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Will BTC and ETH boom in July? always a question of rectangles and triangles. Let me know what you think in the comments.

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The last week has begun to revive Bitcoin, Ethereum and the crypto market in general. Overall cryptocurrency capitalization is back above $ 1.5 trillion and the best times for all seem to be just over $ 41k in BTC. But let's analyze them in more detail. Bitcoin, over the past week it looked like it was about to test the bottom of its range again or at least $ 30k, but the bears failed to push the price below $ 33k. The Fear and Greed Index which tracks sentiment on bitcoin is currently at 29, which is +2 points from the previous reading on Saturday, while the 7-day range is $ 33,677- $ 35,968, relatively tight due to its volatility in recent times. Ethereum is well above $ 2k again, pushing towards the next $ 2,500 target and is up + 5% in the last 24 hours at the time of writing and with EIP-1559 approaching, the Ether bulls are gearing up for a lot of green candles. ETH bears have to hope that BTC (the macro) fails to break out of $ 41k and can then push the price of ETH below $ 2k again.

Let's take a deeper look at the daily chart: BTC has been trading in a channel between 41330 and 28805 since May 20th, June 15th max and June 22nd min respectively. The distance between 41330 and 28805 is 12525.

On the chart I have projected these 12525 points up and down from the high and low respectively. Getting the values: 53855 and 16280, 16280 is too complicated to insert on the chart.

There will be a break of one of these levels sooner or later and I hope it is on the max. There will be a break of one of these levels sooner or later and I hope it is on the max, also because it has been forming increasing lows for 15 days.

Then I drew 2 trend lines that form a triangle that sooner or later will be broken somewhere, if on the upside we can expect a continuation of the bullish push hoping that it will go above 41330, on the downside BTC will be projected towards 28800.

Let's hope it doesn't break them. In short, the situation is difficult but everything suggests that we are in a phase of accumulation.

graphic from tredingview.com

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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision. THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.

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