RATE Group | Bitcoin (BTC) Ethereum (ETH) Price Analysis – The “Big Idea”
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Bitcoin (BTC) Ethereum (ETH) Price Analysis – The “Big Idea”

01 Aug Bitcoin (BTC) Ethereum (ETH) Price Analysis – The “Big Idea”

Posted at 21:36h in Ethereum News by

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As should be clear to most participants in the cryptocurrency trading game, it would appear as though the recent countertrend rally has begun to reveal itself as increasingly vulnerable. That’s the easy part of the analysis.

The hard part is trying to determine whether or not this is a viable pullback in the context of a continuing bounce or new upward trend.

As we examine the action in Bitcoin (BTC) and Ethereum (ETH), we will focus on the technicals at hand and attempt to make just such a determination.

Bitcoin (BTC)

Price Analysis

  • High: $7753.2
  • Low: $7473.4
  • Major Resistance Level: $8,000
  • Hourly MACD: Deep Oversold
Chart courtesy of tradingview.com

As we noted clearly in our recent work, the failure for Bitcoin (BTC) to push up to and possibly through its declining 200-day simple moving average – a clear point of resistance looming above its recent bounce – threw some cautionary cold water on the excitement surrounding this move higher.

Now, the…

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