Daily Technical Analysis BTC & ETH — 29th Mar 2022
Bitcoin gained pace above the $47,000 resistance against the US Dollar. BTC is showing positive signs and might rally towards the $50,000 resistance zone.
Bitcoin saw a major technical breakout above the $45,500 resistance zone. The price is trading above $46,500 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair. The pair could continue to rise and might trade towards the $50,000 resistance zone.
The next major resistance could be near the $49,500 level. Any more gains could open the doors for a move towards the $50,000 level.
If bitcoin fails to clear the $48,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $47,000 zone.
The next major support is seen near the $46,350 level. It is near the 50% Fib retracement level of the upward move from the $44,470 swing low $48,200 high. The main support is near the $46,000 level and the trend line. A downside break below the $46,000 support zone could send the price to $45,000.
Ethereum gained over 5% and broke the $3,250 resistance against the US Dollar. ETH price is rising and could accelerate higher above $3,350.
Ethereum started a strong increase above the $3,150 resistance. The price is now trading above $3,350 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD. The pair is consolidating near $3,300 and might extend rally in the near term.
The next major resistance is near the $3,400 level. Ether price could start another surge if there is a clear move above the $3,400 resistance. In the stated case, the price may perhaps test the $3,500 level. Any more gains might call for a move towards the $3,620 resistance zone in the coming sessions.
If ethereum fails to start a fresh increase above the $3,350 level, it could start a downside correction. An initial support on the downside is near the $3,290 zone. The next major support is near the $3,235 level. It is near the 50% Fib retracement level of the recent wave from the $3,130 swing low to $3,340 high.
The main support is near the $3,200 zone and the trend line. A downside break below the $3,200 support zone might push the price further lower. In the stated case, the price might drop to $3,050.
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