Bitcoin tested both support and resistance this week without breaking out, shows Kaupr's Trendline analysis. Sentiment is neutral, and Ethereum is approaching a rising trendline from May that has kept its recovery alive.
Trendline is Kaupr's weekly technical analysis of bitcoin and the crypto market. This is the fourth analysis in the series, written by Venkat Hrushikesa Varri, who has followed the crypto market since 2019 and is building his own analytics platform for digital assets.
Bitcoin has traded within the same range identified in last week's analysis. During the week, price attempted to move both above resistance and below support, but both attempts were rejected, and bitcoin ended back where it started.
According to the analysis, attempts have now been seen in both directions, without either developing into a sustained break. That suggests there is currently neither enough buying pressure to establish a breakout above resistance, nor enough selling pressure to produce a sustained breakdown below support. The analysis sets out which levels would confirm each direction if the range is broken.
The Crypto Fear & Greed Index sits in neutral territory, down from Greed a month ago. According to the analysis, that mirrors the same picture as the price structure: sentiment has cooled without tipping into fear.
While bitcoin remains caught in consolidation, Ethereum is approaching what the analysis describes as a more consequential technical level. Following a rejection from a higher region and a failed recovery attempt, price is now moving toward a rising trendline that can be traced back to its May lows and has supported the recovery since. The analysis notes that a break here would be more significant than losing an ordinary support level, as it would challenge the uptrend itself.
Sources: Kaupr
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