


clydeuscope
If BTCUSD stays too long near the trendline, then orders will be filled up making it easier to go below 2,500. If Bitcoin can move up and away from it, it has to reenter the supply zone near 2,600. If it goes above it, then the broken blue line will become its resistance.
After the BTCUSD rally on July 20, Bitcoin is stuck below the 2,800. I think this is a healthy setup to avoid deeper corrections in the near future. Right now, Bitcoin is going to move into the demand zone near 2,600. If demand is strong enough, then it could retrace upwards to 0.618 (2,700). The retracement already happened but it needs to go back again to break...
Ethereum is forming a flag and it has potential for a short term breakout to 280 - 320 levels.
Breaking above 2,800 would be easy as this zone has been revisited 11 times (see 1hr TF). Just need more buy volume to confirm the breakout from this bullish pennant . If BTCUSD 0.00% breaks out from the pennant , it could retest 3,000. If it breaks down below the pennant , it could revisit 2,600 and bounce back up again.
BTCUSD is forming a flag and RSI isn't overbought. There's still room for an upward movement in price. Still, it would be difficult to break resistance around the 2900 levels. But, if it breaks out successfully without going below that level again, then we're looking at a greater upward movement for the short term, probably near August 1.