BTC/USD Rejected by $25,000, ETH/USD Stalls

BTC/USD Rejected by $25,000, ETH/USD Stalls

Table of Contents


Bitcoin, Ethereum Speaking Factors

Bitcoin (BTC/USD) Technical Evaluation

The return of risk-on sentiment supported final week’s crypto rally that allowed Bitcoin to retest $25,000. After rising to a two-month excessive, failure to achieve traction above psychological resistance resulted in a rise in promoting stress, muting the upward transfer.

Uncover 3 Key Tips for Trading Cryptocurrency

With momentum stalling at key technical ranges, one other large week of high-impact financial information could help within the catalyzation of price action all through the crypto sphere.

Bitcoin, Ethereum Outlook: BTC/USD Rejected by $25,000, ETH/USD Stalls

DailyFX Economic Calendar

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To additional illustrate the significance of the present zone, short-bodied candles on the each day chart spotlight Fibonacci levels offering further ranges of support and resistance. With the 76.4% retracement of the March – June transfer holding bulls at bay at $424,790, the 20-day MA (transferring common) has fashioned help at $23,549 with a break beneath reopening the door for $20,000.

Bitcoin (BTC/USD) Day by day Chart

Bitcoin, Ethereum Outlook: BTC/USD Rejected by $25,000, ETH/USD Stalls

Supply: TradingView, Chart by Tammy Da Costa

On the eight-hour chart, the rising trendline at the moment stays intact with the long wick candle forming a possible hanging man (a bearish reversal sample).

Bitcoin (BTC/USD) 8 Hour Chart

Bitcoin, Ethereum Outlook: BTC/USD Rejected by $25,000, ETH/USD Stalls

Supply: TradingView, Chart by Tammy Da Costa

Bitcoin Key Ranges:

Help

Resistance

$23,822

R1: $24,790

$22,892

R2: 25,000

$21,52

R3: 26,171

Ethereum (ETH/USD) Technical Evaluation

In the meantime, for the second largest cryptocurrency, Ethereum gained roughly 13.8% earlier than hitting a barrier of resistance at $2,000. With ETH 2.0 anticipated to debut subsequent month, the transition to a extra power environment friendly Proof of Stake (PoS) added to optimism, fueling the upward transfer.

On the weekly timeframe, the slender vary between $1,912 and $2,000 is indication of a battle between bulls and bears which can be combating for dominance.

Ethereum (ETH/USD) Weekly Chart

Bitcoin, Ethereum Outlook: BTC/USD Rejected by $25,000, ETH/USD Stalls

Supply: TradingView, Chart by Tammy Da Costa

After six consecutive weeks of good points, the CCI (commodity channel index) stays in overbought territory with a transfer decrease suggesting that bullish momentum could also be shedding steam.

Ethereum (ETH/USD) Day by day Chart

Bitcoin, Ethereum Outlook: BTC/USD Rejected by $25,000, ETH/USD Stalls

Supply: TradingView, Chart by Tammy Da Costa

— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and comply with Tammy on Twitter: @Tams707





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