Daily Technical Analysis BTC & ETH — 6 September 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 remained in a range below the $20,500 and $20,550 resistance levels. Recently, BTC formed a support base above the $19,600 level and started an upside correction.
There was a move above the $19,800 resistance level and the 100 hourly simple moving average. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $20,398 swing high to $19,600 low.
Finally, there was a spike above the $20,000 resistance. However, the bears were active near the $20,100 zone. Bitcoin price failed to clear the 61.8% Fib retracement level of the downward move from the $20,398 swing high to $19,600 low.
It is now trading below the $20,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,700 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 $20,100 level. The main resistance is still near the $20,400 and $20,500 levels. A clear move above the $20,500 resistance might send the price towards $21,200. Any more gains might start push the price towards the $22,000 resistance zone.
If bitcoin fails to clear the $20,400 resistance zone, it could start another decline. An immediate support on the downside is near the $19,700 zone and the trend line.
The next major support sits near the $19,600 level. The main support sits near the $19,500 level. A clear move below the $19,500 support might start a major decline. In the stated case, the price may perhaps test the $18,500 support.
Ethereum started a steady increase from the $1,535 support zone. ETH was able to clear the key $1,600 resistance and the 100 hourly simple moving average to move into a positive zone, unlike bitcoin.
The bulls were able to push the price above the $1,625 resistance. It gained nearly 5% and there was a test of the $1,675 zone. A high was formed at $1,675 and there was a minor downside correction. The price dipped below the $1,650 level.
Ether price declined below the 23.6% Fib retracement level of the recent increase from the $1,535 swing low to $1,675 high. It is now trading above $1,600 and the 100 hourly simple moving average.
There is also a major bullish trend line forming with support near $1,580 on the hourly chart of ETH/USDT. An immediate resistance on the upside is near the $1,650 level. The next major resistance is now forming near the $1,675 level.
A clear move above the $1,675 level might even push the price above the $1,700 resistance. The next major resistance sits near the $1,750 level. Any more gains may perhaps open the doors for a move towards the $1,800 resistance in the near term.
If ethereum fails to rise above the $1,650 resistance, it could start a downside correction. An initial support on the downside is near the $1,620 zone.
The next major support is near $1,600. It is near the 50% Fib retracement level of the recent increase from the $1,535 swing low to $1,675 high, below which ether price might test the trend line. Any more losses may perhaps send the price towards the $1,535 zone.
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
