- BTC/USD restores overbought conditions and moves towards its weekly resistance
- ETH/ USD bounces back 3000 as it aims to keep its 50% fibonacci retracement over
BTC / USD lost its appetite for additional profits on Thursday as the pair fell nearly 4% to 43,800, but has rebounded and improved today, trading at 46,150 at the time of writing. Bitcoin has seen some corrective pressure since it rose on July 21ststwhich only adds to his rally rebellion.
Crypto is now facing a great challenge trying to break higher because each week’s session has found resistance between 46,220 and 46,775 that can’t benefit further. This has attracted attention in the past, both in terms of support and resistance, which means that it is likely to be followed by another big leg higher if it is broken and held above the area. Yesterday’s withdrawal has helped to reset the momentum indicators from their overbought conditions, so it is in a good position as the momentum rises.
BTC / USD daily schedule
For Bitcoin, this is not an easy ride, as regulatory restrictions continue, but new algorithm updates will make it more difficult and less profitable for people to extract Bitcoin as the crypt reaches the allowed limit of 21 million coins. The shorter the supply of new coins, the more likely we are to see volatile steps with limited supply based on supply and demand dynamics.
ETH / USD daily schedule
Ethereum has continued to monitor Bitcoin ‘s performance and is now battling a key hurdle after crossing the 3,000 mark after Thursday’ s withdrawal. The critical range of ETH / USD is 3218–3 379, where the price has fluctuated in the past. Over the last five or six sessions, bulls have had difficulty overcoming a 50% Fibonacci retracement (3,178), so today’s end is an important area to look out for over the weekend, where volume has usually dropped and we’ve seen big cryptocurrencies in the past.
– Written by Daniela Sabin Hathorn, market analyst
Follow Daniela on Twitter @HathornSabin