TechFlow news, July 22 — According to Financefeeds, after Bitcoin hit a record high above $123,000 in early July, it is now stabilizing below $118,000. Bitcoin is consolidating within a descending channel, with support around $115,000 and resistance at $118,000 and $120,000.
Technical indicators such as the Relative Strength Index (RSI) at 41 and the Moving Average Convergence Divergence (MACD) indicate short-term weakness. However, analysts have noted the emergence of a cup-and-handle pattern, a bullish formation that, if confirmed, could target $134,500. A breakout above $120,000 would likely validate this scenario.
Ethereum recently reached a high near $3,848 before pulling back to around $3,634. Although it may face consolidation risks in the short term, Ethereum's long-term fundamentals are strengthening.
