Weekly Crypto Market – July 25, 2022


Overview of BTC (long-term and short-term TA)

Overview of ETH


Overview of BTC

BTC also broke above the latest short-term range, as if following ETH, which broke above the latest ranging $ cap of last week. However, rather than changing the long-term axis trend, I think the ranging market is still continuing just because the range width has expanded.


It is necessary to continue to watch the movement of BTC, ETH, and the US100 and respond flexibly to the market environment. It can be said the difficulty lies in the current market as we cannot use BTC alone to make any judgment. It is important to observe each element in a complex manner and make a comprehensive judgment.


Since monetary easing has ended and funds are being withdrawn from the market, it is not necessary to rush to build a buy position over a long period of time. Now is the phase of protecting funds, not to be on attack.


↓ BTCUSD weekly candlestick chart

As mentioned at the beginning, this week we have broken above the short term from the most recent range of $18,000 to the upper limit of $22,500.


Last week I stated, “if it wants to go up in the short term, it must break through the 200MA weekly, which is holding the head all the time.” I would like to see what the future of this offense and defense will be next week and build an appropriate position.


Again, a certain amount of horizontal axis adjustment is required, whether it reverses or continues to fall, the ranging market should continue until then. Therefore, I do not think that this short-term range break has turned into a trend change, but the range width may expand or return back. I think the horizontal axis is still insufficient for the trend to change.


↓ BTCUSD daily candlestick chart

On a daily basis, it once broke above the short-term range market price of the latest lower limit of $18,000 to the upper limit of $ 22,500, and is now showing a movement as if it is switching to register support at the upper limit of the range. If it manages a resistance support change, it seems it can aim for a rise to around $25,000 to the white box resistance area next time.


On the other hand, as mentioned in the weekly section, this area is a place where the upper price can show heavier resistance, so I would like to go around while considering the possibility of returning back to the range again. If it returns back again, you can wait for the monthly update without forcibly building a long position. It is an image of aiming for the positive line next month.


In this way, it is important to always set up multiple scenarios and respond flexibly to short-term price movements at the time and candlesticks on each time axis. At the moment, I have a strong desire to see it as a resistance support change.


Last week I also stated, “I’m a little worried, as I’ll explain later, ETH has been testing the latest range, so at this point, unless the US100 shows a downward trend, BTC may also break out of the range.” But it’s good to remember the price movements BTC has followed with this ETH lead have been witnessed many times in the past.



Overview of ETH

↓ ETHUSD weekly candlestick chart

ETH showed a fairly strong rise, leading BTC to break out of its most recent range. If it continues to rise, the next resistance is likely to be around $1,750. If the movement is similar to the BTC price movement assumption, the key is to be able to rebound at around $1,300 to $1,400 in the event of a short-term decline in the future.