Daily Technical Analysis BTC & ETH — 22nd Feb 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 failed to recover above $39,500 and declined against the US Dollar. BTC remains at a risk of more losses and could even test $35,000.
Bitcoin struggled to recover above the $39,500 and $40,000 resistance levels. The price is trading below $38,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $38,850 on the hourly chart of the BTC/USD pair. The pair could extend losses below the $36,000 level in the near term.
A clear move above the trend line resistance could send the price to $39,400 and the 100 hourly simple moving average. To move into a positive zone, the price must settle above the $40,000 level.
If bitcoin fails to start a recovery wave above the $38,850 resistance zone, it could continue to move down. An immediate support on the downside is near the $36,800 zone.
The next major support is seen near the $36,500 level. If there is a downside break below the $36,500 support zone, the price might gain bearish momentum for a move to $35,000.
Ethereum extended decline below the $2,700 support against the US Dollar. ETH price is struggling and might even decline below the $2,500 support.
Ethereum started a major decline below the $2,800 support level. The price is now trading below $2,700 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,700 on the hourly chart of ETH/USD. The pair could recover, but the bears might remain active near $2,650 and $2,700.
A clear move above the $2,720 might start a steady increase. In the stated case, the price could rise towards $2,880 resistance zone or even $3,000.
If ethereum fails to start a recovery wave above the $2,650 level, it could start another decline. An initial support on the downside is near the $2,510 level or the recent low.
The next major support is near the $2,500 level. A downside break below the $2,500 could spark another major decline. The next major support is near the $2,420 level. Any more losses might call for a move towards $2,350 in the near term.
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