Is BTC Momentum Improving?
In a detailed report published on Monday, prominent pseudonymous technical analyst Nik noted that Bitcoin remains tightly range-bound between its 200-week moving average near $62,500 and resistance around $65,800.
While the weekly structure is still bearish, momentum is improving after a bullish divergence at the June low.
Bitcoin has also held above its February low near $60,000 for more than six months, suggesting bearish momentum may be weakening.
The immediate downside level to watch is $62,500. A weekly close below that level would put $60,000 back into focus.
However, the bullish trigger sits higher.
Bitcoin faces resistance from the anchored VWAP from its May highs, around $67,600. A weekly close above that level could provide stronger confirmation that a durable cyclical bottom has formed, potentially clearing the way for a move toward $80,000 closer to Q4.
The daily chart is more constructive, with momentum already bullish and several VWAP measures providing support.
Ethereum Eyeing $2,000 Breakout?
Nik pointed out that Ethereum is showing a similarly constructive technical setup after breaking above the long-term descending trendline from its all-time highs and successfully retesting the level as support.
ETH is now consolidating beneath anchored VWAP resistance around $1,973.
A weekly rejection followed by a break below $1,750 would invalidate much of the improving structure and increase the probability of another test of $1,500.
But a close above $1,973 followed by acceptance above $2,000 could indicate ETH’s capitulation phase is over.
