Daily Technical Analysis BTC & ETH — 27 June 2022
In order to support you and the crypto community with trading decisions, WenX is serving you with Daily Technical Analysis updates on BTC & ETH.
Bitcoin price started a decent increase above the $20,000 resistance zone. The price was able to clear the $20,500 level to move into a positive zone.
There was a steady move above the $21,000 level and the 100 hourly simple moving average. However, the bears were again active near the $21,700 and $21,750 levels. A high was formed near $21,780 and the price started a downside correction.
Bitcoin traded below the $21,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $19,750 swing low to $21,780 high.
Besides, there was a break below a key bullish trend line with support near $21,300 on the hourly chart of the BTC/USDT pair. It is now consolidating above the $21,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $21,250 level.
The next key resistance is near the $21,750 level. A clear move above the $21,750 level might start a decent increase. In the stated case, the price could rise above the $22,200 level. Any more gains could send the price towards the $23,000 resistance zone.
If bitcoin fails to clear the $21,750 resistance zone, it could start another decline. An immediate support on the downside is near the $21,000 level and the 100 hourly SMA.
The first major support is near the $20,750 level. It is near the 50% Fib retracement level of the upward move from the $19,750 swing low to $21,780 high. A downside break below the $20,750 support could put a lot of pressure on the bulls in the near term. In the stated case, the price might slide towards the $20,000 level.
Ethereum remained well supported above the $1,150 level. ETH gained pace for a move above the $1,200 resistance zone to move into a positive zone.
There was also a spike above the $1,250 resistance and a close above the 100 hourly simple moving average. Ether price traded as high as $1,281 and recently corrected gains. There was a move below the $1,250 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,042 swing low to the $1,281 high.
Besides, there was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USDT. The price is now trading above $1,200 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,225 level. The next major resistance is near the $1,250 zone. A clear move above the $1,250 resistance zone could start a steady increase. In the stated case, the price could even surpass the $1,280 level.
The next major resistance is near the $1,320 level. Any more gains could start a move towards the $1,440 resistance in the near term.
If ethereum fails to rise above the $1,250 resistance, it could start a fresh decline. An initial support on the downside is near the $1,200 zone and the 100 hourly simple moving average.
The next major support is near the $1,115 zone. It is close to the 50% Fib retracement level of the upward move from the $1,042 swing low to the $1,281 high. A close below the $1,150 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level.
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