bitcoin cash

Traders expect altcoins to move higher now that Bitcoin price finally pierced the $41,000 resistance.

Bitcoin (BTC) and most major altcoins seem to be faltering near their respective overhead resistance levels. This suggests that some investors are continuing to sell at higher levels.

However, 21st Paradigm co-founder Dylan LeClair said that on-chain data shows “big transfer volumes from over-the-counter (OTC) desks over the last week.” Cointelegraph also recently highlighted a historic 57,000 BTC outflow from exchanges on July 28.

Ecoinometrics also cited on-chain data to show that "whales" and “small fish'' accumulated Bitcoin when the price recovered from $29,400 to over $40,800 this week.

Institutional investors are also not to be left behind in their plans to accumulate more Bitcoin. MicroStrategy, which holds about 105,085 Bitcoin, said in its second-quarter report that the company intends “to deploy additional capital into our digital asset strategy."

Wealthfront, a popular US-based robo-investment firm $25 billion in assets under management, announced that it would allow its clients to allocate up to 10% of their portfolio into Grayscale's Bitcoin Trust and the Grayscale Ethereum Trust.

With demand increasing from small investors and high-net-worth individuals, will cryptocurrencies stage a sharper recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on July 29, indicating indecision among the bulls and the bears near the $40,000 mark. That uncertainty briefly resolved to the downside and if the price does not hold its recent surge above $40,000 the price could drop to $36,670.

The moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive zone, indicating that bulls have the upper hand. If the price rebounds off $36,670, it will suggest that bulls have flipped this level into support.

The buyers will then again try to push the price above the overhead resistance zone at $41,330 to $42,451.67. This may not be easy because bears will try to defend this zone aggressively.

If the price turns down from the zone, the BTC/USDT pair could remain range-bound between $36,670 and $42,451.67 for a few more days. A breakout and close above $42,451.67 will suggest the start of a new uptrend.

The bears will be back in the driver’s seat if they can sink the price back below the moving averages.

ETH/USDT

Ether (ETH) reached the downtrend line today but the bears are defending the resistance aggressively. The price could now drop to $2,200 where buyers may step in and arrest the correction.

The moving averages have completed a bullish crossover and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the price rebounds off the 20-day exponential moving average, the bulls will again try to thrust the price above the downtrend line.

If they succeed, the ETH/USDT pair could rise to $2,600 and then to $3,000. This positive view will invalidate if the price turns down from the current level and breaks below the moving averages. Such a move could sink the price to $2,000 and next to $1,728.74.

BNB/USDT

The bulls pushed Binance Coin (BNB) above the 50-day simple moving average ($310) on July 29 but they could not challenge the overhead resistance at $340. This suggests that buying dries up at higher levels.

The bears will now try to take advantage of the lack of demand to pull the price below the 20-day EMA ($305). A break of this support could result in a drop to the trendline and next to the July 20 low at $254.52.

On the contrary, if the price rebounds off the 20-day EMA, it will suggest buying on dips. The bulls will then make one more attempt to clear the overhead resistance at $340. If they pull it off, the BNB/USDT pair could rise to $379 and next to $400.

ADA/USDT

The failure of the bulls to drive Cardano’s (ADA) price above the 50-day SMA ($1.32) indicates that bears are aggressively defending the resistance.

If the price breaks below the 20-day EMA ($1.25), short-term traders may close their positions and that could drag the price down to $1.10 and later to $1. A break below $1 could result in long liquidation.

On the other hand, if the price rebounds off the 20-day EMA, the bulls will again try to push the price above the downtrend line. If that happens, the DOT/USDT pair could rise to $1.50 where bears may again mount a stiff resistance.

XRP/USDT

The bulls have failed to push XRP above the $0.75 level for the past two days, which suggests that bears are defending this level aggressively.

The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that bulls have the upper hand. If bulls do not allow the price to break below the 20-day EMA ($0.64), the XRP/USDT pair may rise above $0.75. That will complete a double bottom pattern, clearing the path for a possible rally to $1.07.

This positive view will invalidate if the price turns down and plummets below the moving averages. The bears will then try to pull the price to $0.59 and then to $0.50. Such a move will indicate that the range-bound action may continue for a few more days.

DOGE/USDT

The bears have been defending the $0.21 resistance for the past few days but a minor positive is that bulls have not given up much ground. This suggests that buyers are not closing their positions as they anticipate Dogecoin (DOGE) to move up.

The flat 20-day EMA ($0.20) and the RSI above 45 suggest a balance between supply and demand. This balance will tilt in favor of the bulls if they can push and sustain the price above the 50-day SMA ($0.23). That may clear the path for a rally to $0.28 and then $0.33.

Conversely, if the price turns down from the current level and breaks below $0.18, the DOGE/USDT pair may drop to $0.15. This is an important level for the bulls to defend because if it gives way, the pair may witness panic selling and drop to $0.10.

DOT/USDT

The bulls pushed Polkadot (DOT) above the 20-day EMA ($14.15) on July 27 but they have not been able to clear the hurdle at the 50-day SMA ($16.05). This suggests that demand dries up at higher levels.

The price has turned down from the 50-day SMA today and the bears will now try to sink the DOT/USDT pair below the 20-day EMA. If they manage to do that, the pair could drop to $13. A break below this support could sink the pair to $10.37.

