Daily Technical Analysis BTC & ETH — 28 July 2022
Bitcoin price stayed above the $21,000 support zone. It formed a base above the $21,000 level and started a fresh increase. The recent fed interest rate hike triggered a sharp upward move above the $22,000 resistance.
The price was able to clear the 50% Fib retracement level of the key drop from the $23,744 swing high to the $20,750 low. Besides, there was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USDT pair.
Bitcoin price is now trading above the $22,500 level and the 100 hourly simple moving average. It seems like the price is facing a strong resistance near the $23,000 zone.
The 76.4% Fib retracement level of the key drop from the $23,744 swing high to the $20,750 low is also acting as a resistance. The next key resistance is near the $23,750 zone. A close above the $23,750 resistance zone could set the pace for a strong increase. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.
If bitcoin fails to clear the $23,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,500 level.
The next major support now sits near the $22,150 and $22,000 levels. A close below the $22,000 support zone might restart downtrend. In the stated case, the price might revisit the $21,000 support in the near term.
Ethereum formed a base above the $1,400 level and started a major increase. ETH was able to clear a few key hurdles near the $1,500 and $1,550 levels.
The price jumped over 15% and even surpassed the $1,600 level. There was a break above a key bearish trend line with resistance near $1,450 on the hourly chart of ETH/USDT. The pair climbed sharply and surpassed the 76.4% Fib retracement level of the downward move from the $1,663 swing high to $1,357 low.
It even broke the $1,650 level and now trading near the $1,660 zone. Ether price is now trading above $1,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,675 level. The first major resistance is near the $1,700 zone.
The main resistance is now forming near the $1,735 zone. It is near the 1.236 Fib extension level of the downward move from the $1,663 swing high to $1,357 low. A clear move above the $1,735 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,800 resistance zone.
If ethereum fails to rise above the $1,675 resistance, it could start a downside correction. An initial support on the downside is near the $1,620 zone.
A clear move below the $1,620 support might spark a move towards the $1,580 level. Any more losses might even push the price to the $1,510 support or even the 100 hourly simple moving average in the near term.
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