BIB Technical Analysis of Bitcoin & Ethereum for August 9, 2022
Bitcoin (Technical Analysis)
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.
Ethereum (Technical Analysis 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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