Bitcoin price nears critical 200-week moving average as Ethereum touches $1.5K
The 200-week moving average keeps the bulls in check, and traders are silent on the chances of a breakout so soon.
Market Update
Bitcoin (BTC) hovered at $22,000 at Wall Street's July 18 open as analysts warned that bulls won't break through resistance all at once.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.
This level represented the start of short positions on exchanges clustered around the 200-week moving average (WMA), a key area that commentators said would be difficult to break.
"I don't expect a continuation on Bitcoin, at this point, as we are facing 200 week and range resistance," Cointelegraph contributor Michaël van de Poppe told subscribers. Twitter in its latest update.
Trader and analyst Rekt Capital, like others, was also skeptical that Bitcoin could continue its upward momentum immediately.
#BTC still remains below the 200-week MA resistance
Until this level breaks, it is technically premature to assume that this is now a sustained $BTC #Crypto #Bitcoin relief rally
— Rekt Capital (@rektcapital) July 18, 2022Van de Poppe nevertheless added that a ...
The 200-week moving average keeps the bulls in check, and traders are silent on the chances of a breakout so soon.
Market Update
Bitcoin (BTC) hovered at $22,000 at Wall Street's July 18 open as analysts warned that bulls won't break through resistance all at once.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.
This level represented the start of short positions on exchanges clustered around the 200-week moving average (WMA), a key area that commentators said would be difficult to break.
"I don't expect a continuation on Bitcoin, at this point, as we are facing 200 week and range resistance," Cointelegraph contributor Michaël van de Poppe told subscribers. Twitter in its latest update.
Trader and analyst Rekt Capital, like others, was also skeptical that Bitcoin could continue its upward momentum immediately.
#BTC still remains below the 200-week MA resistance
Until this level breaks, it is technically premature to assume that this is now a sustained $BTC #Crypto #Bitcoin relief rally
— Rekt Capital (@rektcapital) July 18, 2022Van de Poppe nevertheless added that a ...
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