Ethereum-Bitcoin report July 21st, 2022

Very bullish week with double digit gains for Bitcoin and Ethereum.

Bitcoin gained 15% to $ 22,960 and Ethereum even 36% to $ 1,490.

Among the news of the week the Apecoin rally (APE) which gained 29% thanks to the demo of the metaverse Otherside.

This general rally would appear to show the end of the bearish trend but some analysts fear it is the usual pullback in a bear market.

In our opinion, this time it could be different, at least for a rise of two or three months, especially due to the resistance of the supports that we had indicated last week and repeatedly touched.

As for Ethereum, the support is at 992 dollars, on the third test this rally was triggered confirmed by the supertrend which turned upwards and now passes in the $ 1,368 area, the first resistance is at 1,700 dollars (red line on the chart) which represents the previous lows reached on 12th May and 27th May.

The same goes for Bitcoin, with the supertrend, which transits at $ 21,520, set long and the much more distant resistance at $ 27,820 due to the lower relative strength compared to Ethereum, the support of the triple low that it held from which the rally was triggered is $ 18,830.

Ultimately, this sharp and aggressive short squeeze had not occurred for a long time and caused devastating losses for those who were positioned on the downside so, as written above, this chart pattern could mean a recovery in prices at least for a few months even if some daily shocks due to high volatility could persist.