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Bitcoin, Ethereum Charts and Analysis

• Bitcoin failed an attempt to hit the $22.5 thousand level amidst quiet market conditions.
• Ethereum has been edging higher, but it has been moving off of a low base.

It was another fairly quiet week in the cryptocurrency space, with most coins trading in a well-defined, short-term range. Bitcoin has recently been trading on either side of $20 thousand for the last few weeks, but it made a run at the $22.5 thousand level overnight before fading back.

Price action will likely remain limited over the next few weeks unless we get some new macro drivers. Both charts are showing some positive short-term signs, but they remain in a longer-term, dominant downtrend. Price action remains muted for now.

Looking at the Bitcoin chart, the recent boxed-in price action is reminiscent of trade between early May and early June before BTC made a sharp leg lower. A break below $18.6 thousand would expose the multi-month $17.6 thousand low.

One ray of light for Bitcoin bulls is the short-term pattern of higher lows and higher highs made over the last week. If this price action continues to grind higher, then a test and break of the recent high around $23.2 thousand would make the chart outlook a little more positive.

Bitcoin Daily Price Chart - July 8, 2022

The Ethereum daily chart is pretty much a mirror image of Bitcoin over the last couple of months, with two trading zones joined by a sharp sell-off. Again, a series of higher lows and higher highs are visible over the last week. A break and close above $1.3 thousand would help allow Ethereum to re-test the $1,700 area.

Ethereum Daily Price Chart - July 7, 2022

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