Daily Technical Analysis BTC & ETH — 9 August 2022
Bitcoin price was stable above the $23,000 and $23,200 levels. The price formed a base above the $23,200 level and started a fresh increase.
There was a clear move above the $23,500 resistance zone. The bulls were able to push the price above the $24,000 resistance zone and there was a close above the 100 hourly simple moving average. There was a spike above the $24,200 level.
A high was formed near $24,285 and the price is now correcting lower. There was a break below the $24,000 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high.
However, the price remained stable above the $23,600 level. There is also a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USDT pair.
On the upside, an immediate resistance is near the $24,000 level. The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $25,000 resistance.
If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,600 level.
The next major support now sits near the $23,500 level. It is near the 50% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high. A close below the $23,500 level might start a move towards $23,000. Any more losses might send the price towards $22,500 level.
Price Analysis of ETH On The Daily (1D) Chart
ETH has continued to range in a channel where it has struggled to break out, ranging between $1,580 — $1,720.
At the point of writing, the price of ETH is at $1,774, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $1,536.
ETH price would find support at $1,536, which corresponds with the daily 50 EMA if it drops due to sell-offs.If the 50 EMA region fails to hold the price, $1,362 would be a good support to hold sell-offs and for a possible bounce of ETH price.
With more buy bids, we could see the price of ETH retesting at $2,000 -$2,400, which has been resistance on the daily chart.
The RSI for ETH price on the daily chart is above 60, indicating healthy buy bids for ETH.
The volume for ETH looks good, indicating positive signs for ETH prices to trend higher.
Daily (1D) resistance for ETH price — $2,400.
Daily (1D) support for ETH price — $1,536, $1,362.
Price Analysis of ETH On The Four-Hourly (4H) Chart
The price of ETH has shown a bullish continuation on the 4H chart after bouncing off from the support at $1,600.
ETH price has struggled in this region, forming a ranging channel on the 4H chart after a rejection at $1,740 due to sell-offs.
The current price is $1,770, trading above the 50 & 200 EMA with prices of $1,660 and $1,530 on the 4H chart. These prices would act as support areas for ETH on the 4H chart.
The price of ETH is trying to break out of the channel; with good buy bids, the price of ETH could push to $2,000 -$2,400.
Four-Hour (4H) resistance for ETH price — $2,400.
Four-Hour (4h) support for ETH price — $1,660, $1,530.
A break below these support zones could send ETH price to a region of $1,362, acting as a good support area.
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