Daily Technical Analysis BTC & ETH — 4 July 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 another decline below the $19,500 support zone. The price even traded below the $19,000 support zone and spiked below the $18,800 level.
A low was formed near $18,738 and the price is now consolidating losses. There was a minor upward move above the $19,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,500 swing high to the $18,738 low.
However, the price is now facing a strong resistance near the $19,400 zone and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USDT pair.
The trend line is close to the 50% Fib retracement level of the recent decline from the $20,500 swing high to the $18,738 low.
The next key resistance is near the $19,800 zone. A clear move above the trend line resistance and then $19,800 could push the price further higher. In the stated case, the price could rise towards the $20,500 level. The next major resistance sits near the $21,200 level.
If bitcoin fails to clear the $19,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,000 level.
The next major support now sits near the $18,700 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $17,500 level.
Ethereum remained in a bearish zone and retested the $1,000 support zone. ETH formed a base near $1,000 and recently corrected higher.
There was a minor recovery wave above the $1,030 and $1,050 level. Ether price climbed above 23.6% Fib retracement level of the key decline from the $1,236 swing high to $997 low. It even attempted an upside break above the $1,100 level but failed.
It is now trading below $1,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,050 on the hourly chart of ETH/USDT.
An immediate resistance on the upside is near the $1,060 level. The next major resistance is near the $1,080 zone. The first major hurdle is near the $1,100 zone or the 50% Fib retracement level of the key decline from the $1,236 swing high to $997 low. A close above the $1,120 resistance zone could start a decent increase.
In the stated case, the price could rise towards the $1,180 resistance. Any more gains might send the price towards the $1,236 high.
If ethereum fails to rise above the $1,080 resistance, it could continue to move down. An initial support on the downside is near the $1,050 zone or the trend line.
The next major support is near the $1,000 zone. A close below the $1,000 level might spark a sharp decline. In the stated scenario, ether price may perhaps slide towards the $925 level. Any more losses could send the price towards the $880 support zone.
Thanks for reading!
Feel free to share your thoughts, feedback, and suggestions in the comments below. If you like this article share it on social media and with your friends! Follow us and stay tuned for daily updates!
Risk Disclaimer: Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.
Follow us:
Instagram: https://www.instagram.com/wenxpro_official/
Twitter：https://twitter.com/OfficialWenx
Facebook：https://www.facebook.com/WenXPro
Telegram：https://t.me/WenXpro
