Weekly Crypto Market Brief

Bitcoin has continued to form healthy market structure over the past week, printing a higher local top and a higher local bottom in the process. It has held support over the significant $22.5k level, which came after a successful retest of the 200 MA on the 4h chart. The price action for Bitcoin recently has been reflected in the Crypto Fear & Greed Index, which also printed higher highs and higher lows, as it briefly broke above the resistance level of 40 on July 30, 2022, before falling back to the 30 level. This shows considerable improvement in market sentiment in recent weeks.

Ethereum (ETH) has also displayed conspicuous bullish behaviour in recent weeks, operating in several channels at higher price regions than the prior accumulation period from mid-June to mid-July 2022. It is currently retesting the $1730-1790 resistance zone, after successfully turning the $1600 resistance into a support level over the past two weeks. Further signs of the premier altcoin’s bullishness lie in the increasing price distances between the successive local bottoms and the 200 MA on the 4h chart over the past few weeks.

In similar fashion, Litecoin (LTC) has continued its bullish trend in the recent period. It has registered successive higher lows and higher highs, while successfully turning the 200 MA on the 4h chart from a resistance to a support level. It is currently attempting to break the strong $63-65 resistance zone, which, if it does so successfully, will potentially catapult the asset towards the $68-70 price region.

Bitcoin Cash (BCH) experienced a strong price surge on July 28 and 29, 2022, increasing by 37% from $117 to $160 per coin. This followed a distribution pattern during the previous week of July 19-26 which came after a prior price rise, and preceded a correction and subsequent consolidation in the $129-144 price range. In the process, the renowned Bitcoin fork successfully turned the $129-131 resistance zone into a support region, after doing the same with the 200 MA on the 4h chart. For the bullish run to continue, the virtual asset will seek to target the $156-160 price region in the coming period.

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