Bitcoin [BTC] and Ethereum [ETH] make the necessary rebound

Bitcoin rebound

After managing to close green on Tuesday after wild volatility, bitcoin continued on Wednesday and is up + 14% at the time of writing .

Tuesday BTC dropped to the below a critical support resistance of $ 30k, but managed to get back on top of it and again over $ 33k before the close on Tuesday. The price has continued to work to return to the middle of the range and BTC bulls are wondering if a return to the top of the range around $ 40k is imminent.

Bitcoin will have to move back above another major support turned resistance above $ 35k before $ 40k can be hypothetically challenged once again.

If $ 35k can be captured by the bulls once again, then market sentiment may change slightly in the short term, but the bears still have control of the momentum below $ 35k.

The chart above from AlanSantana denotes the amount of volume on June 22 and the expected bullish scenario on the 4HR chart.

If the chart works, it will usher in a bullish July which is very much needed for short-term hope – this would potentially be a very desirable upside outcome for the bulls.

Bitcoin’s Fear and Greed Index has found its way back to figures around 10. After returning to “Fear” last week, the index shows that BTC is back in the “Extreme Fear” region and reflects an uncertain market.

BTC recorded a daily candle close on Wednesday of $ 33,676.

Ethereum

Ethereum is + 2.5% in the last 24 hours at the time of writing and is flirting with an important resistance above $ 2k which was a support resistance just a few hours ago.

Yesterday Ether visited a very critical resistance of $ 1,860. The price of ETH briefly fell below this support resistance, but quickly recovered it as support.

ETH is back above $ 2k and is hovering between $ 1,860 and $ 2,100.

If the bears can continue to challenge the range lows and manage to drag ETH lower, the next stop will be $ 1,734. If this price doesn’t hold up, the bears are hoping to push the price back to its previous 2018 all-time high of $ 1,448.

There could potentially be strong support resistance to the former ATH, but the Ether bulls hope they never have to meet it.

Ether has greatly outperformed the number one cryptocurrency by market cap [bitcoin] over the past 12 months, registering 133%.

Despite the momentum of the past year , Ether dominance [16.6%] has been declining in the past 37 days since BTC dominance [45.3%] reversed its upward trend . BTCD bottomed at 37.4% at the end of May and has been gradually rising since then.

The weekly range of ETH is $ 1,840- $ 2,380.

Ether closed the daily candle on Wednesday with a value of $ 1,968.

News Source