A Technical Analysis Outlining The Best Charts This Week

We spent the weekend conducting a comprehensive technical analysis & identifying the finest trading opportunities out there. Interested in knowing what our findings are? Let’s get cracking.

1-Hour Chart for Crypto Total Market Cap

Total Market Cap is at $840B and has traded between $834B and $862B in the previous four days.
There is no point in trading at the present stage since the trading range is extremely narrow, with just 3% separating the high and low. We need to take into account the “risk to reward ratio” whenever we evaluate a potential trading opportunity, 

At best, there’s just a three percent reward given the high and low range, and a three percent stop loss results in a risk-to-reward ratio of 1:1.

Therefore, before we can consider any trading opportunities, price must break out of this range.

Technical Analysis

 

30-Minute Chart for Bitcoin (BTCUSD)

BTC is stuck in a narrow trading range between the low of $18,745 and the high of $19,645. If the current low volume gathers some steam, one can expect the range to break.

Should it break above and hold there, then the labeled $20,703 region becomes the long target. And should it hold below the range lows, the labeled $17,928 level becomes the lower target.
Since the price is trapped below all of the key EMAs, higher timeframes pressure is likely to persist to the downside.

 

Technical Analysis

 

30-Minute Chart for Ether (ETHUSD)

On the 30-minute chart of ETH, the price is stuck in a range similar to that of BTC. Its high and low points are $1,088 and $1,041 respectively.

As per experts’ technical analysis, breaking the $1,224 price level is likely if ETH breaks and holds its range high.

If, on the other hand, ETH manages to break and hold the range low, $897 becomes quite probable.

Waiting for breaks is essential. There must be at least three candle closures above or below the range for a break to be certified. Re-test and confirm the range low as a resistance, or re-test the range high as support.

Or else, the price just oscillates between the range’s low and high points, moving by around 4% each way.



Technical Analysis

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4-Hour Chart for US Wall St 30


Although the stock exchanges in the United States are closed today in observance of the fourth of July, the live trading of US 30 Futures is still on.

Because Bitcoin’s price is still heavily associated with the US Stock Market, looking at the US 30 chart might help you determine the direction the Crypto Market is heading in.
The price of the US 30 broke through the ascending support line to the downside on June 30th, and it then climbed up to retest the break of that support.
Price was rejected at this level on Friday and is trending lower. With the STOCH RSI at an overbought level, it seems that the US Markets, and thus the Crypto Market, may experience more decline in the near future.

 

Technical Analysis

 

4-Hour Chart for Bitcoin (BTCUSD)


There is now a bearish pennant in play for Bitcoin’s price. Because of the narrow range between the bottom support line and the upper resistance line, it’s not a good idea to trade at this time according to technical analysis provided by experts. Once the price has broken out of the pennant, one should contemplate a trade.

In this situation, the pennant is bearish, and the US 30 Futures’ Chart is also weak, which suggests that price will likely break through the support line and go down.
Considering that the pennant is bearish and the US 30 Futures’ Chart is also showing signs of weakness, there is a significant likelihood that price will break the support line to the downside.

 

Technical Analysis


Fear & Greed Index for Bitcoin


The Bitcoin Fear and Greed Index is now hovering at 14, which is firmly in the Extreme Fear area.

No significant deviations were seen over the weekend, however. Yesterday’s reading was 11, and Saturday’s reading was 14. Taking the last seven days into consideration, we can see that 14 is the highest it has gotten.

Technical Analysis

 

Historical Values

Conclusion:


The market is so full of uncertainty that it seems to be unsure of itself. Amidst all of the negative headlines about the cryptocurrency market, it seems like individuals are searching for any and every loose end in crypto. The more effort individuals put into filling up all the gaps in the crypto space, the more solid it will become.

We hope you found this technical analysis useful. For more insightful content, visit richtv.io. Also remember to follow us on Twitter, InstagramFacebook, or Linkedin and subscribe to our channel on Youtube. Thanks for reading.


Disclaimer


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