[ad_1]
Bitcoin, Ethereum and Doge Forecast Video for 27.07.23 by Tim Smith
Leading cryptocurrencies, Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP (XRP) continued to add modest gains throughout Thursday’s Asian session despite the U.S. Federal Reserve lifting interest rates to a 22-year high on Wednesday. Investors took the glass half full view that the current rate hike cycle may be nearing an end and continue to focus on crypto-specific drivers.
“The Fed announcement doesn’t change the story related to crypto,” Generative Ventures’ Lex Sokalin told CoinDesk. “We are already in a risk-off environment. Things could maybe get more catastrophic with war or recession, but tech and finance are at a fairly stable compressed valuation, with AI perhaps being an outlier.”
Below, we take a closer look at important technical levels worth watching on the charts.
Bitcoin
Bitcoin’s price has traded flat to moderately higher since Tuesday, oscillating within a broad symmetrical triangle-like pattern. Volumes have been lackluster, indicating apprehension from the bulls. Traders should monitor for breakouts either above or below the triangle’s upper and lower trendlines. Interestingly, the 50-day simple moving average (SMA) aligns closely to the pattern’s top trendline, providing additional resistance at that level around $29,720, while the 200-day MA appears to be adding support near the lower trendline at $29,220.
Ethereum
Ethereum bulls have shown their horns in mid-week trading, driving the price above a multi-week downtrend line. Impressively, increasing volume backs to move, suggesting a degree of buyer conviction. Throughout Thursday’s Asian session, the price continues to grind higher after a retest of the trendline, paving the way for further gains. A break above the 50-day SMA could lead to an impulsive move to key resistance levels at $1,900 and $1,920. However, a reversal back below the downtrend line you see a retest of the weekly lows around $1,850.
XRP
Like Ethereum, XRP’s price has broken out above an established downtrend line on reasonable volume, indicating further possible upside. In the short-term, bullish momentum could see price test the $0.75 level, where it finds resistance from the 50-day SMA and a horizontal trendline. A convincing break above this indicator could lead to a more substantial advance back to last week’s high around $0.84. Alternatively, a reversal below the 200-day SMA would invalidate the breakout and could trigger a fall down to Tuesday’s low around $0.6770.
[ad_2]
Source link
