As of July 24, Bitcoin (BTC) was holding steady at $22,000, and bulls were still hoping for a strong weekly close in the green.
Price Concentration Levels at Weekend
According to data from TradingView, BTC/USD stopped falling over the weekend at $21,900 and started to move back toward $23,000.
The pair maintained a trading range tightly focused on significant long-term trendlines, which experts had before referred to as necessary to recapture.
The 200-week moving average (MA), which is particularly crucial as support during bear markets but has been acting as resistance since May, was one of them. Another was the 50-day MA.
What Do Some Seasoned Traders Say?
In part of her most recent post for the day, popular Twitter trading account CryptoMellany said, “Bullish that we flawlessly held the 13d ema + horizontal 21.9k.”
https://twitter.com/CryptoMellany/status/1551130393121783808
“Bullish that we perfectly held the 13d ema + horizontal 21.9k. I think we’ll hang around 22.5k for today’s weekly close, new week starting with action down to 21-21.6k and then up for the rest of the week, forming a bull flag. Trade levels though, not speculation“
At the time of writing, the spot price was $22,701.
Jibon, a coworker trader and analyst, continued by calling the next weekly close “very, extremely critical.” A line in the sand for a “good” or “bad” close was drawn at $21,944 and $22,401 on the accompanying chart.
Weekly Close Very Very Important. $BTC
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Ref: https://t.co/hq4Awq3lxGReferral code “Trader_J” gives you up to $3,000 bonus on your Deposit. pic.twitter.com/dO1cSGgEIG
— Trader_J (@Trader_Jibon) July 24, 2022
Jibon had previously issued a warning earlier in the week, stating that such a “poor” outcome may signal the beginning of a pullback to new macro lows for Bitcoin, which could be as low as $12,000, and that ongoing strength might spark a relief rally as high as $40,000.
Barnbridge’s Crypto BOND Price May Increase by at Least 51%
BTC/USD would close at its highest levels since mid-June if it closed at the present levels.
Ethereum and Cardano Top Two Altcoins
The top performing altcoins over the weekend were Cardano (ADA) and Ether (ETH), both of which rejected lower levels.
ETH/USD reached $1,600 again on the day, and ADA/USD attempted to surpass its previous week’s peak of $0.548, which would have been its best performance since June 12. We Had posted that it might reach $1,700 and might face resistance. That is what seems to be happening, just below $ 1,700. A healthy consolidation is going on below the line, as we can see from the chart. Once it breaks $ 1,700, $ 2,300 can soon be seen.
When analyzing the current situation, traders emphasized the significance of Ethereum’s 2018 high of $1,530, which turned into long-term resistance and did so in June.
White Walker tweeted on July 23, 2022:
$ETH
after spending few weeks below 2017 ATH level #ethereum is trying to close above it
still has 2 days left for the weekly close though
close above and this pushes till 2300 imo
close below and this keeps chopping and maybe even make new lows..who knows pic.twitter.com/EGsvpyTB6T— white is RED (@cryptowhitewalk) July 23, 2022
In the meantime, outflows of ETH from significant exchanges accelerated as price action strengthened. Data from on-chain analytics company CryptoQuant shows that on July 22, the flows amounted to 1.87 million bitcoin.
The author’s thoughts and opinions alone. Every investment and trading action carries risk; therefore, before making a choice, you should do your study.
More news: $ 1,700 Soon in Ethereum as it Breaksout of Long Consolidation