Analysis of BTC and ETH intraday on July 18

Square-Creators-000000001442 · 2023-07-18T04:48:38.000Z

Bitcoin price is currently trading below the key resistance level of $30,500. Although Bitcoin price attempted to rise above $30,250, it failed to gain significant bullish momentum. Currently, Bitcoin price remains below $30,300 and the 100 hourly simple moving average, with immediate resistance located near $30,200. A high was formed near $30,447 before the price fell below $30,000 and traded to a new weekly low of $29,669, where a correction is currently underway. The price has broken above the 50% Fibonacci retracement level of the recent decline from the $30,447 high to $29,669 low. In order to see the price break above $30,000, the key resistance level at $30,500 needs to be breached.

Bitcoin price is currently trading below the critical resistance of $30,500. Although bitcoin price attempted to rise above $30,250, it failed to gain significant bullish momentum. Currently, bitcoin price remains below $30,300 and the 100 hourly simple moving average with an immediate resistance near $30,200. Before the price declined below $30,000, a high was formed near $30,447 and it traded to a new weekly low at $29,669 and is currently correcting higher. The price has broken the 50% Fibonacci retracement level of the recent decline from the $30,447 high to $29,669 low. To see the price break above $30,000, the critical resistance at $30,500 needs to be breached.
There is a key bearish trend line formed with resistance near $30,200 on the hourly chart of bitcoin. The trend line is close to the 61.8% Fibonacci retracement level of the upward move from the $30,447 high to $29,669 low. The main resistance is near $30,265. The main resistance is now near $30,450 and $30,500. If the bitcoin price closes above $30,500, it is likely to start a fresh increase with the next major resistance near $30,850.
If bitcoin fails to clear the $30,500 resistance, it is likely to continue its decline. An immediate support on the downside is near the $29,850 level. The next major support is near the $29,550 level, below which the price could fall further towards the $29,200 support area. Further declines could lead the price to test the $28,750 level in the near term.
As for Ethereum, it made another attempt to break the $1,950 resistance but failed. Ethereum price reacted negatively after forming a high near $1,943 and traded below the $1,900 support area. The price is currently attempting an upward move above the $1,890 and $1,900 levels. However, Ethereum is currently trading below the $1,930 level and the 100 hourly simple moving average. A connecting bearish trend line has also been formed on the hourly chart of Ethereum with resistance near $1,910. The trend line is close to the 61.8% Fibonacci retracement level of the upward move from the $1,943 high to $1,875 low. The main resistance is near the $1,950 area. Above this resistance, the price could move up to the $1,985 resistance area.
If Ethereum fails to break above the $1,910 resistance, it could initiate a fresh decline. An initial support on the downside is near $1,890 and the main support is near $1,875. Further declines could lead the price to test the $1,780 support in the near term.