Technical Analysis
Good Morning!
It is all about the BTC baseline…
Bitcoin BTC (daily)
Since the fake breakout on June 15th, the price has been dancing around the baseline (blue line). Over the past week, it provided decent resistance. The liquidity pool we are forming between 32'000 USD and 40'000 USD is pretty significant. It shows that there is good trading interest in that area (see volume bars on the right-hand side).
If I try to label the flow, I would say that the sellers are Chinese citizens and non-believers in a more regulated ecosystem (selling due to the tighter regulatory environment). On the buying side, I see more long-term investors and believers in mass adoption. But this comes at a cost: more regulation.
But, I am missing conviction from either side, which is resulting in the sideways trading we have been experiencing for over month now.
Bitcoin BTC (4h)
There is no clarity in the lower time frame either. It simply makes the sideways zig-zag a bit more obvious. If you are bored or cannot sit on your hands, I can only recommend to play the range 30'000 – 38'000 USD.
Ethereum ETH (daily)
The support zone 1'750-1'950 USD has yet again proven to be a good buying opportunity – at least on a short-term basis. I expect stronger resistance to come in when the price hits the baseline at around 2'300 USD.
Also, if the price stays within the cloud, it would signal some strength in this upmove.
Ethereum ETH (4h)
There is a nice confluence with the Ichimoku cloud’s lower band coming in at around the same level as the baseline on the daily chart. However, 2'300 USD will be a tough resistance to break.
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