Daily Technical Analysis BTC & ETH — 6 July 2022
Bitcoin price remained supported above the $19,500 zone. BTC started another increase and climbed above the $20,000 resistance zone.
There was a spike above the $20,500 resistance zone but the bulls failed to gain strength. A high was formed near $20,732 and the price corrected gains. There was a drop below the $20,200 and $20,000 support levels.
Bitcoin traded below the 50% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high. It is now trading above the $19,500 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,550 on the hourly chart of the BTC/USDT pair.
On the upside, the price is facing resistance near the $20,000 and $20,200 levels. The next key resistance is near the $20,500 zone. A close above the $20,500 resistance zone could open the doors for a decent increase.
In the stated case, the price could climb towards the $21,200 level. The next major resistance sits near the $21,500 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 $19,650 level. It is near the 76.4% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high.
The next major support now sits near the $19,500 level or the trend line zone. A close below the $19,500 support zone could increase selling pressure. In the stated case, the price may perhaps decline towards the $18,740 level.
Ethereum made another attempt to clear the $1,165 and $1,170 resistance levels. However, the bears were active near the $1,170 level.
The recent high was formed near $1,169 before there was a downside correction. The price traded below the $1,150 and $1,130 support levels. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.
However, the bulls seem to be active near the $1,120 support zone. It also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.
Ether is now trading above $1,120 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USDT. An immediate resistance on the upside is near the $1,150 level.
The next major resistance is near the $1,170 zone, above which the price may perhaps surpass 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 $1,320 zone.
If ethereum fails to rise above the $1,170 resistance, it could start another downside correction. An initial support on the downside is near the $1,120 zone.
The next major support is near the $1,100 zone and the 100 hourly simple moving average. A downside break below the $1,100 support may perhaps spark another decline. In this case, the price might drop towards the $1,070 level.
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