Daily Technical Analysis BTC & ETH — 26 August 2022
Bitcoin price started a minor upside correction from the $21,000 support zone. BTC was able to slowly move higher above the $21,250 and $21,500 levels.
The price even broke the $21,650 level and the 100 hourly simple moving average. There was a clear move above the 23.6% Fib retracement level of the downward move from the $24,416 swing high to $20,797 low. However, the bulls struggled to gain strength for a push towards the $22,000 resistance.
Bitcoin price is now trading above the $21,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $21,750 and $21,800 levels.
The first major resistance on the upside sits near the $22,000 level. There is also a key bearish trend line forming with resistance near $22,000 on the hourly chart of the BTC/USDT pair. A clear move above the trend line resistance might send the price towards the $22,500 zone.
The next major resistance could be near the $22,650 zone. It is close to the 50% Fib retracement level of the downward move from the $24,416 swing high to $20,797 low. Any more gains might send the price towards the $24,000 resistance zone.
If bitcoin fails to clear the $22,000 resistance zone, it could start another decline. An immediate support on the downside is near the $21,500 level and the 100 hourly simple moving average.
The next major support now sits near the $21,000 level. A close below the $21,000 support might start another decline in the near term. In the stated case, the price might decline towards the $20,000 level.
Ethereum started an upside correction above the $1,650 resistance zone. ETH climbed above the $1,660 and $1,675 levels to move into a short-term positive zone.
There was a spike above the $1,700 level and a close above the 100 hourly simple moving average. Ether price even moved a few points above the 50% Fib retracement level of the key decline from the $1,880 swing high to $1,525 low.
However, the bulls failed to stay above the $1,700 resistance zone. It is now moving lower below $1,680. There is also a crucial rising channel forming with support near $1,670 on the hourly chart of ETH/USDT.
An immediate resistance on the upside is near the $1,700 level. The first major resistance is now forming near the $1,720 level. The next major resistance is near the $1,745 level. It is near the 61.8% Fib retracement level of the key decline from the $1,880 swing high to $1,525 low.
A clear move above the $1,745 level might send the price towards $1,800 resistance. Any more gains may perhaps open the doors for a test of the $1,850 resistance.
If ethereum fails to rise above the $1,720 resistance, it could start a fresh decline. An initial support on the downside is near the $1,670 zone and the channel trend line.
The next major support is near $1,655 and the 100 hourly simple moving average, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,600 level. Any more losses may perhaps send the price towards the $1,550 level.
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