BIB Technical Analysis of Bitcoin & Ethereum for July 29, 2022
This blog is a bit technical, but it is meant to help crypto traders to understand the price movement of Bitcoin & Ethereum and how technical analysis can help them make informed investment decisions.
Bitcoin (Technical Analysis)
Bitcoin price remained well bid above the $22,000 support zone. It formed a base above the $22,500 level and started a fresh increase. The price was able to gain pace for a move above the $23,000 resistance zone.
The bulls pumped the price above the $23,500 resistance. It even spiked above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USDT pair.
It is also trading well above the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high. Bitcoin price is facing resistance near the $24,000 level.
The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.
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 $23,740 level.
The next major support now sits near the $23,370 and $23,350 levels.
Any more losses might send the price towards the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high at $22,450. A close below the $22,450 support zone might restart downtrend.
Ethereum (Technical Analysis)
Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels.
The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level.
Ether price dropped below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. However, it is still well above $1,700 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USDT. An immediate resistance on the upside is near the $1,740 level. The first major resistance is near the $1,750 zone.
The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,880 resistance zone.
If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,700 zone.
A clear move below the $1,700 support might spark a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. Any more losses might even push the price to the $1,620 support or even the 100 hourly simple moving average in the near term.
Disclaimer: BIB does not provide any trading advice. This material should not be construed as financial advice, you should only invest in products you are familiar with and where you understand the risks.
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