The two-day Bitcoin chart has revealed a bullish price structure, characterized by breaking above key resistance levels and forming higher lows and higher highs. According to analyst Josh of Crypto World, this trend hints at a positive outlook for Bitcoin, suggesting that despite short-term fluctuations, the overall trajectory remains bullish.
The daily Bitcoin chart shows that Bitcoin is currently encountering resistance in the $72,000 to $74,000 range. This area has historically acted as significant resistance from March through June, making it a crucial level to monitor. A breakout above $74,000 could pave the way for new all-time highs, signaling strong bullish momentum.
Key support levels are identified between $66,700 and $68,300, based on previous resistance levels now acting as support, along with insights from the Volume Profile Indicator (VPI). Additional minor support is found around $69,500, derived from a previous high now serving as support.
In summary, while short-term movements may show bearish tendencies, the larger time frame continues to reflect a bullish outlook for Bitcoin, especially as long as it remains above the $65,000 support line.
A review of Ethereum (ETH) on the 3-day chart showed minimal recent changes. However, the 12-hour chart hints that ETH is maintaining support above a crucial ascending line, positioned around $2,460.
Significant support is present between $2,440 and $2,475. This range has historically acted as both resistance and support, making it essential for price stability. Currently, Ethereum is bouncing off this level, which is a positive indicator in the short term.
On the resistance front, Ethereum faces challenges in the range of $2,550 to $2,580, with more substantial resistance found between $2,700 and $2,800. This area has been previously flagged as critical due to earlier rejections.
Story Highlights The live price of the PEPE coin is . Analysts predict PEPE could…
Altcoins are rising again. Thanks to growing excitement around ETFs, bullish price trends, and increasing…
Ripple’s XRP has stormed into July with renewed bullish momentum, crossing above the $2.20 mark…
The XRP community is once again hopeful as the token’s price showed another short-term jump…
Renowned finance author Robert Kiyosaki has revealed that he bought more Bitcoin, reaffirming his belief…
SHIB is trading at around $0.00001171, reflecting a 2.11% drop over the past week, while…
