Daily Technical Analysis BTC & ETH — 27 July 2022
Bitcoin price remained in a bearish zone after it settled below the $22,000 support zone. It consolidated near the $21,000 zone for some time before there were more losses.
The price declined below the $21,000 level but downsides were limited. A low is formed near $20,750 and the price is now consolidating losses. It is now trading below the $21,500 level and the 100 hourly simple moving average.
There was a minor upside above the $21,000 level. The price cleared the 23.6% Fib retracement level of the recent drop from the $22,250 swing high to $20,750 low.
On the upside, bitcoin price could face resistance near the $21,500 level. It is near the 50% Fib retracement level of the recent drop from the $22,250 swing high to $20,750 low. The next key resistance is near the $21,650 zone. There is also a key bearish trend line forming with resistance near $21,650 on the hourly chart of the BTC/USDT pair.
A close above the $21,650 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $22,000 level. The next major resistance sits near the $22,500 level.
If bitcoin fails to start a recovery wave above the $21,500 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 $20,750 and $20,500 levels. A close below the $20,500 support zone might increase selling pressure and the price might test $20,000 in the near term.
Ethereum remained in a bearish zone below the $1,500 level. ETH started another decline and traded below the key $1,400 support zone.
The price even spiked below the $1,360 level and traded as low as $1,257. It is now attempting a recovery wave above the $1,400 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the $1,662 swing high to $1,357 low.
However, ether price is trading below $1,460 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,440 level.
There is also a major bearish trend line forming with resistance near $1,440 on the hourly chart of ETH/USDT. The first major resistance is near the $1,480 zone and the 100 hourly simple moving average. The main resistance is now forming near the $1,500 zone.
The 50% Fib retracement level of the downward move from the $1,662 swing high to $1,357 low is also near the $1,500 zone. A clear move above the $1,500 level could start a decent increase. In the stated case, the price may perhaps rise towards the $1,550 resistance zone.
If ethereum fails to rise above the $1,480 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 spark another decline. In this case, ether price may perhaps revisit the $1,350 support. Any more losses might even push the price to the $1,300 support or even $1,250 in the near term.
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