Daily Technical Analysis BTC & ETH — 22th April 2022
Bitcoin price remained well bid above the $41,500 resistance zone. BTC gained pace and cleared the $42,000 resistance zone. It even moved above $42,500 and the 100 hourly simple moving average.
However, the bulls failed to push the price above the $43,000 level. A high was formed near $42,950 and the price reacted to the downside. There was a sharp move below the $42,000 level. Besides, there was a break below a major bullish trend line with support near $41,250 on the hourly chart of the BTC/USDT pair.
There was a break below the 50% Fib retracement level of the upward move from the $38,750 swing low to $42,950 high. Bitcoin is now trading below $41,000 and the 100 hourly simple moving average.
The price is now consolidating above the 61.8% Fib retracement level of the upward move from the $38,750 swing low to $42,950 high. An immediate resistance on the upside is near the $40,750 level. The next key resistance could be $40,950 and the 100 hourly simple moving average.
To start a strong upward move, the price must settle above the $41,000 zone and the 100 hourly simple moving average. If the bulls succeed, the price could rise towards the $41,800 resistance zone.
If bitcoin fails to clear the $41,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $40,250 level.
The next major support is seen near the $40,000 level. A downside break below the $40,000 zone could send the price towards the $39,250 support zone.
Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180.
A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USDT.
Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone.
It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level.
The main resistance now sits near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,150 level.
If Ethereum fails to gain pace above the $3,030 level, it could continue to move down. An initial support on the downside is near the $2,970 zone.
The first major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next key support is near the $2,880 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.