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Bitcoin has struggled to break above the $72k level since early April and looks like it may test the $56.5k to $60k level in the short-term.
Bitcoin technical outlooks for Q3
Bitcoin has struggled to clear the $72k level since early April and appears poised to test the $56.5k-$60k zone in the near-term.
The May swing low at $56.k is protected by the 200-day simple moving average that continues to trend higher, while the CCI indicator on the daily chart shows Bitcoin in oversold territory.
Bitcoin Daily Price Chart
Source: TradingView, Prepared by Nick Cawley
However, the weekly chart presents a contrasting setup and one that suggests higher prices are likely over the medium-term.
The ‘cup and handle’ formation created since mid-September 2022 is not technically perfect but suggests that Bitcoin is currently consolidating and will soon press higher. Trading with the Cup and Handle Pattern.
Bitcoin Weekly Price Chart
Source: TradingView, Prepared by Nick Cawley
Ethereum technical outlooks for Q3
The daily Ethereum price chart appears weak with the potential to erase the entire May 20th spot ETF announcement candle.
The downside is protected by the 200-day sma, currently at $3k, ahead of a prior level of support around $2,865. The 20-day sma is trending lower, highlighting current weakness, while the 50- and 200-day smas are pointing higher, suggesting longer-term strength.
Learn about Different Types of Moving Averages and How They Can be Used
After gaining a comprehensive understanding of Bitcoin and Ethereum's technical landscapes, why not uncover what the fundamental picture suggests by downloading the full Bitcoin, Ethereum forecast for the third quarter?
Ethereum Daily Price Chart
Source: TradingView, Prepared by Nick Cawley
The weekly Ethereum chart also appears weak in the short- term and suggests a re-test of $2,865. To move higher $3,582 and $4,000 need to be broken and opened above, leaving $4,095 ahead of $4,400 and $4,860.
Ethereum Weekly Price Chart
Source: TradingView, Prepared by Nick Cawley
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