Key Findings: BTC Technical Analysis
- Bitcoin price rejected a move above the current consolidation, high at $31,500.
- The price eventually broke the immediate support near $30,391 following the bearish sentiment.
- BTC is still under an overall uptrend and may rebound from the strong support zone around $28,500.
Bitcoin Technical Analysis
Following a month of uncertainty due to Bitcoin’s range-bound behavior, the public announcement of the SEC versus Ripple case spurred cryptocurrency investors to turn positive. However, the price encountered immense supply around the current range high at $31,500 and pushed the price back to the current support, near $30,391.
RSI is still holding above 50 (currently 53.40), indicating bullish momentum. Although, the momentum may turn bearish and lead Bitcoin to crawl back near $28K in case the price drops below the $30K zone.
If the price fails to exceed the current support, we may see the BTC price return to long-term support at $28,500. During this movement, the price will also encounter the 50 and 100 EMA dynamic supports around $29,204 and $28,100, respectively.
Key Findings: ETH Technical Analysis
- Ethereum price rejected a move above the $2K region that escalated a fresh bearish sentiment.
- The price continues defying increasing sell pressure and is testing the support near $1,928.
- ETH trend will be considered bullish until the price breaks the support at $1,838.
Ethereum Technical Analysis
Ethereum failed to exceed the current resistance at $2,010 after making several attempts between the 13th and 14th of July. As a result, it pushed the price back to immediate support at $1,928.
Technically, there is a possibility of a further bearish move of ETH if the price fails to survive above the current support. Although Ethereum is still under an overall uptrend, as RSI remains at 55 and the price is roaming above the 50 and 100 EMA support.