Bitcoin (BTC) soared from $29,482.61 en julio 21 a $40,000 hoy, its highest level since June 16. This sharp rebound shows a possible change in sentiment.

The bulls received a boost on Sunday, following the news from an anonymous source within Amazon proclaiming that the company is planning to accept Bitcoin payments by the end of 2021 and is exploring the launch of its own cryptocurrency by 2022.

This news seems to have sent the bears scurrying to the exit, resulting in a short squeeze. Data from Bybt shows about $1.1 billion of liquidations in 24-hours on Monday, the most since May 18. The intensity of the squeeze was such that “$111,000,000 of shorts liquidated in 10 minutes” according to analyst William Clemente III.

Rendimiento diario del mercado de criptomonedas. Fuente: Moneda360

Although institutional adoption of digital assets is on the rise, some still view crypto only as a speculative asset. Man Group CEO Luke Ellis said that cryptocurrencies are “a pure trading instrument” with “no inherent worth in it whatsoever. It is a tulip bulb.”

Can the bullish sentiment sustain and attract further buyers? Let’s study the charts of the top-10 cryptocurrencies to spot the critical levels on the upside and the downside.

BTC / USDT

Bitcoin closed above the 50-day simple moving average ($34,396) en julio 25, which may have forced the short-term traders to cover their short positions. This could have resulted in a short squeeze today, pushing the price above the overhead resistance at $36,670.

Gráfico diario BTC / USDT. Fuente: TradingView

The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) se ha acercado al territorio de sobrecompra, indicating that bulls have the upper hand.

Si los compradores mantienen el precio por encima $36,670, the BTC/USDT pair could rally to the overhead resistance zone at $41,330 a $42,451.67 where they may encounter stiff resistance from the bears.

If bulls arrest the subsequent decline above $36,670, the pair could trade in the upper half of the large trading range between $30,000 a $42,451.67. Un descanso arriba $42,451.67 will signal the possible start of a new uptrend.

Esta visión positiva se invalidará si el precio baja y se rompe por debajo de las medias móviles.. Si eso pasa, the pair could retest the $31,000 a $28,000 zona de apoyo.

ETH / USDT

Éter (ETH) struggled near the $2,200 level for the past two days but the long tail on the July 25 candlestick suggests that bulls purchased the dip. Sustained buying by the bulls has pushed the price above the $2,200 level today.

Gráfico diario ETH / USDT. Fuente: TradingView

The ETH/USDT pair could rally to the downtrend line, which may again act as a stiff resistance. If the price turns down from this resistance but rebounds off the 20-day EMA ($2,081), it will indicate a change in sentiment. That will improve the prospects of a break above the downtrend line.

A breakout and close above the downtrend line will clear the path for a possible rally to the psychological resistance at $3,000. Esta visión alcista se invalidará si el precio baja y se rompe por debajo de la EMA de 20 días.. Such a move will suggest that the bears have not given up and continue to sell on rallies.

BNB / USDT

The bulls have pushed Binance Coin (BNB) above the downtrend line and are now attempting to clear the hurdle at the 50-day SMA ($314).

Gráfico diario BNB / USDT. Fuente: TradingView

The 20-day EMA has flattened out and the RSI has risen into the positive territory, indicating that the bulls are attempting a comeback. If they can sustain the price above the 50-day SMA, the BNB/USDT pair may soar to $380 y luego a $433.

De lo contrario, si el precio baja del nivel actual, the bears will try to sink the pair back below $280. Si logran hacer eso, the pair could continue its down move and retest the July 20 bajo en $254.52.

ADA / USDT

The long tail on Cardano’s (AHI ESTA) candlestick on July 25 showed that bulls were buying the dips rather than closing their positions near the 20-day EMA ($1.24). The momentum picked up today and bulls have propelled the price above the moving averages.

Gráfico diario ADA / USDT. Fuente: TradingView

If bulls sustain the price above the 50-day SMA ($1.34), the ADA/USDT pair could rise to the downtrend line. This level could act as stiff resistance but if the bulls arrest the next decline above the 20-day EMA, it will enhance the prospects of a break above the downtrend line.

Si eso pasa, la pareja podría reunirse para $1.63 y luego a $1.88. Por otra parte, if the price turns down from the current level and slides below the 20-day EMA, el par podría caer a $1.14 y luego a $1.

XRP / USDT

XRP’s rebound had stalled near the 20-day EMA ($0.61) for the past three days but the bulls did not dump their positions. Renewed buying has pushed the price above the 20-day EMA today.

