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BTC/USD & ETH/USD Technical Outlook in the Near-term

BTC/USD & ETH/USD Technical Outlook in the Near-term

Paul Robinson, Strategist

BTC & ETH Technical Highlights:

  • BTC/USD extended near prior record high
  • ETH/USD could be on verge of breaking out from macro wedge

BTC/USD is extended as it comes up on the record high at 64895. Momentum is slowing a bit but that could change upon a new record. If, however, we see it turn down prior to the record high or just after notching a new record, we will want to use the trend-line from last month as a guide. A correction could develop, but overall the bias is for higher levels.

ETH/USD is at the top-side trend-line of a developing wedge dating to the record high in May. Ideally, we see one more pullback before breaking out as this would tighten the wedge pattern up a bit more. This pattern could lead a rather sizable rally at some point soon.

For the full details, check out the video above.

BTC/USD Daily Chart

btc/usd daily chart

BTC/USD Chart by TradingView

ETH/USD Daily Chart

eth/usd daily chart

ETH/USD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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