Bitcoin (BTC), Ethereum (ETH), and Ethereum Name Service (ENS) Price Analysis: Bulls Back in Charge
- 王林Original
- 2024-07-02 01:07:281034browse
Today's market session has seen bulls back in charge, as seen from the increase in the global market cap.
The cryptocurrency market cap has increased by 3.8% in the last 24 hours and now stands at $2.33T. On the other hand, the trading volume has also increased by 51.9% and now stands at $53.08B. Bitcoin, Ethereum, and Ethereum Name Service are among the gainers in today’s session, as seen from their price movements.
Bitcoin (BTC) is trading at $63,298, representing a 3.18% increase over the last 24 hours. An in-depth analysis shows that the Bitcoin price has recently broken above the Ichimoku Cloud, indicating a potential shift from bearish to bullish momentum.
On the other hand, the leading span A is above span B, suggesting a bullish trend. The Woodies CCI is also above 100, signalling that the price is in a strong uptrend. The recent value of 157.94 indicates overbought conditions so that a pullback could be imminent.
Bitcoin Price Analysis by IntoTheBlock
In the above chart, we can see that Bitcoin is trading within the Ichimoku Cloud on the 4-hour timeframe. The Tenkan-Sen (blue line) is above the Kijun-Sen (yellow line), indicating bullish momentum.
On the other hand, the Chikou Span (dotted green line) is also above the candlesticks, indicating a potential uptrend. The Kumo Cloud (shaded area) is also above the candlesticks, indicating bearish pressure.
Bitcoin is trading at $63,298 at the time of writing, with immediate support at $62,000 and resistance at $64,000. An in-depth analysis shows that the support is provided by the 21-day moving average and a Fibonacci retracement level.
On the other hand, the resistance is provided by the 50-day moving average and another Fibonacci retracement level. A breakout from either level could determine the next directional move for Bitcoin.
From the above chart, we can see that Bitcoin is facing resistance at the upper Bollinger Band on the daily timeframe. The Bollinger Bands are a measure of volatility, and the upper Bollinger Band typically indicates an area of overbought conditions.
On the other hand, the RSI (Relative Strength Index) is also approaching the overbought level of 70. A breakout from either level could determine the next directional move for Bitcoin.
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