Daily Technical Analysis BTC & ETH — 5 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 formed a base above the $18,720 support zone. As a result, BTC started a decent increase and broke the $19,500 resistance zone.
There was a clear move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC/USDT pair. The price even broke the $20,000 resistance and settled above the 100 hourly simple moving average.
Bitcoin climbed above the 76.4% Fib retracement level of the key drop from the $20,500 swing high to $18,735 low. However, the bulls struggled to pump the price above the $20,500 resistance zone.
A high is formed near $20,450 and the price is consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high. On the upside, the price is facing resistance near the $20,450 and $20,500 levels.
The next key resistance is near the $20,920 zone. A clear move above the $20,920 resistance zone could push the price further higher. In the stated case, the price could rise towards the $21,500 level. The next major resistance sits near the $22,200 level.
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.
The next major support now sits near the $19,600 level or the 50% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high, below which the price could decline heavily. In the stated case, the price may perhaps drop towards the $18,720 level.
Ethereum remained stable above the $1,000 support and there was no downside break. As a result, a base was formed and the price started a decent increase.
The price was able to clear a couple of key hurdles near the $1,070 zone. There was a break above a key contracting triangle with resistance near $1,075 on the hourly chart of ETH/USDT. The price even tested the 61.8% Fib retracement level of the key drop from the $1,235 swing high to $997 low.
Ether price traded as high as $1,158 and trading well above the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the recent increase from the $1,025 swing low to $1,158 high.
An immediate resistance on the upside is near the $1,150 level. The next major resistance is near the $1,180 zone, above which the price may perhaps clear the $1,200 resistance. In the stated case, the price could rise towards the $1,250 resistance. Any more gains might send the price towards the $1,300 zone.
If ethereum fails to rise above the $1,150 resistance, it could start a downside correction. An initial support on the downside is near the $1,125 zone.
The next major support is near the $1,090 zone and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent increase from the $1,025 swing low to $1,158 high. A downside break below the $1,090 support may perhaps put pressure on the bulls in the near term. The next major support sits near $1,060.
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
