A Sleepy Summer Monday — Where Crypto Goes Next

[00:00:07][music] >> Good afternoon and welcome to another ProCharts video. My name is Jake Sweeney, trader here at Verified Investing. I hope you guys are having a happy Monday. It's July 20th right now.

[00:00:20]The World Cup is over and we're looking for some excitement as it continues to downpour here out in Florida. Anyways, you know where I am. I'm in the office checking out the charts. Today we're going to be covering some crypto. I got um Bitcoin kind of sleepy this afternoon. But let's go into the charts and let's see what active activity is going on today, guys.

[00:00:41]Thanks for joining me. We're going to jump into the Bitcoin one first.

[00:00:45]All right. Today I'm on the daily right now for Bitcoin.

[00:00:51]And I have this nice parallel channel here.

[00:00:54]Short-term parallel channel. And if I have this if I have this parallel channel, I drew it from this route here.

[00:01:00]Uh or this pivot low here July 6th. We have 1 2 3.

[00:01:05]We got a pierce, a kiss, and four. So four clean touches to the downside.

[00:01:11]To the upside, we have 1 2. So still kind of a tentative parallel channel waiting for that third hit. I wanted I didn't want to drag this down to force this. But look for resistance on the upwards ends of this channel for resistance. Right now, that's coming into this tight zone whereas price pushed above 65, this pivot here where we were struggling last Wednesday. Price was able to get above it, but now we're giving back a lot of those gains today, revisiting that $65,000 whole handle.

[00:01:51]But if we can get some a more push to the upside for Bitcoin, this low pivot here is the level to take out at 66,100.

[00:02:01]So, right here, say tomorrow we push up, that's going to be coming into the top of this parallel channel, and then also this pivot low. So, right here, a two-factor resistance setup. On top of that, even if it does breach, there's this down-sloping trend line, one, two, also premature. Cuz you know, for a trend line, you want to have three clean hits.

[00:02:23]So, this is a premature trend line.

[00:02:26]And this is one, two, could have a third hit. Should price get out of this 66,100 resistance level, right here, should stop price action at the 66,500 handle, give or take some change, depending on when price gets there.

[00:02:46]To the downside for Bitcoin, Bitcoin also fell below this pivot top at 63,945, first reclaiming into now a large standoff candle. The 65,000 level, all the way from this prior pivot going back to 2024, is seeing a lot of polarity flip today.

[00:03:06]If we go to the 10-minute, let's check out the 10-minute and see Bitcoin's push today.

[00:03:14]As we broke below, this was early this morning, we broke below to this 63,945 level, and moved sharply above, way past this midline, a nice sharp move, this is at 7:30, and then we got stopped right at the $65 $65,000 handle, before getting shut down. We regained some momentum, and sharply moved up again, and then we got enough juice to get above that $65,000 handle, and now we seem to be treading right back here towards the 65,000 level.

[00:03:53]We even go to the 1 minute, you can see just volume is just relatively low today. It is we are in the prime of the summer months and maybe some people are still out of the market because of the World Cup. Anyways, just from noon till 1:45, Bitcoin was staying in like a $500 price or not even, $300. We are live in the Apex live day trading room and I was like, "Lawton, what is going on here, man? There's nothing." And then we saw some activity.

[00:04:28]Price finally s- uh went back above, but now has since already coming all the way back in as we have about 30 minutes left until the market closes.

[00:04:39]I know Bitcoin is obviously longer, um but interesting to see it come back and revisit to that $65,000 handle.

[00:04:49]So, more upside I see for Bitcoin until this bottom trend line that's acting as support with higher lows is broken.

[00:04:57]So, slight bullying on Bitcoin for now.

[00:05:01]Ethereum, guys. Ethereum USD also having a nice day.

[00:05:06]Um not too bad as we're riding this up sloping trend line higher and higher.

[00:05:12]And we first on Let's go last Monday, about a week ago.

[00:05:17]We pushed up from this trend line, but we were shut down from this down sloping trend line. This down sloping trend line from May 6th, 1 2 3 4 price confirmed above it.

[00:05:31]Went back, retraced to this confluence support zone right here and is now pushing back above. As you see here, this other hit today, we went down, just kissed it. This test would be at 1837 and the low of today was 1841.

[00:05:49]So, we didn't even kiss this trend line. So, look for this trend line up sloping as near-term support tomorrow. That could be at anywhere from 1850 upwards to 1890.

[00:06:03]Resistance-wise for Ethereum, last Wednesday we were able to pop up, but we were not able to reclaim this pivot here at 1956.

[00:06:15]We're able to get above Now, yeah, we weren't we were not even um able to get above the 1950 level. We got highs of 1944.

[00:06:25]So, near-term, look for 1950 as a psychological resistance level and then this major 1956 level as price back in early June.

