Daily Technical Analysis BTC & ETH — 30 June 2022
Bitcoin price failed to recover above the $21,000 pivot level. The price remained in a bearish zone and extended its decline below the $20,500 support zone.
There was also a close below the $20,250 level. BTC spiked below the $20,000 level, but the bulls were active near $19,800 level. A low is formed near $19,828 and the price is now consolidating losses. It is now trading below the $20,400 level and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $20,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $21,188 swing high to $19,828 low.
The next key resistance is near the $20,400 zone. There is also a key bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USDT pair. The trend line is near the 50% Fib retracement level of the recent decline from the $21,188 swing high to the $19,828 low.
A clear move above the trend line resistance and then $20,500 could start a recovery wave. In the stated case, the price could rise towards the $20,900 level. The next major hurdle for the bulls might be near the $21,200 zone, above which the price may perhaps rise towards the $21,800 level.
If bitcoin fails to clear the $20,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 level.
The main support now sits near the $19,800 level, below which the price could accelerate lower. The next major support sits near the $18,800 zone. Any more losses could send the price towards the $18,000 level.
Ethereum remained in a bearish zone and extended losses below the $1,150 support zone. ETH failed to stay above the $1,120 support zone and moved further into a bearish zone.
The price even settled below the $1,000 support zone and tested the $1,075 zone. A low is formed near $1,076 and the price is now consolidating losses. It is trading well below $1,150 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,100 level. There is also a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USDT. The trend line is near the 23.6% Fib retracement level of the downward move from the $1,235 swing high to $1,076 low.
The next major resistance is near the $1,150 zone. The 50% Fib retracement level of the downward move from the $1,235 swing high to $1,076 low is also near $1,150. A close above the $1,150 resistance zone could start a steady increase. In the stated case, the price could clear the $1,200 resistance. Any more gains might send the price towards the $1,235 high.
If ethereum fails to rise above the $1,150 resistance, it could continue to move down. An initial support on the downside is near the $1,075 zone.
The next major support is near the $1,050 zone. A close below the $1,050 level might push ether price further lower. In the stated case, ether price may perhaps decline towards the $1,000 level.
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