Gráfico diario XRP / USDT. Fuente: TradingView

The 20-day EMA has flattened out and the RSI has risen above 54, indicating that bears are losing their grip. If bulls drive the price above the 50-day SMA ($0.68), the XRP/USDT pair could rise to $0.75.

Una ruptura y un cierre por encima $0.75 will complete a double bottom pattern, which could open the doors for a rally to $1.07. Contrariamente a esta suposición, if the price turns down from the current level and breaks below the 20-day EMA, the pair could again drop to the critical support at $0.50.

DOGE / USDT

Although bears defended the 20-day EMA ($0.20) durante los últimos tres días, the bulls did not give up much ground. This suggests that bulls were not booking profits as they were anticipating Dogecoin’s (DUX) relief rally to continue.

Gráfico diario DOGE / USDT. Fuente: TradingView

The buyers have pushed the price above the overhead resistance at $0.21 today but the bears may not give up easily. The sellers will again try to stall the recovery at the 50-day SMA ($0.24). Si el precio baja de este nivel, the bulls will attempt to flip $0.21 en apoyo.

Si tienen éxito, the possibility of a break above the 50-day SMA increases. Such a move could open the doors for a likely rally to $0.28 y luego a $0.33. en cambio, si los bajistas tiran del precio por debajo de la EMA de 20 días, el par DOGE / USDT podría volver a caer a $0.15.

DOT / USDT

The bears tried to stall Polkadot’s (PUNTO) relief rally at the 20-day EMA ($13.92) for the past three days but they could not pull the price back below the $13 nivel. This shows that bulls were buying on every minor dip.

Gráfico diario DOT / USDT. Fuente: TradingView

The bulls have pushed the price above the 20-day EMA today and the DOT/USDT pair could now rally to the overhead resistance at $16.93. This level may act as stiff resistance and if the price turns down from it, la pareja podría volver a caer a $13.

De lo contrario, if bulls drive the price above $16.93, it will suggest that the markets have rejected the lower levels. The pair could then start its northward march to $20 and later to the stiff overhead resistance at $26.50.

UNI / USDT

Uniswap (UNI) recovery has reached the downtrend line of the descending triangle pattern where bears may mount a stiff resistance. If the price turns down from this level and breaks below the 20-day EMA ($18.17), it will suggest that bears are aggressively selling at higher levels.

Gráfico diario UNI / USDT. Fuente: TradingView

The RSI has climbed into the positive territory and the 20-day EMA has flattened out, suggesting that the selling pressure is reducing. If bulls push and sustain the price above the downtrend line, the bearish pattern will be invalidated.

That could attract further buying, opening the doors for a rally to $25. If bulls can clear this hurdle, the UNI/USDT pair could rally to $30 where bears may pose a stiff challenge.

Relacionado: Here’s how much Musk and Saylor’s tweets influenced crypto prices in Q2

BCH / USDT

After struggling near the 20-day EMA ($465) durante los últimos dos días, Bitcoin efectivo (BCH) has resumed its recovery today. The altcoin could now rise to the overhead resistance at $538.11 donde los osos pueden montar una dura resistencia.

Gráfico diario BCH / USDT. Fuente: TradingView

El RSI se ha elevado por encima 55 and the 20-day EMA has flattened out, suggesting a balance between supply and demand. Una ruptura y un cierre por encima $538.11 will tilt the advantage in favor of the bulls as the BCH/USDT pair will complete a double bottom pattern.

Esta configuración alcista tiene un objetivo en $706.22. Alternativamente, si el precio baja de $538.11, el par puede caer a la EMA de 20 días. Si el precio rebota en este nivel, the bulls will again try to push the price above the overhead resistance. A break below the 20-day EMA could pull the price to $370.

LTC / USDT

The bears attempted to stall Litecoin’s (LTC) relief rally near the 20-day EMA ($127) for the past two days but the bulls were in no mood to relent. They held their ground and pushed the price above the 20-day EMA today.

Gráfico diario LTC / USDT. Fuente: TradingView

The RSI has risen into the positive zone and the 20-day EMA has flattened out, indicating that bears are losing their grip. If bulls drive and sustain the price above the 50-day SMA ($139), the LTC/USDT pair could attempt a rally to $180.

If the price turns down from the 50-day SMA but does not break below the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips. The bears will have to sink the price below the 20-day EMA to gain the upper hand.

Los puntos de vista y opiniones expresados ​​aquí son únicamente los del autor y no reflejan necesariamente los puntos de vista de Cointelegraph.. Cada inversión y movimiento comercial implica un riesgo. Debe realizar su propia investigación al tomar una decisión.

Los datos de mercado son proporcionados por HitBTC intercambiar.