Daily Technical Analysis BTC & ETH — 7 July 2022
Bitcoin price stayed well above the $19,500 support zone. BTC formed a low near the $19,750 level and started another increase above the $20,000 resistance zone.
There was a steady move and the price climbed above the 50% Fib retracement level of the downward move from the $20,732 swing high to the $19,750 low. The price is now trading above the $20,000 level and the 100 hourly simple moving average.
There is also a major bullish trend line forming with support near $19,800 on the hourly chart of the BTC/USDT pair. Bitcoin price is now trading comfortably near the $20,500 zone and the 76.4% Fib retracement level of the downward move from the $20,732 swing high to the $19,750 low.
On the upside, the price is facing resistance near the $20,550 and $20,580 levels. The next key resistance is near the $20,730 zone. A close above the $20,730 resistance zone could open the doors for a strong increase. In the stated case, the price could rise towards the $21,500 level. The next major resistance sits near the $22,200 level.
If bitcoin fails to clear the $20,730 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 level.
The next major support now sits near the $19,800 level or the trend line zone. A close below the $19,800 support zone could push the price to $19,500. In the stated case, there is a risk of a move towards the $18,750 level.
Ethereum remained steady above the $1,100 pivot level. There was a steady increase initiated above the $1,120 resistance zone.
The bulls were able to push the price above the $1,150 and $1,160 levels. Ether price even broke the $1,185 level and traded as high as $1,194. Recently, there was a minor downside correction below the $1,180 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $1,110 swing low to the $1,194 high.
However, the price is trading above $1,150 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,160 on the hourly chart of ETH/USDT.
An immediate resistance on the upside is near the $1,190 level. The next major resistance is near the $1,120 zone, above which the price may perhaps gain strength. In the stated case, the price could rise towards the $1,250 resistance. If the bulls remain in action, the price might climb towards the $1,320 zone.
If ethereum fails to rise above the $1,200 resistance, it could start a downside correction. An initial support on the downside is near the $1,160 zone. The next major support is near the $1,150 zone. It is close to the 50% Fib retracement level of the recent increase from the $1,110 swing low to the $1,194 high.
A downside break below the $1,150 support may perhaps send the price towards the 100 hourly simple moving average or $1,120. Any more losses could spark a move towards $1,050.
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