Daily Technical Analysis BTC & ETH — 6th Jan 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 declined sharply below the $45,500 support against the US Dollar. BTC could recover, but upsides might be limited above $45,000.
Bitcoin gained pace below the key $45,500 support zone. The price is trading below $45,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $46,800 on the hourly chart of the BTC/USD pair. The pair might start recovery, but the bears might remain active near the $45,000 zone.
A clear move above the $44,800 resistance zone could send the price towards the trend line. The next major resistance is near the $45,600 pivot zone. A close above $45,600 is needed for a fresh increase in the near term.
If bitcoin fails to recover above $44,800, it could continue to move down. An immediate support is near the $43,000 zone. The first major support is near $42,500.
A downside break below the $42,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $41,000 level in the coming sessions. The next major support is near the $40,000 level.
Ethereum declined heavily below the $3,680 support against the US Dollar. ETH price is sliding and there is a risk of a move towards the $3,200 level.
Ethereum started another decline from the $3,750 resistance zone. The price is trading below $3,550 and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USDT. The pair remains at a risk of a larger decline below the $3,400 level.
A clear upside break above the $3,630 level could spark a decent recovery wave. Any more gains could send the price towards the $3,700 level. The next main resistance is near the $3,750 level and the 100 hourly simple moving average.
If Ethereum fails to start a fresh increase above the $3,550 level, it could continue to move down. An initial support on the downside is near the $3,420 level.
The first key support is now forming near the $3,400 level. A downside break below the $3,400 level might lead the price towards the key $3,320 support in the near term. The next major support is near the $3,200 level.
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