BIB Technical Analysis of Bitcoin & Ethereum for August 15, 2022
Bitcoin (Technical Analysis)
Bitcoin price attempted a fresh increase above the $24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average.
The price even spiked above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high.
However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high acted as a support.
There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USDT pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might send the price towards the $26,200 level.
If bitcoin fails to clear the $25,000 resistance zone again, it could start a downside correction. An immediate support on the downside is near the $24,600 level.
The next major support now sits near the $23,800 level, the trend line, and the 100 hourly SMA. If the bears push the price below the $23,500 support level, there might be a move towards the $23,200 level. Any more losses might send the price towards $23,000 level.
Ethereum (Technical Analysis)
Ethereum remained well bid above the $1,850 level. ETH gained pace after there was a clear move above the $1,880 resistance zone. It even climbed above the $1,920 level.
The bulls pumped the price above the $1,950 resistance and the 100 hourly simple moving average. Finally, there was a move above the $2,000 resistance and the price traded as high as $2,029. Recently, there was a downside correction below the $2,000 level.
Ether declined below a key bullish trend line forming with support near $2,000 on the hourly chart. There was a move below the $1,950 level, but the bulls were active near the 100 hourly simple moving average.
A low was formed near $1,905 and the price started another increase. There was a clear move above the 50% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The price even tested the $2,000 resistance.
An immediate resistance on the upside is near the $2,000 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The first major resistance is near the $2,030 level. A clear move above the $2,030 level could start a steady increase to $2,080. If there are more upsides, the price may perhaps rise towards the $2,120 resistance zone in the near term.
If ethereum fails to rise above the $2,030 resistance, it could start a downside correction. An initial support on the downside is near the $1,950 zone.
The next major support is near $1,870 and the 100 hourly simple moving average. The main support is near the $1,860 level, below which there is a risk of more losses. In the stated case, ether price may perhaps decline towards the $1,855 support.
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