On track to end the month printing its most significant one-month gain since the beginning of this year (+26.0% MTD), last week wrapped up +13.7% higher and touched resistance on the weekly timeframe at $35,060, bringing the major cryptocurrency’s Relative Strength Index (RSI) to the overbought threshold. Below, weekly support warrants attention at $30,478, while rupturing current resistance could see additional resistance at $38,523.
Over on the daily chart, you will note that buyers and sellers ended the week squaring off around support at $34,048. Should buyers take the reins, supported by a possible Golden Cross (50-day simple moving average crossing above the 200-day simple moving average ), resistance is seen at $36,361. A concern for buying, however, is that the RSI rotated south just ahead of indicator resistance at 89.35 (this marks a long-term level where the market has generally found some resistance and pulled back). As a result, both the weekly and daily charts reflect overbought conditions at the moment.
Shorter-term price action on the H1 timeframe reveals the crypto compressing between an ascending triangle (generally viewed as a continuation signal) taken from $35,157 and $33,000. Support to be aware of falls in at $33,081, with resistance seen overhead at $34,246 and $34,842.
Overall, favouring buyers is the clear uptrend, daily support from $34,048 and the ascending triangle formation on the H1. On the side of sellers, we have weekly resistance at $35,060, as well as overbought space being tested on the weekly and daily charts according to the RSI. Should H1 price close above the upper limit of the ascending triangle, this would help confirm upside interest and likely see the unit push for $36,000 and perhaps daily resistance at $36,361. Failure to complete the H1 ascending triangle and H1 price nudging beneath support at $33,081 could imply a move down to at least $32,000.
Therefore, according to the above chart studies, the H1 ascending triangle will be vital for determining price direction this week.
Over on the daily chart, you will note that buyers and sellers ended the week squaring off around support at $34,048. Should buyers take the reins, supported by a possible Golden Cross (50-day simple moving average crossing above the 200-day simple moving average ), resistance is seen at $36,361. A concern for buying, however, is that the RSI rotated south just ahead of indicator resistance at 89.35 (this marks a long-term level where the market has generally found some resistance and pulled back). As a result, both the weekly and daily charts reflect overbought conditions at the moment.
Shorter-term price action on the H1 timeframe reveals the crypto compressing between an ascending triangle (generally viewed as a continuation signal) taken from $35,157 and $33,000. Support to be aware of falls in at $33,081, with resistance seen overhead at $34,246 and $34,842.
Overall, favouring buyers is the clear uptrend, daily support from $34,048 and the ascending triangle formation on the H1. On the side of sellers, we have weekly resistance at $35,060, as well as overbought space being tested on the weekly and daily charts according to the RSI. Should H1 price close above the upper limit of the ascending triangle, this would help confirm upside interest and likely see the unit push for $36,000 and perhaps daily resistance at $36,361. Failure to complete the H1 ascending triangle and H1 price nudging beneath support at $33,081 could imply a move down to at least $32,000.
Therefore, according to the above chart studies, the H1 ascending triangle will be vital for determining price direction this week.