Daily Technical Analysis BTC & ETH — 22 June 2022
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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.
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