In the world of cryptocurrency trading, staying updated on market trends and making informed decisions is crucial for day traders.
This article into the weekly crypto market update and the current state of the Bitcoin and ETH markets explores potential scenarios for day traders and highlights upcoming key events that could impact the cryptocurrency landscape.
It is important to note that this article does not provide financial advice but aims to offer insights and observations for traders.
Weekly Crypto Market Update
Bitcoin has recently exhibited a range-bound behavior, oscillating between specific price levels. After briefly surpassing the $30900 mark, it experienced a deviation and retraced back into the range. Notably, liquidity lies beneath the $29500 level, making it a potential target for a market sweep. As a day trader, you may anticipate the following scenarios:
Sweep the lows below, reclaim the range, and aim for a bullish move toward $32500.
Fail to reclaim the range, break down below $28000, and potentially enter a bearish trend.
Engage in choppy price movements until significant macro news is released, influencing a subsequent pump or dump.
To regain bullish momentum, Bitcoin must surpass the $30800 level.
However, the current market conditions present risks for day traders as there is no clear direction.
Source: Trading View
Ethereum, often referred to as ETH, is an altcoin that has demonstrated a weaker performance recently. Despite deviating above its range, it retraced back into it. The daily uptrend remains intact but shows signs of weakening.
A breakdown below $1820 could lead to a further decline toward the gray box region. It remains to be seen whether the price will find support at that level or drop to $1400.
To regain its bullish momentum, Ethereum needs to break above $1920.
BTC.D represents the Bitcoin dominance index, which measures its market share compared to other cryptocurrencies. It currently exhibits a strong uptrend, having been rejected at the 52% level, but steadily approaching it again.
Notable resistances are marked on the chart, indicating potential hurdles for Bitcoin’s dominance.
Wrap-Up on Weekly Crypto Market Update: Bitcoin, ETH, and Market Trends
The weekly crypto market update, it’s clear that the current conditions pose challenges for traders, lacking a distinct direction. It’s crucial for traders to be cautious, manage risks, and refrain from excessive trading without a clear trend.
Furthermore, many altcoins are experiencing downtrends, adding complexity to the market. Remember, the information here isn’t financial advice, it’s for informational purposes only. Stay update and make informed decisions.
Key Events of this Week:
FED Vice Chair for Supervision Barr Speech on July 10 at 19:00 PST.
CPI (Consumer Price Index) on July 12 at 17:30 PST.
PPI (Producer Price Index) on July 13 at 17:30 PST.
Jobless Claims on July 13 at 17:30 PST.
FED Governor Waller’s Speech on July 14 at 03:45 PST.
Michigan Consumer Sentiments on July 14 at 19:00 PST.
CFTC (Commodity Futures Trading Commission) on July 15 at 00:30 PST.
Keep an eye on these events as they may have an impact on the cryptocurrency market in the coming days.