Daily Technical Analysis BTC & ETH — 26 July 2022
Bitcoin price started a fresh decline after it failed to clear the $24,000 resistance zone. There was a steady decline below the $23,500 and $23,000 levels.
The bears gained strength for a move below the $22,500 support level and the 100 hourly simple moving average. Finally, the price traded below the $21,500 support level and even spiked below $21,000. A low is formed near $20,994 and the price is now consolidating losses.
On the upside, bitcoin price could face resistance near the $21,650 level. It is near the 50% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.
The next key resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USDT pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.
A close above the $22,000 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $22,500 level. The next major resistance sits near the $23,000 level.
If bitcoin fails to start a recovery wave above the $21,650 level, it could continue to move down. An immediate support on the downside is near the $21,000 level.
The next major support now sits near the $20,500 level. A clear break and close below the $20,500 support zone might send the price towards $20,000 in the near term.
Ethereum failed to recover losses and trade above the $1,550 level. ETH started another decline and traded below the key $1,500 support zone.
It opened the doors for a sharp decline below the $1,450 level. Ether price even tested the $1,400 support zone. A low is formed near $1,402 and the price is now consolidating losses. It is now trading below $1,500 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,440 level. The first major resistance is near the $1,450 zone. It is near the 23.6% Fib retracement level of the downward move from the $1,662 swing high to $1,402 low.
There is also a key bearish trend line forming with resistance near $1,460 on the hourly chart of ETH/USDT. A clear move above the trend resistance might send the price towards the $1,500 level. The next major resistance could be $1,550.
It is near the 50% Fib retracement level of the downward move from the $1,662 swing high to $1,402 low. The main breakout zone is now forming near the $1,550 zone. A clear move above the $1,550 level could start a decent increase.
If ethereum fails to rise above the $1,460 resistance, it could continue to move down. An initial support on the downside is near the $1,400 zone.
A clear move below the $1,400 support might push the price towards the $1,375 support zone. Any more losses might even push ether price to the $1,300 support.
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