Daily Technical Analysis BTC & ETH — 6 June 2022
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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 remained well bid near the key $29,350 support zone. A base was formed near $29,350 and the price started a fresh increase. There was a clear move above the $29,800 and $30,000 resistance levels.
Besides, there was a break above a major bearish trend line with resistance near $29,700 on the hourly chart of the BTC/USDT pair. The pair climbed above the $30,000 level and the 100 hourly simple moving average. There was a spike above the 50% Fib retracement level of the key decline from the $32,400 swing high to the $29,255 low.
Bitcoin price is now consolidating near the $30,800 level. An immediate resistance on the upside is near the $31,180 level. It is near the 61.8% Fib retracement level of the key decline from the $32,400 swing high to the $29,255 low.
The next major resistance is near the $31,650 level. A clear move above the $31,650 resistance level could start another increase. In the stated case, the price could rise towards the $32,400 resistance. The next major resistance sits near the $33,000 level.
If bitcoin fails to clear the $31,180 resistance zone, it could a downside correction. An immediate support on the downside is near the $30,400 level.
The next major support is near the $29,950 level and the 100 hourly simple moving average. A downside break below the $29,950 support may perhaps spark another decline. In the stated case, the price could revisit the $29,350 support zone in the near term.
Ethereum spiked below the $1,760 support zone. However, ETH remained well bid above the $1,720 level. A low was formed near the $1,734 and the price started a fresh increase.
There was a clear move above the $1,800 and $1,820 levels. Besides, there was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USDT. Ether price is now trading above $1,860 and the 100 hourly simple moving average.
It is now attempting a move above the 50% Fib retracement level of the downward move from the $2,015 swing high to the $1,734 low. On the upside, an initial resistance is near the $1,885 level.
The next major resistance is near the $1,910 and $1,920 levels. It is near the 61.8% Fib retracement level of the downward move from the $2,015 swing high to the $1,734 low. A clear move above the $1,920 resistance might start a decent increase. In the stated case, the price could revisit at $2,000. Any more gains might set the pace for a larger increase, maybe towards $2,120.
If ethereum fails to rise above the $1,920 resistance, it could a downside correction. An initial support on the downside is near the $1,840 zone and the broken trend line.
The next major support is near the $1,800 level and the 100 hourly simple moving average. A clear move below the $1,800 level might spark a major decline. The next major support might be $1,760. Any more losses could send the price towards the $1,735 level in the near term.
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