Daily Technical Analysis BTC & ETH — 9th Feb 2022
Bitcoin extended increase above the $44,000 resistance zone against the US Dollar. BTC is correcting gains and might decline further if it breaks the $42,800 support.
Bitcoin extended gains and even climbed above the $45,000 resistance zone. The price is trading above $42,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $44,000 on the hourly chart of the BTC/USD pair. The pair could extend decline if there is a clear move below the $42,800 support zone.
There is also a connecting bearish trend line with resistance near $44,000 on the same chart. The next major resistance is near the $44,450 zone, above which the price may perhaps start a fresh increase in the near term.
If bitcoin fails to start a fresh increase above $44,000, it could continue to move down. An immediate support on the downside is near the $42,800 zone.
The next major support is seen near the $42,500 level and the 100 hourly simple moving average. If there is a downside break below the $42,500 support, the price could slide towards the $41,200 level.
Ethereum gained bullish momentum and cleared the $3,100 resistance against the US Dollar. ETH price could accelerate further if it clears the $3,200 resistance.
Ethereum started a major increase and even settled above the $3,000 level. The price is now trading above $3,100 and the 100 hourly simple moving average. There was a break above a couple of short-term bearish trend lines at $3,000 and $3,080 on the hourly chart of ETH/USD. The pair is now facing hurdle near $3,200, above which it could accelerate further higher.
An immediate resistance on the upside is near the $3,160 level and a connecting bearish trend line on the same chart. A clear move above the $3,160 resistance could spark another increase. The next major hurdle is near the $3,200 level. A proper break above the $3,200 level might start a move towards the $3,350 and $3,380 levels in the near term.
If ethereum fails to continue higher above $3,160 or $3,180, it could start a downside correction. An initial support on the downside is near the $3,115 level. The first major support is near the $3,080 level. Price is below $3,080 when the time of writing, need to reconfirm the price is standing firm below this major support line.
It is near the 50% Fib retracement level of the recent rally from the $2,950 swing low to $3,190 high. A downside break below the $3,080 level might push the price further lower. The next major support is near the $3,000 level and the 100 hourly SMA, below which there is a risk of a major downside correction.
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