Daily Technical Analysis BTC & ETH — 26th Jan 2022
Bitcoin started a recovery wave above $36,000 against the US Dollar. BTC must settle above the $38,000 zone to start a steady upward move.
Bitcoin is trying to clear the $37,500 and $38,000 resistance levels. The price is now trading above $36,500 and the 100 hourly simple moving average. There is a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair. The pair could start a steady upward move if there is a clear move above the $38,000 resistance.
The first major resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance could start a steady upward move. The next key resistance is near the $39,200 level, above which the bulls might aim a test of $40,000. Any more gains might send bitcoin towards the $41,200 level.
If bitcoin fails to start a fresh increase above $38,200, it could start another decline. An immediate support on the downside is near the $36,800 zone.
The first major support is seen near the $36,000 zone and the 100 hourly SMA. A downside break below the $36,000 support zone may perhaps start a fresh decline. The next major support is near $35,400, below which the price could revisit $34,000.
Ethereum extended decline below the $2,400 support zone against the US Dollar. ETH price is recovering, but it must clear $2,550 for a steady upward move.
Ethereum extended decline below the $2,500 and $2,400 support levels. The price is trading below $2,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,450 on the hourly chart of ETH/USD. The pair could extend losses if it fails to recover above $2,500 and $2,550.
If there is an upside break above $2,550 resistance, zone, the price could start a decent recovery wave. The next major resistance is near the $2,750 level.
If Ethereum fails to start a recovery wave above the $2,550 level, it could continue to move down. An initial support on the downside is near the $2,320 level.
The first key support is now forming near the $2,250 level. A downside break below the $2,250 level might start another strong decline. The next major support for the bulls may perhaps be near the $2,150 zone. Any more losses could push the price towards the $2,000 level.
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