Disclaimer: This article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry inherent risks, and readers should conduct their own research and consult with financial professionals before making any investment decisions.
Technical Analysis
Bitcoin (BTC/USD)
On the daily timeframe, BTC found support once again at the $64,500 zone overnight and has rebounded modestly. The critical defense of this demand cluster, combined with bullish RSI divergence on the weekly chart, paints an increasingly constructive picture.
If support continues to hold and a higher low is set above $64,500, the focus will shift to overcoming resistance at $66,000 and reclaiming it as support. A daily close above this level could ignite momentum towards targets at $68,000 and $69,500 respectively.
The 4H chart shows initial resistance at $65,500 may need to be cleared to pave the way for the aforementioned $66,000 break. Traders can consider scaling long positions on deeper dip entries with stops under strong support.
Ethereum (ETH/USD)
ETH has stabilized above $3,400 after brief weakness and is trading within a potential inverse head and shoulders pattern on the daily chart. A break above resistance at $3,570 would complete this bullish reversal formation, with targets at $3,850 and $4,120 respectively.
On the 4H timeframe, reclaiming $3,450 as support could act as an early signal of potential for upside outperformance. The consolidation may continue to tighten ranges in the short term as momentum indicators flip positive on lower timeframes.
Over the past week, Ethereum has been consolidating in a bullish inverse head and shoulders pattern on the daily chart. After dipping lower yesterday, price recovered and held above neckline support in the $3,250-3,350 zone.
Momentum is improving, with the RSI turning higher from 50 and the MACD crossover signaling increasing buying power. A decisive break above neckline resistance around $3,450 would confirm the bullish reversal pattern and trigger an extension of the uptrend.
Today's move back into the pattern poses an opportunity for traders. A further push above the neckline could see ETH challenge initial upside targets at the June high of $3,700. Beyond that, the 0.786 Fib retracement level from Swing B to Swing C, near $3,910 may act as an interim resistance.
On higher timeframes, the weekly chart shows a bullish MACD crossover underway. If follow through buying develops, it could form a bullish divergence against the RSI, lending credibility to increased upward momentum materializing over the next 1-4 weeks.
High Conviction Trading Opportunities
Based on the technical factors analyzed, here are some high probability trading plays to watch this week:
- Long Bitcoin with a stop loss of $64,000 and initial target of $68,000 on a 4H close above $66,000. Daily bullish divergence signals potential for upside momentum.
- Long Ethereum above $3,450 targeting an extension of the recent rally with initial resistance at $3,650. Upside structure remains intact above this level.
RING has regained support at $0.058 and momentum appears to be turning higher. A bullish break above $0.06 could provide an entry, targeting $0.062 with potential extension to the 20-day EMA at $0.064.
BNB has found a base at $570 after a test of support. Further buying above $575 may see it challenge resistance at $580, on its way to retest the $590 region. Daily RSI divergence supports potential upside continuation.
This article had been developed with the help of AI technology.
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