Analysts are drawing clear breakout points for Bitcoin as the week ends near key moving averages. BTC price has gathered strength above $22,000 by July 24. Now the bulls are targeting a solid weekly green close.
Classic levels for weekend price focus
cryptocoin.com As we reported, it showed that Bitcoin found support at $ 21,900 during the day. BTC price is trading in a range that focuses closely on key long-term trendlines that analysts previously identified as essential to retracement. These include the 50-day and 200-week moving averages (MAs), which are particularly important as support during bear markets but have acted as resistance since May.
“The 13-day EMA + sideways move is bullish that we are holding $21.9000 perfectly,” popular Twitter analyst “CryptoMellany” wrote in part of his latest update during the day. The analyst shares a scenario next week:
I think we’ll be stuck around 22,500 for today’s weekly close, the new week will start low to $21-21,600, then form a bull flag for the rest of the week.
The 50-day and 200-week MAs are currently at $22,370 and $22,690 respectively. The spot price remained at $22,670.
Bitcoin price needs to close the month at these levels
Another analyst, “Gibon”, described the upcoming weekly close as “very very important”. An accompanying chart chose $21,944 and $22,401 for a “bad” or “good” close.
Earlier in the week, Jibon warned that such a “bad” outcome could be the start of a reversal to new macro lows as low as $12,000 for Bitcoin. This scenario could fuel a relief rally up to $40,000 with continued strength. If Bitcoin were to close at current levels, it would maintain its highest levels since mid-June.
Ethereum and Cardano lead altcoin market as ETH rises
On the altcoin side, Ethereum and Cardano are leading the market. They were weekend performers who stood out as they both rejected the lows.
Ethereum managed to retrace as much as $1,600 within the day. Meanwhile, ADA price similarly struggled to challenge the $0.548 top during the week. Thus, ADA is showing its best performance since June 12.
Analyzing the current environment, experts note the importance of Ethereum’s 2018 ATH level of $1,530, a level that became long-term resistance and returned as resistance again in June.
https://twitter.com/cryptowhitewalk/status/15508165811151768576
Meanwhile, ETH outflows from major exchanges intensified as price action strengthened. On July 22, these streams totaled 1.87 million, according to data from CryptoQuant.
