Bitcoin (BTC) found strength at $22,000 through July 24 with bulls continuing to target a strong green weekly close.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Classic levels to focus on prices at the end of the week
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting the weekend’s low of $21,900 to return to $23,000 on the day.
The pair maintained a trading range closely focused on the major long-term trend lines, which analysts previously described as necessary to restore them.
These included the 50-day and 200-week moving averages (MAs), the latter being particularly important as support during bear markets but acting as resistance since May.
Popular Twitter account CryptoMellany argued in a portion of its latest update of the day: “A bullish because we kept a perfect 13d ema + 21.9k horizontal.”
“I think we will stop at 22.5K to close the weekly day, the new week starts with the movement down to 21-21.6K and then up for the rest of the week, forming a bullish flag.”
The 50-day and 200-week moving averages are at $22,370 and $22,690, respectively, at the time of writing, with a spot price of $22,670.
BTC/USD 1 day candle chart (Bitstamp) with 50 or 200 day moving average. Source: TradingView
Continuing, fellow trader and analyst Gibbon described the upcoming weekly close as “very important”. The accompanying chart identified $21,944 and $22,401 as lines in the sand for a “bad” or “good” closing.
Earlier in the week, Jibon warned that such a “bad” outcome could be the start of a bounce to new macro lows for Bitcoin – as low as $12,000 – which could lead to continued strength in a relief rally as high as $40,000.
If it closes at current levels, BTC/USD will close at its highest level since mid-June.
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
Ethereum and Cardano Lead Altcoins as ETH Flows Rise
On the cryptocurrency, Ether (ETH) and Cardano (ADA) were the top performers over the weekend as both rejected the lows.
Related: Ethereum Price ‘Cup and Handle’ Pattern Hints at a Possible Breakout Against Bitcoin
ETH/USD candlestick chart (Binance). Source: TradingView
ETH/USD is back at $1600 on the day, while ADA/USD also looks to challenge its peak of $0.548 for the week, marking its best performance since June 12th.
ADA/USD (Binance) 1 day candle chart. Source: TradingView
Analyzing the current environment, traders note the significance of the 2018 Ethereum rally at $1,530, a level that became long-term resistance and turned back as resistance back in June.
With price action boosting, meanwhile, ETH outflows from major exchanges intensified. On July 22, according to data from on-chain analytics firm CryptoQuant, these inflows totaled 1.87 million coins.
ETH flow chart. Source: CryptoQuant
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