Daily Technical Analysis BTC & ETH — 5 September 2022
Bitcoin price traded in a range below the $20,500 and $20,550 resistance levels. BTC failed on many occasions to clear the $20,500 resistance zone.
At the same time, the bulls were active above the $19,500 support zone. The recent low was formed near $19,600 and the price is now moving higher in the range. There was a minor increase above the $19,750 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,397 swing high to $19,600 low.
Bitcoin price is now trading below the $20,000 level and the 100 hourly simple moving average. There is also a short-term rising channel forming with support near $19,750 on the hourly chart of the BTC/USDT pair.
On the upside, an immediate resistance is near the $19,900 level and the 100 hourly simple moving average. The next major resistance sits near the $20,000 level. It is near the 50% Fib retracement level of the recent decline from the $20,397 swing high to $19,600 low.
A clear move above the $20,000 resistance might send the price towards $20,500. Any more gains might start a steady move towards the $21,200 resistance zone.
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,750 zone.
The next major support sits near the $19,600 level. The main support sits near the $19,500 level. A break below the $19,500 support might spark a sharp decline towards $18,800. Any more losses might call for a move to $18,500 in the near term.
Ethereum made an attempt to gain strength above the $1,620 resistance and the 100 hourly simple moving average. However, ETH failed to remain stable above $1,620.
A high was formed near $1,648 and the price trimmed gains. There was a drop below the $1,580 level and $1,550. A low is formed near $1,535 and the price is now rising. There was a move above the $1,550 resistance. Ether price cleared the 23.6% Fib retracement level of the recent decline from the $1,648 swing high to $1,535 low.
It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,560 on the hourly chart of ETH/USDT.
An immediate resistance on the upside is near the $1,600 level. It is near the 50% Fib retracement level of the recent decline from the $1,648 swing high to $1,535 low. The next major resistance is now forming near the $1,620 level.
A clear move above the $1,650 level might send the price towards $1,650 resistance. Any more gains may perhaps open the doors for a move towards the $1,700 resistance in the near term.
If ethereum fails to rise above the $1,600 resistance, it could start another decline. An initial support on the downside is near the $1,560 zone and the 100 hourly SMA.
The next major support is near $1,535, below which ether price might revisit $1,500. Any more losses may perhaps send the price towards the $1,420 zone.
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