Bitcoin (BTC) soared from $29,482.61 a luglio 21 per $40,000 oggi, 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.

Performance giornaliera del mercato delle criptovalute. fonte: Coin360

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) a luglio 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.

Grafico giornaliero BTC / USDT. fonte: TradingView

The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) è salito vicino al territorio di ipercomprato, indicating that bulls have the upper hand.

Se gli acquirenti sostengono il prezzo sopra $36,670, the BTC/USDT pair could rally to the overhead resistance zone at $41,330 per $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 per $42,451.67. Una pausa sopra $42,451.67 will signal the possible start of a new uptrend.

Questa visione positiva verrà invalidata se il prezzo scende e scende al di sotto delle medie mobili. Se succede, the pair could retest the $31,000 per $28,000 zona di supporto.

ETH / USDT

Etere (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.

Grafico giornaliero ETH / USDT. fonte: 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. Questa visione rialzista verrà invalidata se il prezzo scende e supera l'EMA a 20 giorni. 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).

Grafico giornaliero BNB / USDT. fonte: 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 e poi a $433.

Anzi, se il prezzo scende dal livello corrente, the bears will try to sink the pair back below $280. Se riescono a farlo, the pair could continue its down move and retest the July 20 basso a $254.52.

ADA / USDT

The long tail on Cardano’s (C'È) 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.

Grafico giornaliero ADA / USDT. fonte: 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.

Se succede, la coppia potrebbe riprendersi $1.63 e poi a $1.88. D'altra parte, if the price turns down from the current level and slides below the 20-day EMA, la coppia potrebbe scendere a $1.14 e poi 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.

Grafico giornaliero XRP / USDT. fonte: 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.

Un breakout e chiudere sopra $0.75 will complete a double bottom pattern, which could open the doors for a rally to $1.07. Contrariamente a questa ipotesi, 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) negli ultimi tre giorni, 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.

Grafico giornaliero DOGE / USDT. fonte: 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). Se il prezzo scende da questo livello, the bulls will attempt to flip $0.21 in supporto.

Se ci riescono, 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 e poi a $0.33. al contrario, se i ribassisti tirano il prezzo al di sotto dell'EMA a 20 giorni, la coppia DOGE/USDT potrebbe nuovamente scendere 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 livello. This shows that bulls were buying on every minor dip.

Grafico giornaliero DOT / USDT. fonte: 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 coppia potrebbe scendere di nuovo a $13.

Anzi, 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.

Grafico giornaliero UNI / USDT. fonte: 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.

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

BCH / USDT

After struggling near the 20-day EMA ($465) negli ultimi due giorni, Bitcoin Cash (BCH) has resumed its recovery today. The altcoin could now rise to the overhead resistance at $538.11 dove gli orsi possono montare una rigida resistenza.

Grafico giornaliero BCH / USDT. fonte: TradingView

L'RSI è salito sopra 55 and the 20-day EMA has flattened out, suggesting a balance between supply and demand. Un breakout e chiudere sopra $538.11 will tilt the advantage in favor of the bulls as the BCH/USDT pair will complete a double bottom pattern.

Questa configurazione rialzista ha un obiettivo target a $706.22. In alternativa, se il prezzo scende da $538.11, la coppia potrebbe scendere fino all'EMA a 20 giorni. Se il prezzo rimbalza da questo livello, 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.

Grafico giornaliero LTC / USDT. fonte: 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.

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I dati di mercato sono forniti da HitBTC scambio.