Daily Technical Analysis BTC & ETH — 29th April 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 fresh recovery wave above the $38,500 resistance level. BTC cleared the $39,250 and $39,500 resistance levels to move into a positive zone.
There was a move above the 50% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. There is also a major bullish trend line forming with support near $39,580 on the hourly chart of the BTC/USDT pair.
Bitcoin price is now trading above $39,500 and the 100 hourly simple moving average. It even spiked above the $40,000 resistance.
However, there was no close above the 76.4% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. On the upside, an immediate resistance is near the $40,000 level. The next key resistance could be near the $40,250 zone.
A close above the $40,250 level could open the doors for a decent increase. The price could even surpass the $40,800 resistance in the stated case. The next major resistance may perhaps be near the $41,250 zone.
If bitcoin fails to clear the $40,250 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $39,750 level.
The next major support is seen near the trend line and $39,580. A clear break below the trend line support and $39,500 could open the doors for a fresh decline. In this case, the price may perhaps decline towards the $39,000 level. Any more losses might call for a test of the $38,400 support.
Ethereum is trading at 2918 and continues to move within the correction and the downward channel. Moving averages indicate a short-term bearish trend for Ethereum. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from current levels.
At the moment, we should expect an attempt to develop a rise in the value of the coin and a test of the resistance level near the area of 2985. From where we should again expect a rebound down and a continuation of the fall in the Ethereum rate with a potential target below 2535.
An additional signal in favor of the decline in ETH/USDT quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the level of 3205. This will indicate a breakdown of the resistance area and continued growth of ETH/USDT quotes above the level of 3605. With the breakdown of the support area and the closing of quotes below the level of 2645, we should expect confirmation of the development of a bearish movement on Ethereum.
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