Daily Technical Analysis BTC & ETH — 28th April 2022
Bitcoin price formed a base above the $38,000 and started a recovery wave. BTC broke the $38,400 and $38,500 resistance levels.
There was a move above the 50% Fib retracement level of the key drop from the $40,775 swing high to the $37,672 low. Bitcoin even climbed above the $39,500 level, but it faced sellers near the $39,600 level. It is now trading near $39,200 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC/USDT pair. On the upside, an immediate resistance is near the $39,600 level.
The 61.8% Fib retracement level of the key drop from the $40,775 swing high to the $37,672 low is also near the $39,600 level. The next key resistance could be near the $40,000 zone. A close above the $39,600 level and the 100 hourly simple moving average could open the doors for a decent increase.
The price could even surpass the $40,000 resistance in the stated case. The next major resistance may perhaps be near the $40,770 zone.
If bitcoin fails to clear the $39,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $39,250 level.
The next major support is seen near the trend line and $39,200. A close below the $39,200 support zone might start another decline. In the stated case, the price might drop to $38,400.
Ethereum traded as low as $2,766 before it started a recovery wave. ETH was able to settle above the $2,800 resistance zone.
There was a move above the $2,840 and $2,850 resistance levels. Ether even climbed above the 23.6% Fib retracement level of the key drop from the $3,040 swing high to the $2,766 low. It is still below $2,900 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $2,900 level. There is also a major bearish trend line forming with resistance near $2,900 on the hourly chart of ETH/USDT.
Besides, the 100 hourly simple moving average is acting as a barrier near $2,900. The next major resistance is near the $2,905 level. It is near the 50% Fib retracement level of the key drop from the $3,040 swing high to the $2,766 low. A clear move above the $2,900 resistance might start another increase.
The next major resistance on the upside might be $2,975. Any more gains may perhaps send the price towards the $3,030 resistance. Any more gains might send the price towards the $3,120 level.
If ethereum fails to gain a pace above the $2,900 resistance, it could start a downside correction. An initial support on the downside is near the $2,860 zone.
The first major support is near the $2,850 level. If there is a downside break below the $2,850 support, the price could revisit the key $2,800 support zone. Any more losses may perhaps open the doors for a larger decline towards the $2,600 level or even $2,550.
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