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.

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