What 1-hour chart says?

24 May 2022

Fundamental Development: Core Ethereum (ETH) developer Tim Beiko has outlined a series of suggestions and expectations about the upcoming Merge for application and protocol developers on Ethereum.For the average users of apps and protocols, Beiko simply suggested testing things out to ensure nothing is broken as more tests are executed. The Merge is the highly complex and long-awaited moment when the Ethereum network switches from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus. At that point, it will be known as "Consensus Layer" and is expected to occur in August this year.Testing on several testnets has been focused on ensuring there are no cross-client issues or that existing applications don’t entirely break after the Merge. Beiko pointed out in a separate Twitter thread that such problems are likely to be rare because “99% of changes affect the protocol layer,” while “there are almost no changes done to the application layer.



Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $29,400-$29,200 ranges.BTC is made low 28,850 and now consolidating within a range. Yesterday it made low near $28,850 and then it continue to climb up to near 200 simple moving averages. Bitcoin is struggling to gain momentum above $30,500.The price is now trading near the $29,250 level and the 200 hourly simple moving averages. The first major support is near the $28,600 level. The main support sits near the $29,000 level. A clear move below the $28,500 support zone may perhaps start a major decline.

Alternative Scenario: if Bitcoin fails to gain pace above the $30,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level and the next major support is near the $28,600 level.