Key Findings: BTC Technical Analysis
- Bitcoin made a robust bullish move initiated from a false-break of the support near $52,980 last Monday.
- However, the price already counters sell pressure below the dynamic resistance of 50-EMA.
- We may see the BTC/USD diving below the $56.8K region once again if the price exceeds $64K this week.
Bitcoin Technical Analysis – BTC Daily Chart
Bitcoin has made a remarkable recovery, momentarily rising beyond $60K thanks to a widespread market upswing that reversed sharp losses. This technical analysis explores the market dynamics and present trends that have contributed to Bitcoin’s comeback, as well as the significant technical obstacles it still confronts.
The immediate task for Bitcoin as it gets closer to $63,000 is to close the CME gap that has been set at that level. If this is done, it might further strengthen its recovery trajectory. But the cryptocurrency is currently negotiating a risky situation close to the 50-EMA resistance, forming a “death cross.”
Depending on the state of the market and investor attitude, Bitcoin may test more barriers above $64,000 and beyond if it can consolidate and establish support near the $62K mark.
Alternatively, a failure to break the 50-EMA resistance would signal another bearish move ahead targeting below the $50K region.
Key Findings: ETH Technical Analysis
- The Ethereum daily chart indicates indecision over the next price direction as multiple inside bars printed near the weekly high.
- Despite the overall bearish trend, the price might pull back near the key resistance at $3,024.
- The critical support at $2,110 remains a potential downside target for Ethereum.
Ethereum Technical Analysis – ETH Daily Chart
Ethereum has seen a significant decline in the past three weeks. On July 23, 2024, Ethereum traded above $3,500. It fell as low as $2,120 last week. That is a stunning 40% reduction.
The price has recovered to $2,650 since then, giving bulls some optimism. The most recent week, however, demonstrated that ETH is a risky asset that is traded on the stock market. Ethereum fell in tandem with the stock market’s collapse.
Technical research indicates to investors that there is significant resistance on Ethereum between the $2,815 and $3,024 mark. A rebound from this zone to the downside might lead the price to a further downside target near $2,110.
