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Bitcoin, Ethereum Q3 Technical Outlook: Longer-Term BTC Bullish Posture, ETH Vulnerable

Bitcoin, Ethereum Q3 Technical Outlook: Longer-Term BTC Bullish Posture, ETH Vulnerable

Nick Cawley, Senior Strategist

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Bitcoin & Ethereum – Q3 Technical Outlooks

Bitcoin has struggled to break above the $72k level since early April and looks like it may test the $56.5k to $60k level in the short-term. The May swing low at $56.k is guarded by the 200-day simple moving average that continues to move higher, while the CCI indicator on the daily chart shows Bitcoin in oversold territory.

Bitcoin Daily Price Chart

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Source: TradingView, Prepared by Nick Cawley

The weekly chart shows a different set up and one that suggests higher prices are likely over the medium-term. The ‘cup and handle’ set up made since mid-September 2022 is not technically perfect but suggests that Bitcoin is currently consolidating and will soon press higher. Trading with the Cup and Handle Pattern.

Bitcoin Weekly Price Chart

image5.png

Source: TradingView, Prepared by Nick Cawley

The daily Ethereum price chart looks weak with the potential to reclaim all the May 20th spot ETF announcement candle. The downside is guarded by the 200-day sma, currently at $3k, before a prior level of support around $2,865. The 20-day sma is pointing lower, highlighting current weakness, while the 50- and 200-day smas are pointing higher, suggesting longer-term strength.

Learn about Different Types of Moving Averages and How They Can be Used

After acquiring a thorough understanding of Bitcoin and Ethereum's technical landscapes, why not see what the fundamental picture suggests by downloading the full Bitcoin, Ethereum forecast for the third quarter?

Bitcoin Forecast
Bitcoin Forecast
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Ethereum Daily Price Chart

image6.png

Source: TradingView, Prepared by Nick Cawley

The weekly Ethereum chart also looks weak in the short- term and suggests a re-test of $2,865. To move higher $3,582 and $4,000 needed to be broken and opened above, leaving $4,095 ahead of $4,400 and $4,860.

Ethereum Weekly Price Chart

image7.png

Source: TradingView, Prepared by Nick Cawley

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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