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Crypto Market Analysis. Osbrah’s July 22-26 Weekly Outlook

Published: July 23, 2024
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Updated on 3 months ago
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Bitcoin

Bitcoin continued its bullish rally that began following the attempted assassination of Donald Trump during one of his rallies. The past weekend followed suit, with the asset appreciating. What can we expect from this week and how should we prepare?

HTF Analysis

  • Bitcoin has broken through the $64,000 resistance and is hovering around $67,000 to $68,000.
  • Important reminder: $67,000 remains a key level, and using it as support would obviously be a favorable signal for buyers.
  • From a technical perspective, we are in the supply zone between $67,000 and $68,200. Patience is advised if you are not currently positioned. If you are interested in short selling, wait for a clear rejection of this price zone.
  • Additionally, the $60,000 level has not been retested, and this is where the infamous CME gap often tends to be filled. It will be a strong zone of interest for buyers.

LTF Analysis

  • In smaller time frames, the resistance is clear, and the price is currently attempting to break through it.
  • If successful, we will likely see $70,000 very quickly and potentially a new ATH.
  • The interesting zone is between $64,000 and $63,000, where we find a bullish order block and our point of control.

Liquidity Clusters

Most liquidity is located to the north, above $68,500. If buyers reach this level, the cascade of liquidations would likely propel the price close to $70,000, at a minimum.

Ethereum

An interesting week for ETH, which is still awaiting its official announcement regarding the launch of its ETFs. Rumors suggest July 23, so we don’t have much longer to wait for a decision.

HTF Analysis

  • ETH has simply followed Bitcoin’s bullish rally, breaking through the first level of $3,230 that we discussed last week.
  • Currently, buyers are trying to maintain the price above the key zone of $3,400 – $3,500. Remember, we discussed this important zone during the last market review.
  • The plan is quite simple: if we can maintain above $3,500, we should be on the buyers’ side. If not, we should be on the sellers’ side and look to reposition at a more interesting price zone.

LTF Analysis

  • The LTF chart clearly indicates the level to break through, more precisely than on HTF: $3,525.
  • Currently, the buying strength is not sufficient for this resistance to become support.
  • In the event of a clear rejection, the next zone of interest for buyers is around $3,230, a zone that has not yet been retested.
  • In case of a clear break of the resistance, we would consider taking profits around the $3,680 supply zone, and then, of course, near our range high close to $4,000.

TOTAL 3

Altcoins have shown something particularly interesting in recent days, especially some high-cap assets like Solana or Avax, which have driven the market upwards. Let’s remember our analysis from last week: we talked about maintaining the zone around $575 billion in market cap, and that we would see a rally if we held this support. Bingo!

  • If the bullish momentum continues, remember to take profits upwards until reaching $750 – $800 billion in market cap.
  • Support remains unchanged between $575 billion and $600 billion. This is an interesting reloading zone.

SPX

The SPX is recovering after a chaotic end of session, amidst US political uncertainties. However, the market seems to appreciate Biden’s withdrawal from the re-election race.

  • Technically, we remain bearish in LTF. We need to reclaim the 5,550 – 5,560 range to reverse this trend.
  • Caution around 5,580 points: this was a key support, so beware of a bearish retest!

Economic Events

A busy week for the markets, which should offer plenty of volatility.

Here is the list of “red folders” to monitor closely, especially on the US side!

Key Takeaways

Bitcoin

  • Support and Resistance: Broke through $64,000 resistance, now around $67,000-$68,000. Key level to watch is $67,000; maintaining above it is favorable for buyers.
  • Supply Zone: Currently in the supply zone between $67,000 and $68,200. Patience advised for non-positioned traders; short sellers should wait for a clear rejection.
  • Potential Retest: $60,000 has not been retested, an area with significant interest due to the CME gap.

Ethereum

  • Support and Resistance: Followed Bitcoin’s rally, breaking through $3,230. Currently trying to stay above the key zone of $3,400 – $3,500.
  • Strategy: Hold above $3,500 favors buyers; failure to hold suggests repositioning at a lower price zone.
  • Next Levels: Clear resistance at $3,525; next support around $3,230 if rejected. Profit targets at $3,680 and near $4,000 if resistance is broken.

TOTAL3:

  • Altcoin Rally: Maintained support around $575 billion, leading to a market rally.
  • Profit Taking: Continue taking profits up to $750 – $800 billion in market cap if momentum persists.
  • Support Levels: Key support zone remains between $575 billion and $600 billion.

SPX:

  • Technical Outlook: Recovering from political uncertainties; remains bearish in LTF.
  • Key Levels: Needs to reclaim 5,550 – 5,560 to reverse trend. Caution around 5,580 points due to potential bearish retest.

Economic Events:

  • Volatility Ahead: Busy week with significant economic events, particularly in the US. Watch for key data releases impacting market trends.

Final

Thank you for reading this article. From the CFT team we wish you a happy week and good trades.

Remember that none of the above is financial advice and the sole purpose is to give you insights about the current market conditions.

Thanks for reading.

Written by Osbrah From CryptoRise Group.

X: Osbrah

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