Key Findings: BTC Technical Analysis
- Bitcoin closed June at $30,469, indicating a strong bullish sentiment in the market.
- The immediate support at $30,391 will remain crucial in deciding the upcoming trends.
- BTC may hit the next resistance at $33,000 in July if the price exceeds $30K.
Bitcoin Technical Analysis
Over the last seven weeks, the Bitcoin network’s whales and sharks address, holding significant amounts of BTC, caused a steady accumulation of the token. In the last two weeks, Bitcoin accumulation has accelerated as whales began “buying the dip.”
Bitcoin price reached its highest monthly closing in the previous thirteen months when it closed at $30,469 at the end of June, supporting the idea that the price will seek a further recovery in July.
However, the price narrowly survived above the current support at $30,391. A break below this level may lead the price to pull back to the immediate support at $28,500. The relative strength index (RSI) at 65.51 indicates BTC is still close to the overbought condition, which may cause a short-term retracement to the current support before it rejoins a bullish trend.
Technically, if Bitcoin rejects a move below $30K at this point, the price may plot a bullish breakout of the current consolidation high ($31,458) to make a way to the potential upside target near $33,000.
Key Findings: ETH Technical Analysis
- Ethereum remains firmly bullish at the end of June, with a monthly closing above $1.9K.
- The price is yet to exceed the immediate resistance at $1,928 to continue the surge in July.
- ETH may retrace up to the current support near $1,838 before heading towards the potential upside target at $2,010.
Ethereum Technical Analysis
Ethereum closed above $1.9K at the end of June, indicating a solid bullish momentum. Although, the price failed to sustain above the current resistance at $1,928 and dropped below this level on 1st July. Technically, it indicates a false-break pattern which may lead the price to a short-term pullback.
If ETH decides to a retracement, the price may encounter strong support around the 50 EMA at $1,838 before rebounding for a bullish move. Alternatively, we may see the price hitting the long-term resistance at $2,010 following a potential bullish breakout of the current resistance at $1,928.
