Unless you’ve been living under a rock, you’re fully aware that momentum has apparently returned to the cryptocurrency complex over the last two weeks, led by its General – Bitcoin (BTC).
If one is to pick a fight with this rally in any way, it might simply be that the sense of excitement and enthusiasm has seemed to return so quickly that it casts a bit of a shadow over the idea that this market was truly washed out and pessimistic enough to form the fertile soil of a true-blue new bull.
However, you can’t argue with the action of late in the complex as a whole, particularly when looking at some of the larger market cap coins.
Today, we’re going to take a close look at Bitcoin (BTC) in Ethereum (ETH) from a strictly technical perspective.
Bitcoin (BTC)
Price Analysis:
- High: $8482.84
- Low: $8304.36
- Major Resistance Level: $8633
- Hourly MACD: Strong Upward Momentum
Bitcoin (BTC) has been simply on fire over the last two weeks.
Before this move, we told you we believed something like this might be coming given the sharp divergence seen on the RSI 14-day indicator into the end of June, and the subsequent clear higher-low support pivot formed in Bitcoin (BTC) above the $6000 level during the first half of July.
Both of these signals added up to a very strong representation of new support.
Since coming off of that higher-low pivot during the first half of this month, Bitcoin (BTC) has taken off to the upside, breaking out well above its 50-day simple moving average to now put into play a test of its 200-day simple moving average – which itself hasn’t been touched since March.
If one wants to look for glaring target levels for BTC, one need only think of that gigantic round number in the sky – $10,000. It may be closer than it looks.
Ethereum (ETH)
Price Analysis:
- High: $484.07
- Low: $476.07
- Major Resistance Level: $500
- Hourly MACD: Emerging Upward Momentum
Ethereum (ETH) has clearly been lagging Bitcoin (BTC) more than a little during this recent rally. However, it has done a sufficient job of holding key support at the $400 level and then the $450 level in a clear display of some strong-handed accumulation.
Now, ETH is doing battle with its 50-day simple moving average right around the $482 level. Key resistance sits above at the big round number of $500.
A break above that level and a subsequent hold of support back at the major moving average might set the terms for an emerging upward trend in this leading market cap coin.
Happy Trading~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
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