Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Bitcoin (BTC), Ethereum (ETH) Forecasts – Grinding Higher in Quiet Conditions

Bitcoin (BTC), Ethereum (ETH) Forecasts – Grinding Higher in Quiet Conditions

Nick Cawley, Strategist

Bitcoin (BTC), Ethereum (ETH) Charts and Analysis:

  • Bitcoin makes a failed attempt at $22.5k in quiet market conditions.
  • Ethereum edging higher but off a low base.
Cryptocurrency Trading
Cryptocurrency Trading
Recommended by Nick Cawley
Get Your Free Introduction To Cryptocurrency Trading
Get My Guide

Another fairly quiet week in the cryptocurrency space with most coins trading in a well-defined short term range. Bitcoin has been trading either side of $20k for the last few weeks but made a run at $22.5k overnight before fading back. Price action will likely remain limited over the next weeks unless we get some new, macro drivers. Both charts are showing some positive short-term signs but remain in a longer-term, dominant, downtrend. Price action remains muted for now.

Looking at the Bitcoin chart, the current boxed-in price action is reminiscent of trade between early May and early June before BTC made a sharp leg lower. A break below $18.6k would expose the multi-month $17.6k low. One ray of light for Bitcoin bulls is the short-term pattern of higher lows and higher highs made over the last week. If this price action continues to grind higher, then a test, and break, of the recent high around $23.2k would make the chart outlook a little more positive.

Bitcoin Daily Price Chart – July 8, 2022

How to Use Twitter for Traders

The Ethereum daily chart is pretty much a mirror image of Bitcoin over the last couple of months with two trading zones joined by a sharp sell-off. Again a series of higher lows and higher highs are visible over the last week. A break, and close, above $1.3k would help allow Ethereum to re-test the $1,700 area.

Ethereum Daily Price Chart – July 7, 2022

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES