Daily Technical Analysis BTC & ETH — 8 September 2022
Bitcoin price started a major decline below the key $19,500 support zone. BTC gained pace for a move below the $19,000 level and the 100 hourly simple moving average.
The price even traded below the $19,000 level and tested $18,500. A low was formed near $18,550 and the price recently started an upside correction. There was a move above the $19,000 resistance zone. The bulls pushed the price above the 23.6% Fib retracement level of the key drop from the $20,172 swing high to $18,550 low.
However, the bears remained active near the $19,500 resistance zone. There is also a major bearish trend line forming with resistance near $19,310 on the hourly chart of the BTC/USDT pair.
Bitcoin faced rejection near the 50% Fib retracement level of the key drop from the $20,172 swing high to $18,550 low. It is now trading below the $19,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,300 level.
The next major resistance sits near the $19,500 level. A clear move above the $19,500 resistance might start a steady increase to $20,000. Any more gains might send the price towards the $20,500 resistance zone.
If bitcoin fails to start a recovery wave above the $19,500 zone, it could continue to move down. An immediate support on the downside is near the $19,000 zone.
The next major support sits near the $18,550 level. A downside break below the $18,550 support might spark more downsides. In the stated case, the price could drop towards the $18,000 support.
Ethereum saw a major decline below the $1,600 support similar to bitcoin. ETH even dived below $1,550 before the bulls took a stand.
It seems like the bulls defended the $1,500 support. A low was formed near $1,490 and the price started a major increase. There was a clear move above the $1,550 and $1,580 resistance levels. Ether even cleared the 50% Fib retracement level of the key drop from the $1,685 swing high to $1,490 low.
It is now trading above $1,600 and the 100 hourly simple moving average. The price even spiked above the $1,650 level. It is also consolidating near the 76.4% Fib retracement level of the key drop from the $1,685 swing high to $1,490 low.
An immediate resistance on the upside is near the $1,650 level. Besides, there is a key bearish trend line forming with resistance near $1,650 on the hourly chart of ETH/USDT.
The next major resistance is now forming near the $1,675 level. Any more gains may perhaps open the doors for a move towards the $1,700 resistance in the near term. A clear move above the $1,700 resistance could pump the price towards the $1,800 level.
If ethereum fails to rise above the $1,650 resistance, it could start a fresh downside correction. An initial support on the downside is near the $1,610 zone.
The next major support is near $1,585 and the 100 hourly simple moving average. A downside break below the $1,585 support might start a sharp decline. In the stated case, ether price might decline towards the $1,540 level.
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