Bitcoin and Ethereum both rallied sharply over the weekend and continue to push higher today. The weekend rally has turned the technical outlook positive again.
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.08% 🇯🇵JPY: 0.01...The cryptocurrency market turned higher over the weekend and in early European trade, regaining some of June’s hefty losses. After touching a $72k high in early June, sellers took control of the market and pushed BTC/down to a multi-month of $53.5k on July 5th.
The daily Bitcoin chart shows BTC/USD back above the 20-day and the 200-day simple moving averages. A reclaim of the 50-dsma at $64k and a prior swing high at just under $65k would set the tone for a higher move.On the weekly chart, a bullish cup and handle pattern continues to be formed and suggests that Bitcoin will move higher over the coming months.Ethereum traders are waiting for launch dates from the SEC on the highly anticipated Ethereum spot ETFs.
In line with Bitcoin, Ethereum has climbed higher over the last week and is also back above both the 20-day and 200-day simple moving averages. The 50-day sma is currently located at just under $3.5k. Above here, $3.6k comes into view, ahead of a recent lower high at just under $4k, before the March 11th multi-month high at $4,095 comes into play.
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