"Show Me" Time For Bitcoin & Ethereum

JC Parets
July 15, 2022

The US Dollar took a little break from going up yesterday, and that has continued a bit this morning.

A funny thing happens when the Dollar isn't ripping - stocks and crypto prices are able to rise....

Today is Crypto Fridays around here at Allstarcharts.

We start with our 7AM meeting with the whole Crypto Team going over everything from the major trends, to new coins popping up on our screens, or the latest from the private world of defi and web 3.

Then at 10AM ET we hold our weekly Crypto Strategy session for Members of ASC Crypto.

[Call +1 (323) 421-7910 to access ASC Crypto Trade Ideas and Reports]

In addition to all of this, I like to schedule my "Crypto" type meetings to Fridays as well. So it's become Crypto Fridays around here, almost by accident, and I like it.

It's fun.

Anyway, this is what's on my mind today.

Tell me there is a more important set of charts in all of Crypto right now.

Prices of the two biggest and most important coins are back to the prior cycle's high:

Remember back during the holidays of 2017, everyone was talking about Crypto. Your drunk uncle wanted you to teach him how to buy bitcoin.

I remember vividly, some high school friends were texting me about "Which cryptos to buy", rather that IF they should be buying them.

My Grandmother was asking me about "this new currency", in Spanish.

That was the top.

And after a few years of a deep correction, or "winter" as the crypto kids call it, prices were eventually able to break out once again to new all-time highs. This was early last year.

Bitcoin and Ethereum eclipsed the prior highs and more than tripled in price from there.

And well, here we are.

Back to those former highs.

This is where my high school friends were texting me about which coin to buy, my grandmother asking me about this new currency and everyone at thanksgiving talking crypto.

This is where we are.

As Technicians, we learn early on that former resistance should turn into support.

Those late 2017 highs are the "Former Resistance", or overhead supply.

That supply was fully absorbed by demand in early 2021, hence the price appreciation from there.

So now that we're back, does that former resistance, in fact, turn into support?

That's what's on my radar.

Because if it doesn't, look out below.

Bitcoin has corrected plenty of times over the years. But each correction has ended at a higher price than the prior cycle's peak.

Is this time different?

Or do the bulls take control?

Please weigh in. We love to hear from you!

Call us up and we'll get you started with a Risk Free Trial to ASC Crypto: +1 (323) 421-7910

Cheers,

JC

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