Bitcoin breached a bearish trend line to signal an upward trend reversal
Since then, the price has consolidated within a rising formation and could soon break out
As already pointed out yesterday, the $7,800 mark is crucial
Technical indicators Signals
The 100 SMA crossed the longer-term 200 SMA to confirm that the path of least resistance is up. This means that an upward trend could begin. The important thing is that the bitcoin price breaks through the formation and resistance at $7,800.
A rapid increase has not yet taken place, but higher highs and higher lows have been formed within the formation, so that another indicator signals an upward trend. A break under the formation could lead to a drop to 200 SMA, as this can act as a support zone. As can be seen in the chart, the wedge formation is crucial. if the Bitcoin Trader breaks through the formation downwards, the price could drop to the support level of $7,500.
However, the oscillators indicate that the sellers are back in the game. The RSI drops to 40 to indicate a return of sales pressure. Stochastics also indicate that bears have the upper hand. Bitcoin is currently consolidating at around $7,600.
Bitcoin Code and the political situation
One of the possible Bitcoin Code review able to rise last week was the tense political situation in Italy and a possible italexit. In an interview with the CNBC, fundstrat analyst Robert Sluymer pointed to an upward trend as soon as the $7,800 mark is breached, as this is the level of the 15-day SMA.
Ethereum Prize Highlights
The Ether price continued to rise, testing the resistance range of $635
An important bullish trend line is forming on the hourly chart with support at $612
Ether bounced twice at resistance at $635 and could drop further in the short term
The Ethereum price is traded with a positive trend.
Technical indicators Signals
There was a strong rally from $580 support level. The price moved above the $600 and $610 resistance levels and continued to rise. Ether even surpassed the $630 mark. However, it turned out that the $635 mark is a strong resistance zone and many sellers showed up. A high was formed at $637 before the price began a downward correction.
There is also an important bullish trend line forming at $612 on the hourly chart of. The $612 mark is therefore also the highest support level and must withstand further losses in order not to reverse the trend.
Ethereum Chart from TradingView
Ethereum price analysis
Looking at the graph, it appears that the price near the resistance of $635 was rejected twice. Therefore, the price will most likely drop to the support level of $612, a break below $612 could push the price towards $600. The MACD is slowly moving in the declining zone. The RSI is moving towards 50 and signals a relatively balanced market. The highest support level is $612, while the resistance is $635.