[00:06:38]We bounced off this level of support, bounced off this level of support in March, and then we had a sharp sell-off and have struggled to gain some momentum on the RSI to retest this.

[00:06:50]We're slowly creeping back up there as oops.

[00:06:57]As price is now staying above the 50 and trying to slowly float up to the 70, although I'd like to see a sharper move than that. If we can If we can clear this 1956 level, my next resistance is the $2,000 and this pivot shelf right here. This prior price consolidation at $2,007.

[00:07:20]Just so you guys know, I'm a trader here at Verified Investing. If you want to see me trade throughout the day, you can catch me at the Apex Live Day Trading Room. That's at Verified Investing.

[00:07:30]There's plenty of links down below. You could check out our site for free content. Ton of our traders we post daily. Go to check that out. Gives you some good alpha and you could see me day trade some stock and equities ETFs and see if you like my style. Just want to throw that out there. Let's get back. I got a few more charts for you guys.

[00:07:50]We're looking at Solana next, SOLUSD.

[00:07:55]Um also, I have this up-sloping trend line. Price is trying to stay above it. And just this past week, just today, we bounced off this trend line. Earlier last week, we were pierced just below, but then reclaimed it just on the next day. That's why it's always important when you break a trend line, wait for that confirmation. If you just go off, "Oh, it broke the trend line.

[00:08:20]The trend is done." Nope, you got to wait for a daily confirmation below or above that trend line. As usually, they get reclaimed.

[00:08:29]As this trend line as support, now I have this down-sloping trend line, long-term one from this February 1st pivot, getting price action through here rejected. Just pushed above, and nope, it did not confirm, and it fell back below. Price tried again on the short move in early July, shut down just again. So, if price can first for Solana, there's going to be some key resistance here at 7960 from these prior pivots here, and got shut down from uh last Friday.

[00:09:04]So, near-term, the 7960 level and this down-sloping trend line slightly above it, about $80.80, 8050 cents, will be some tight resistance. If you can get that, there's some major swing level resistance at 8341.

[00:09:24]We're looking at Binance with Tether.

[00:09:31]And I have this down-sloping trend line from here, from this June 3rd pivot high. Price went all the way got rejected here as well as here. Traded on the level back and forth.

[00:09:47]Price fell below it.

[00:09:50]Did not confirm though. Bounce off this pivot low support at 556 and confirmed above the next day.

[00:09:57]Price is still riding this trend line down a support but trying to bounce.

[00:10:02]RSI 2 struggling to get over this 50 percentile midway of RSI. So, look as we're challenging again again later this week. See if we can push above this 50 and float on to the 70 per at the 70 level of the RSI momentum reading.

[00:10:23]If we can get above it and start gain getting some more buyer momentum, this pivot low here from this wide range green bar at 59219 which capped price in early July as it was rejected twice harshly.

[00:10:37]And again, this will be the next key level resistance if price can can push up past these pivots here at 585 592 right here will be your level to expect a fade.

[00:10:51]Last one I got for you today guys is Zcash ZEC.

[00:10:55]I had this parallel channel and this is from the pivot low of of June 29th. We have 1 2 3 4 5 hits.

[00:11:07]Price broke below it today. As I said, watch this candle body close. See if it can stay above this bottom of this parallel channel. Then all and then the next day see right here. See how low price got? It stayed above these two bar here's at 52360.

[00:11:27]So look for the close and look for confirmation tomorrow if can reclaim this parallel channel and continue pushing up. You're going to have some resistance at this midline. As you see right here, 1 2 3 price was rejected from that midline, but was support on last Wednesday.

[00:11:47]So, if price can reclaim right here, there's going to be some resistance here at about 580 of the midline of this channel, and then this pivot low here at 587.52.

[00:11:58]Two key levels two key levels there for Zcash. But, this does have further upside if it can reclaim this parallel channel moving upwards of $600, and then can tackle this pivot top here that was rejected earlier this year at 643.

[00:12:16]So, may have some upside for Zcash to the downside. Near-term, it found some support at 523.60 as I said.

[00:12:24]And then later earlier this week, it found support just at $500 or 496.47.

[00:12:32]Look for those two key levels for support for Zcash.

[00:12:37]All right, guys. Uh we covered Bitcoin, Ethereum, and Solana many times, but I listened to you guys as I always do, and we added Binance um and Zcash this time.

[00:12:46]Let me know if you guys want to check out any other cryptos that I haven't covered yet, and I will continue to gain my skills when it comes to the crypto world. As always, thank you guys so much for taking your time and watching my video today.

[00:13:00]I hope you guys have a great rest of your week, and happy trading.

[00:13:04]Thanks, and take care. Have a good one.