Daily Technical Analysis BTC & ETH — 22nd Jan 2022
At the time of writing, Bitcoin was down by 0.24% to $36,381. A move through the today’s $37,693 pivot would bring $40,000 levels into play. Plenty of support would be needed, however, for a break back through to $38,000 levels.
A fall back to sub-$36,000 would bring the first major support level at $34,270 into play. The Bitcoin bears are eyeing a return to sub-$30,000. Bitcoin last sat at sub-$30,000 back in July 2021. $29,000 had proven to be the key support level following a reversal from last April’s previous ATH of $64,829.
The correlation between the U.S equity markets and the crypto market looks to have justified the IMF and the Bank of England’s concerns. This in itself may well lead to even greater regulatory scrutiny. It remains to be seen whether the crypto market can come out of its current death spiral. Unlike the U.S equity markets, the FED and the U.S government will unlikely be too concerned over the latest crypto market correction.
Ethereum is trading lower Friday, falling lower in a crypto market that has been moving bearishly in recent weeks. Ethereum is nearing the very long-term higher low trendline and needs to hold above it to see a multiyear upward trend continue.
ETH was trading at $2,550 at the time of writing. ETH follow market-leading cryptocurrency Bitcoin facing a big drop since yesterday. Ethereum (ETH) slumped by 14.4%, crypto market have been in a downward spiral since November. The time of crypto slump has coincided with increased regulatory chatter and a shift in the FED’s stance on inflation and monetary policy.
ETH currently was trading below the initial support line at $2,600. If the price can’t return back above $2,600, ETH is foresee to moving further down to $2,450, $2,350, $2,250 or even further down to $2,050.
Whereas, if the price can stand above $2,600, the next resistance that we need to pay attention is at $2,850, $3,000 and $3,120.
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