Daily Technical Analysis BTC & ETH — 23 June 2022
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Bitcoin price failed to gain pace above $21,700 and corrected gains. There was a downside correction below the $21,000 support zone.
The price declined below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to the $21,700 swing high. The bears even pushed the price below the $20,500 support zone and the 100 hourly simple moving average.
However, the bulls were active above the $19,650 and $19,800 support levels. Bitcoin also stayed above the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,700 swing high.
It is now above the $20,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $20,550 level. There is also a key bearish trend line forming with resistance near $20,550 on the hourly chart of the BTC/USDT pair.
The first major resistance is near the $20,800 level. A clear move above the $20,800 level might start a decent increase. The next major resistance sits near the $21,220 level, above which the bulls might gain strength for a steady increase.
If bitcoin fails to clear the $20,800 resistance zone, it could start another decline. An immediate support on the downside is near the $20,200 level and the 100 hourly SMA.
The first major support is near the $20,000 level. The main support is now near the $19,650 level. A downside break below the $19,650 support could restart decline in the near term. In the stated case, the price might slide towards the $18,800 level.
Ethereum started a downside correction after it failed near $1,190 and $1,200. ETH corrected lower and traded below the $1,120 support zone.
There was a clear move below the 23.6% Fib retracement level of the upward wave from the $880 swing low to the $1,192 high. Ether price even settled below the $1,150 zone and the 100 hourly simple moving average. However, the bulls were active above the $1,030 support.
Ether price stayed above the 50% Fib retracement level of the upward wave from the $880 swing low to the $1,192 high. An immediate resistance on the upside is near the $1,080 level.
There is also a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USDT. The next major resistance is near the $1,120 zone. The main resistance sits near the $1,150 level. A clear move above the $1,150 resistance zone could start a steady increase.
The next major resistance is near the $1,200 level or the $1,192 high. Any more gains could start a move towards the $1,280 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 $1,040 zone.
The next major support is near the $1,030 zone. A close below the $1,030 level might push the price below $1,000. In the stated case, ether price may perhaps decline towards the $950 level. Any more losses might call for a move towards the $880 support zone in the coming sessions.
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