Two of the biggest cryptocurrencies by market cap, and have perked up near the lows. Both have been trending down for the past month and looked as if they would test their recent lows created on June 22.
That was $28.8k for Bitcoin and $1700 for Ethereum.
While Wednesday’s price action has stopped the bleed, will altcoins jump on the potential rally?
When it comes to resistance levels, the first hurdle for Bitcoin to clear and hold would be the 36k area. If it does, by then it will have also cleared its 50-Day moving average at 34.5k and will show a breakout from the downward trend.
LINK/USD:ADA/USD Daily Chart
On the other hand, Ethereum has support at the $1700 level with resistance forming at $2270 to $2400. Like Bitcoin, by that time Ethereum reaches $2400 resistance, it will also have cleared its 50-DMA at $2213.
When it comes to altcoins (any currency that is not Bitcoin) (LINK) and (ADA) have interesting technical chart setups.