Daily Technical Analysis BTC, ETH On March 23
BTC Technical Analysis
BTC daily candle closed with a green candle and the buying force dominated. Make a bullish candle engulfs the previous two bearish candles. Although the bears jumped in at the end of the day to pull the price down the bulls blocked and kept the price above 34 EMA and tested selling at 89 EMA dynamic resistance.
BTC/USDT daily chart | Source: TradingView
Looking at the daily chart we can see buying is gradually taking over with green volumes dominating, BTC is still trading in a wedge pattern and trying to continuously test the 89 EMA. The overall trend is still the trend bullish, if there is a decrease just sideways in the wedge pattern. Hopefully this weekend we can see BTC break out of the wedge and reach the $52,000 as expected.
The 4-Hour Chart
BTC/USDT 4h chart | Source: TradingView
The 4h chart shows that BTC is trading above the EMA34,89 for an uptrend, the price is adjustment + the volume is reduced so the high probability that BTC will retest the 34 EMA at $41,700 and will reverse sharply. Nearest resistance: $44,600-$45,250.
In case the price breaks through the strong support at $40,500, BTC will find support around $39,600.
ETH Technical Analysis
After a lot of news about ETH 2.0 and a road map plus BTC trend support, ETH broke through the upper edge of the triangle and hit the $3,051. Given the current situation, it is highly likely that ETH will retest around the $2,900 area along with the short-term downtrend of BTC. Then with the support of BTC, ETH is likely to retest the nearest resistance at $3,100.
Both MACD and RSI are do not support the uptrend.
ETH/USDT 4h chart | Source: TradingView
Signal 4h: Sell priority
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.