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26 July 2021

Bitcoin, Ether, Major Altcoins – Weekly Market Update July 19, 2021

Bitcoin, Ether, Major Altcoins – Weekly Market Update July 19, 2021

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Buyers pushed the price of BTC up to the multi-timeframe resistance at $34,700 on Sunday, July 11 in an attempt to save the weekly candle which was about to close below that level for the first time since January.

However, they were rejected right there which caused bitcoin to end the week at $34,300 with a 2.8 percent loss.

The price of the coin revisited $31,000 during intraday for the first time since June 26.

The weekend of July 17-18 started with a relatively calm day on Saturday during which the coin managed to stabilize in the above-mentioned area, staying flat.

The Ethereum Project token ETH regained positions near $2,140 on Sunday, July 11, but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180).  It lost 8.2 percent on a seven-day basis, which drove the price down below the 21-period EMA – a strong bearish sign.

The selling pressure was there, with strong momentum, but it is also worth noting that on the weekly chart, the ETH/USDT pair is in a Falling Wedge reversal formation and the price just hit its lower boundary.

The first day of the weekend came with a low volatility session, during which the leading altcoin remained around the price reached during the last 24 hours.

As of the time of writing, the coin is trading slightly lower – at $1,860.

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