Home » Bitcoin, Ethereum Technical Analysis

Bitcoin, Ethereum Technical Analysis

Bitcoin

The world’s largest cryptocurrency by market capitalization bitcoin (BTC) was once again in the red on Saturday, as prices edged closer to a key support level.

Following a high of $19,590.12 on Friday, BTC/USD rallied to an intraday low of $19,027.08 to start the weekend.

This move sees bitcoin hover slightly above its recent support point at $18,800, which was hit earlier in the week.

https://static.news.bitcoin.com/wp-content/uploads/2022/07/btcusd_2022-07-02_11-31-54_6f4f8.png?X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIAYIWLWC3GPQWL5SMB%2F20220702%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20220702T103522Z&X-Amz-SignedHeaders=host&X-Amz-Expires=600&X-Amz-Signature=8d5f2b4594b5bbfee6d0ce4fbddec179322c7a46d8feb8c09095e037e06449a0
BTC/USD Daily Chart

Despite three recent moves below this level, breakouts have been mainly false, however bears could be set to attempt a more sustained drop in upcoming days.

Should we see a move below this point, the $17,500 mark will likely be the price target for those shorting the token.

In order to get there, relative strength would need to move below its own floor, with the 27.5 level on the RSI indicator acting as point of support.

 

 

Ethereum

Ethereum (ETH) bear’s were also pressuring prices to start the weekend, as the token continued to hover slightly above the $1,000 level.

As of writing this, ETH/USD has now fallen to a low of $1,033.96 on Saturday, which is marginally below its $1,050 floor.

Should bearish pressure persist this weekend, then the next target would inevitably be below $1,000.

https://static.news.bitcoin.com/wp-content/uploads/2022/07/ethusd_2022-07-02_11-31-50_9eb82.png?X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIAYIWLWC3GPQWL5SMB%2F20220702%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20220702T103531Z&X-Amz-SignedHeaders=host&X-Amz-Expires=600&X-Amz-Signature=77b080b2418399912a92a1285000f4153be94451f4ba6eab815a715befef04ce
ETH/USD Daily Chart

In particular, bears will be looking at the $885 support point as a preferred exit point, however, the 14-day RSI would need to break below its current floor of 29.5.

Since the beginning of April, ETH has lost over two-thirds of its value, however, the declines might not have ended yet.

Share This Post
0 1
1 Comment
  1. Fantastic analysis.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Skip to toolbar