analysis BTC & ETH — 22 June 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 price started an upside correction above the $20,000 resistance zone. There was a decent recovery wave above the $20,200 and $20,500 levels.
The price climbed the key downside’s 61.8% Fib retracement level from the $22,950 high to the $17,600 low. Finally, there was a move above the $21,000 resistance zone and the price settled above the 100 hourly simple moving average.
However, the bears were active above the $21,500 level. A high was formed near the $21,698 and the price started a downside correction.
There was a break below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to the $21,698 high. Besides, there was a break below a key bullish trend line with support near $21,175 on the hourly chart of the BTC/USDT pair.
The price is now trading below $21,000. An immediate resistance on the upside is near the $20,550 level. The first major resistance is near the $21,000 and $21,220 levels.
A clear move above the $21,220 level might call for a move to $21,700. Any more gains might send the price towards the $22,200 level in the coming sessions.
If bitcoin fails to clear the $21,220 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 level and the 100 hourly SMA.
The next major support is near the $19,650 level. It is near the 50% Fib retracement level of the upward move from the $17,600 swing low to the $21,698 high. A downside break below the $19,650 support could restart the downtrend in the near term.
Ethereum was able to climb above the $1,050 resistance zone. ETH even recovered above the $1,120 resistance zone and settled above the 100-hourly simple moving average.
Finally, the price surpassed the $1,150 resistance and traded close to the $1,200 level. A high was formed near $1,192 before the bears appeared. Ether price failed to continue higher and traded below the $1,150 level.
There was a break below the 23.6% Fib retracement level of the upward move from the $880 swing low to the $1,192 high. Besides, there was a break below a key bullish trend line with support near $1,180 on the hourly chart of ETH/USDT.
Ether price is now trading below $1,150 and the 100 hourly simple moving average. An immediate resistance is near the $1,120 level. The next major resistance is near the $1,150 zone. A clear move above the $1,150 resistance zone may perhaps push the price towards $1,200.
The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term.
If ethereum fails to rise above the $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,060 zone.
The next major support is near the $1,050 zone. It is near the 50% Fib retracement level of the upward move from the $880 swing low to the $1,192 high. Any more losses might call for a move towards the $1,000 support zone.
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 with 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
