Crypto Technical Analysis [2024.07.13]: Bitcoin to $50K? – Key Support and Resistance Levels & Trends

Hi, welcome to xlearn’s weekly crypto technical analysis article series.

By following this article series, you can learn how to read prices and perform crypto technical analysis price action trading.

Before we start trading, we need to understand what’s happening in the market and around the world. So, let’s start with an overview of this week’s economic events.

Economic Events this Week

Between [2024.07.13] and [2024.07.19].

These events encompass important global news that could affect cryptocurrency market, macroeconomic reports, and economic indicators.

For more details, you can check coinmarketcal & crypto craft.

[2024.07.15]

12:00 ET: US Fed Chair Powell will speak at the Economic Club of Washington DC. He might give hints about future interest rate decisions during the Q&A, which could affect the forex market and, in turn, the crypto market.

Cryptos to Watch

Bitcoin(BTC):

Looking at Bitcoin, it’s still in a downtrend, with the price currently trading between $60,000 and $54,000.

Looking at the 1-hour chart, you can see that the price is pulling back from $54,000 and trending up. Right now, it’s sitting around the support level at $56,000. If the price breaks below this support, we might see it drop to $54,000, and if that support also breaks, it could fall to new lows. But if the price bounces off the $56,000 support and starts to go up, breaking above the $58,000 resistance, we can expect it to continue rising to the next resistance levels. If it breaks those too, the upward momentum could continue.

Ethereum(ETH):

Looking at Ethereum, it’s trending down but is currently pulling back up from the major support at $2,800.

Looking at the 1-hour chart, you can see that the price is trending up. Right now, it’s at the support level of 3050. Similar to Bitcoin, if the price falls below this support, we can expect it to move to the next support level and possibly bounce back from there. If that support is also broken, it can drop to the next one. However, if the price rebounds from 3050 and breaks above the resistance level, we can expect the upward momentum to continue in the same breakout manner.

Binance Coin(BNB):

Looking at Binance Coin (BNB), it’s trending down and pulling back from 440.

Looking at the 1-hour chart, you can see that the price is pulling back down from the 540 resistance level. Now, it’s around 520. It could pull back from the 500 level or break below that level and keep dropping. However, if the price breaks above the 540 resistance, we can expect it to continue going up. So, watch for breakouts.

Conclusion & Disclaimer

Please provide your feedback on how we can improve this article. Thank you!

These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK✌!!!