Bitcoin price found support near the $18,550 zone and recently started an upside correction. There was a steady recovery wave above the $19,000 resistance zone.
There was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USDT pair. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $20,172 swing high to $18,550 low.
Bitcoin price is now testing the $19,400 zone and the 100 hourly simple moving average. The price is also trading near the 50% Fib retracement level of the downward move from the $20,172 swing high to $18,550 low.
On the upside, an immediate resistance is near the $19,400 level and the 100 hourly simple moving average. The next major resistance sits near the $19,500 level. A proper close 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 gain pace above the $19,500 zone, it could start another decline. An immediate support on the downside is near the $19,200 zone.
The first major support is now forming near the $19,070 level. A downside break below the $19,070 level might send the price towards the $18,550 support. Any more losses below $18,550 might put a lot of pressure on the bulls. In the stated case, the price could drop towards the $18,000 support in the near term.
Ethereum formed a base and started a major increase above $1,600. ETH was able to clear the key $1,620 resistance zone and the 100 hourly simple moving average.
There was a clear move above the 76.4% Fib retracement level of the main decline from the $1,685 swing high to $1,490 low. Besides, there was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USDT.
Ether price is now trading above $1,650 and the 100 hourly simple moving average. It is also testing the $1,700 resistance zone.
If the bulls remain in action, there could be more upsides above $1,700. An immediate resistance on the upside is near the $1,735 level. It is near the 1.236 Fib extension level of the main decline from the $1,685 swing high to $1,490 low.
The next major resistance is near the $1,775 level. Any more gains may perhaps open the doors for a move towards the $1,800 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.
If ethereum fails to rise above the $1,735 resistance, it could start a downside correction. An initial support on the downside is near the $1,660 zone.
The next major support is near $1,640. The main support is now forming near the $1,600 level and the 100 hourly simple moving average. A downside break below the $1,600 support might start a fresh decline. In the stated case, ether price might drop towards the $1,550 level.
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.