Traders are hopeful that Bitcoin’s bounce from $29,000 à $40,000 and the strong rally seen in altcoins is a signal that the bull market has resumed.
Bitcoin (BTC) soared from $29,482.61 en juillet 21 à $40,000 aujourd'hui, 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.
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 juillet 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.
The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) a augmenté près du territoire de surachat, indicating that bulls have the upper hand.
Si les acheteurs maintiennent le prix ci-dessus $36,670, the BTC/USDT pair could rally to the overhead resistance zone at $41,330 à $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 à $42,451.67. Une pause au dessus $42,451.67 will signal the possible start of a new uptrend.
Cette vue positive invalidera si le prix baisse et tombe en dessous des moyennes mobiles. Si cela arrive, the pair could retest the $31,000 à $28,000 zone de support.
ETH / USDT
Éther (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.
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. Cette vue haussière sera invalidée si le prix baisse et tombe en dessous de l'EMA de 20 jours. 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).
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 et plus tard à $433.
Au contraire, si le prix baisse par rapport au niveau actuel, the bears will try to sink the pair back below $280. S'ils réussissent à faire ça, the pair could continue its down move and retest the July 20 bas à $254.52.
ADA / USDT
The long tail on Cardano’s (IL Y A) 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.
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 cela arrive, la paire pourrait se rallier à $1.63 puis à $1.88. D'autre part, if the price turns down from the current level and slides below the 20-day EMA, la paire pourrait tomber à $1.14 puis à $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.
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.
Une évasion et fermer ci-dessus $0.75 will complete a double bottom pattern, which could open the doors for a rally to $1.07. Contrairement à cette hypothèse, 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) depuis trois jours, the bulls did not give up much ground. This suggests that bulls were not booking profits as they were anticipating Dogecoin’s (DOGE) relief rally to continue.
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 le prix baisse à partir de ce niveau, the bulls will attempt to flip $0.21 en soutien.
S'ils réussissent, 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 puis à $0.33. inversement, si les ours tirent le prix en dessous de l'EMA de 20 jours, la paire DOGE/USDT pourrait à nouveau chuter à $0.15.
DOT / USDT
The bears tried to stall Polkadot’s (POINT) 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 niveau. This shows that bulls were buying on every minor dip.
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 paire pourrait à nouveau tomber à $13.
Au contraire, 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.
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.
en relation: Here’s how much Musk and Saylor’s tweets influenced crypto prices in Q2
BCH / USDT
After struggling near the 20-day EMA ($465) depuis deux jours, Bitcoin Cash (BCH) has resumed its recovery today. The altcoin could now rise to the overhead resistance at $538.11 où les ours peuvent monter une résistance rigide.
The RSI has risen above 55 and the 20-day EMA has flattened out, suggérant un équilibre entre l'offre et la demande. Une évasion et fermer ci-dessus $538.11 will tilt the advantage in favor of the bulls as the BCH/USDT pair will complete a double bottom pattern.
Cette configuration haussière a un objectif cible à $706.22. Alternativement, si le prix baisse de $538.11, la paire peut tomber à l'EMA de 20 jours. Si le prix rebondit de ce niveau, 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.
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.
Les vues et opinions exprimées ici sont uniquement celles de l'auteur et ne reflètent pas nécessairement les vues de Cointelegraph. Chaque mouvement d'investissement et de trading comporte des risques. Vous devez mener vos propres recherches lorsque vous prenez une décision.
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La source: Cointelegraph