BIB Technical Analysis of Bitcoin & Ethereum for August 3, 2022
Bitcoin (Technical Analysis)
Bitcoin price started a steady decline from well above the $24,000 resistance zone. The price declined below $23,500 and $23,250 to move into a short-term bearish zone.
The declined gained pace below the 100 hourly simple moving average. It even tested the 50% Fib retracement level of the key increase from the $20,695 swing low to $24,671 high. The price is now struggling below the $23,200 level and the 100 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $23,250 on the hourly chart of the BTC/USDT pair. However, it seems like the bulls are protecting the $22,680 support zone.
On the upside, bitcoin price is facing resistance near the $23,250 level and the trend line. The next key resistance is near the $23,520 zone and the 100 hourly simple moving average.
The main resistance could be near the $24,180 zone. A close above the $24,180 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $24,650 level. The next major resistance sits near the $25,000 level.
If bitcoin fails to clear the $23,250 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $22,680 level.
The next major support now sits near the $22,210 level. It is near the 61.8% Fib retracement level of the key increase from the $20,695 swing low to $24,671 high. Any more losses might send the price towards $22,000 level.
Ethereum (Technical Analysis)
Ethereum remained in a bearish zone below the $1,700 level. ETH even settled below the $1,650 support zone to move into a short-term bearish zone.
There was a clear move below the $1,600 support level. Finally, ether price tested the $1,550 level. It remained stable above the 50% Fib retracement level of the key wave from the $1,355 swing low to $1,785 high. The price is now trading below $1,650 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USDT. An immediate resistance on the upside is near the $1,650 level and the 100 hourly simple moving average.
The first major resistance is near the trend line and $1,670. A clear move above the $1,670 level could even pump the price to $1,700. If the bulls remain in action, the price may perhaps rise towards the $1,750 resistance zone or even $1,780.
If ethereum fails to rise above the $1,670 resistance, it could continue to move down. An initial support on the downside is near the $1,570 zone.
The next major support is near $1,550, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,520 support in the near term. It is near the 61.8% Fib retracement level of the key wave from the $1,355 swing low to $1,785 high. Any more losses might call for a test of the $1,450 level.
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