Bitcoin (BTC) found strength at $22,000 on July 24, with bulls still targeting a strong green weekly close.
Classic Series for Weekend Prizes
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair halted its weekend slide at $21,900 to retreat towards $23,000 during the day.
The pair maintained a trading range that focused narrowly on major long-term trend lines, which analysts had previously said was key to a rebound.
These include the 50-day and 200-week Moving Averages (MAs), the latter of which is particularly important as support during bear markets, but has acted as resistance since May.
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair halted its weekend slide at $21,900 to retreat towards $23,000 during the day.
The pair maintained a trading range that focused narrowly on major long-term trend lines, which analysts had previously said was key to a rebound.
These include the 50-day and 200-week Moving Averages (MAs), the latter of which is particularly important as support during bear markets, but has acted as resistance since May.
“Good thing we had the 13-day + horizontal moving average at 21,900 perfectly,” said the popular trader known as CryptoMellany on Twitter in part of his post. Latest update.
“I think we will hang around 22.5k for today’s weekly close, and the new week starts with action down towards 21-21,600 and then up for the rest of the week, creating a bullish flag.”
The 50-day and 200-week MAs were $22,370 and $22,690 respectively at the time of writing, with a spot price at $22,670.
There is another trader and analyst, Jibon qualified the upcoming “very important” weekend. An accompanying chart showed $21,944 and $22,401 as lines in the sand for a “bad” or “good” close.
Earlier in the week, Jibon warned that such a “bad” result could be the start of a gravitation towards new macro lows for bitcoin – as low as $12,000 – whose continued strength could fuel a rally. Relief up to $40,000.
If it were to close at the current levels, the BTC/USD pair would seal the highest levels since mid-June.
Altcoins Ethereum and Cardano lead as ETH outflow rises
As for altcoins, Ether (ETH) and Cardano (ADA) stood out over the weekend at both rejecting lower levels.
Also read: Ether price tips on cup pattern and handle on possible breakout from bitcoin
The ETH/USD pair returned to $1,600 on the day, while the ADA/USD pair also looked to challenge its weekly high of $0.548, marking its best performance since June 12.
Analyzing the current environment, traders noted the importance of Ethereum’s 2018 high at $1,530, a level that became long-term resistance and returned as resistance in June.
$ETH
after spending a few weeks below the ATH 2017 level #ethereum trying to close over
there are still 2 days left for the weekly closing though
close above and pushes this to 2300 imo
close below and this keeps chopping and maybe even making new lows…who knows pic.twitter.com/EGsvpyTB6T— White Walker (@cryptowhitewalk) July 23, 2022
$ETH. After spending a few weeks below the ATH 2017 level, #Ether is trying to close above it. There are still two days left before the weekly closing.
If there is a close above, it will push up to 2300 in my opinion. If it closes below, it will continue to fall. There are still two days until the weekly close, so that means there are still two days until the weekly close for the price to go up to 2300. — White Walker (@cryptowhitewalk) July 23, 2022.
As prices strengthened, outflows of ETH from major exchanges increased. On July 22, according to data from on-chain analysis firm CryptoQuant, those flows amounted to 1.87 million coins.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. All investment and trading involves risk. You should do your own research before making a decision.
