Have They Run Their Course?
, 2022-11-07 23:00:00,
Bitcoin, BTC/USD, Ethereum, ETH/USD – Technical Outlook:
- Bitcoin is testing tough resistance, which in the past has led to a retreat.
- Ethereum rally appears to be losing steam.
- What is the outlook for BTC/USD and ETH/USD and the key levels to watch?
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BITCOIN SHORT-TERM TECHNICAL OUTLOOK – NEUTRAL
Bitcoin’s rebound has run into tough resistance, raising the risk of a retreat, or possibly a retest of the June low.
BTC/USD has maintained a gradual drift higher in recent weeks, nicely guided by an upward-sloping channel from September. The top end of the channel is an uptrend line (now at 21250) while the lower edge of the channel is another uptrend line (now at 18950). The top end also coincides with the 89-day moving average – the rebounds in August and September were capped by the moving average.
The two-steps-forward-one-step-back kind of recovery, similar to the corrections since mid-2022, means the current rebound is not any different from the previous dead-cat bounces. That is, those minor rallies were corrective, rather than a start of a new uptrend.
BTC/USD Daily Chart
Chart Created Using TradingView
For the downward pressure to fade, BTC/USD would need to rise above key converged resistance on the 200-day moving average (now at about 23770) and the August high of 25201. Until then, the path of least resistance is sideways to down. Interim resistance is at the September high of…
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