Key Findings: BTC Technical Analysis
- Bitcoin initiated a solid bullish trend move since the price exceeded the 50 EMA resistance on July 15.
- A bullish pin bar above the current support ($64,011) printed on July 25 further strengthened the uptrend.
- However, BTC must exceed the $70K mark to keep the current upside rally running.
Bitcoin Technical Analysis – BTC Daily Chart
Following the pullback between July 2 and 5, Bitcoin is now in an upward trend, with higher highs & lows. BTC might increase its gains by 5.52%, reaching a target of $71,997, which is near to $72,000. This marks Bitcoin’s high on June 7.
Bitcoin may encounter resistance at the top and lower boundaries of the Fair Value Gap (FVG), respectively $69,582 and $70,117. If the rally continues, Bitcoin might reach its all-time high near $73,777.
However, the RSI moving down from the overbought zone and the price failing to exceed the $70K level indicates BTC/USD might retest the current support at $64,011 before rejoining the upside rally.
See Related: Bitcoin And Ethereum Technical Analysis: BTC Likely To Reclaim $70K Following Major Bullish Breakouts
Key Findings: ETH Technical Analysis
- Ethereum price shifted to downtrend mode since the price failed to sustain above the long-term resistance at $3.5K.
- The price rejecting a move above the minor resistance at $3,296 hints at a further downside move.
- ETH/USD might pull back near $3,024 before deciding on the next market bias.
Ethereum Technical Analysis – ETH Daily Chart
With a daily gain of about 4%, Ethereum is currently trading at $3,280 on Friday. $52.18m was collected from ETH 24-hour liquidations; long and short liquidations brought in $30.13m and $21.87m, respectively.
After its recent increase, the picture for ETH seems to be improving, but withdrawals from ETHE may still keep the price low.
Therefore, if the sentiment surrounding the cryptocurrency market is positive overall, ETH may start to move in a horizontal trend that is skewed upward. But ETH might test support between $3,024 and $2,815 if the broader market becomes gloomy or indecisive.
