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Bitcoin (BTC), Ethereum (ETH) Charts and Analysis:
- Bitcoin failed to reach $22,500 amid calm market conditions.
- Ethereum is higher, but the base is lower.
Another fairly quiet week in the crypto space, with most coins trading in well-defined short-term ranges. Both sides of Bitcoin have traded at $20,000 for the past few weeks, but rose to $22.5,000 overnight before a retracement. Unless we get some new macro drivers, price action is likely to remain limited in the coming weeks. Both charts show some positive short-term signs, but remain in a long-term dominant downtrend. Price action remains subdued for now.
Looking at the Bitcoin chart, the current boxed price action is reminiscent of the trade between early May and early June, when BTC saw a sharp downtrend. A break below $18.6k would expose a multi-month low of $17.6k. A bright spot for Bitcoin bulls has been the short-term pattern of higher lows and higher highs seen over the past week. If this price action continues higher, a test and breakout of the recent high of $23.2k would provide a more bullish chart outlook.
Bitcoin Daily Price Chart – July 8, 2022
Ethereum’s daily chart is almost mirroring Bitcoin’s over the past few months, with two trading zones linked by a sharp sell-off. Likewise, a series of higher lows and higher highs can be seen over the past week. A breakout and close above $1,300 would help Ethereum retest the $1,700 area.
Ethereum Daily Price Chart – July 7, 2022
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