Contrary to this assumption, if the price rebounds off the 20-day EMA, the bulls will again attempt to push the price above the overhead resistance at $16.93. If that happens, it will suggest a change in the short-term trend. The pair could then start its journey to $20 and later to $26.50.

UNI/USDT

The bulls are attempting to push Uniswap (UNI) above the downtrend line but the long wick on the day’s candlestick suggests that bears have other plans.

If the price turns down from the current level but stays above the 20-day EMA ($18.50), it will indicate that bulls are buying on dips. That will improve the likelihood of a break above the downtrend line, invalidating the descending triangle pattern.

The UNI/USDT pair could then rise to $24 and if this level is crossed, the up-move may reach $30. Conversely, if bears pull the price below the moving averages, the pair may decline to $17.24 and then to the critical support at $13.

Related: Who takes gold in the crypto and blockchain Olympics?

BCH/USDT

Bitcoin Cash (BCH) is facing stiff resistance at $546.83. This suggests that bears are attempting to defend the resistance of the range and extend the consolidation for a few more days.

If bears pull the price below the moving averages, the BCH/USDT pair could witness further selling and drop to $441.17. A break below this level will open the doors for a further slide to the critical support at $383.53.

On the other hand, if bulls do not allow the price to drop below the moving averages, it will enhance the prospects of a break above $546.83. If that happens, the double bottom pattern will complete and the BCH/USDT pair could start its journey toward the target objective at $710.13.

LTC/USDT

Although bulls pushed Litecoin (LTC) above the 50-day SMA ($137) on July 28, they could not clear the hurdle at the overhead resistance at $146.54. This indicates that bears have not yet given up.

If sellers pull the price below the 20-day EMA ($130), the LTC/USDT pair could start its downward journey to the critical support at $103.83. Such a move will indicate that the pair may remain range-bound for a few more days.

Alternatively, if the price rebounds off the 20-day EMA, the bulls will make one more attempt to push the price above $146.54. If they succeed, the pair will complete a double bottom pattern, which has a target objective at $189.25.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin's defense of the $38,000 level and renewed interest from institutional investors could be a sign that the bull trend is resuming.

Bitcoin (BTC) and most major altcoins are attempting to break above their respective overhead resistance levels, indicating the return of the bulls.

Data from Bybt shows that the Grayscale premium has been climbing and reached -5.88% on July 27, its closest level to zero since May 25. This suggests that institutional investors may have again started building positions via the Grayscale Bitcoin Trust.

Another institutional investment product showing a possible return of buyers is Canada’s Purpose Bitcoin ETF whose assets under management rose to 1.1 billion Canadian dollars on July 27, its highest level since May 13.

Swiss private bank Vontobel said in its half-year financial report that its Bitcoin tracker certificate investment product had generated significant interest from clients. Vontobel CEO Zeno Staub said to Bloomberg that its wealthy clients have allocated a part of their wealth to cryptocurrencies.

Horizon Kinetics co-founder Peter Doyle also told the Financial Times that the world economy is at an inflection point because of the pandemic and mounting debt. This “means either default or currency debasement.” Therefore, Doyle said people should have exposure to cryptocurrencies.

With institutional interest returning to Bitcoin, could the rally continue or will bears again stall the recovery near overhead resistance levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s long wick on the July 26 candlestick shows that bears aggressively sold near $40,550 but the positive sign is that bulls flipped the $36,670 level into support on July 27. This indicates a possible change in sentiment from sell on rallies to buy on dips.

The bulls pushed the price above $40,550 today but the wick on today’s candlestick suggests that bears have not yet surrendered. They will again try to stall the recovery in the overhead resistance zone at $41,330 to $42,451.67.

If the price turns down from the current level or the overhead zone, the BTC/USDT pair could again drop to $36,670. A strong bounce off this level will suggest that bulls are not waiting for a sharper dip to get in.

The pair could then consolidate between $36,670 and $42,451.67 for the next few days, improving the prospects of a break above the range. The moving averages have completed a bullish crossover and the relative strength index (RSI) has risen into the overbought zone, indicating that bulls are back in the game.

This positive view will invalidate if the price breaks below the moving averages. That will bring the large range between $42,451.67 and $28,805 into play.

ETH/USDT

Ether (ETH) turned down from the downtrend line on July 26 but the bears could not sink and sustain the price below the moving averages. This suggests that bulls are buying on minor dips.

The moving averages are close to completing a bullish crossover and the RSI has risen into the positive zone, indicating that bulls have the upper hand. If bulls drive the price above the downtrend line, the momentum may pick up. That could open the doors for a possible rally to $3,000.

Alternatively, if the price turns down from the current level or the overhead resistance and dips below the moving averages, the ETH/USDT pair could gradually drop to the critical support at $1,728.74.

BNB/USDT

The long wick on the July 26 candlestick suggests that bears sold at higher levels. They attempted to trap the aggressive bulls by pulling Binance Coin (BNB) back below the downtrend line but the buyers did not relent.

The bulls defended the 20-day exponential moving average ($304) on July 27 and are attempting to push the price above the 50-day simple moving average ($312) today. If they succeed, the BNB/USDT pair could rise to the overhead resistance at $340.

A breakout and close above $340 will clear the path for a possible rally to $400 and then to $433. This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA. Such a move could result in a fall to $254.52.

ADA/USDT

The long wick on Cardano’s (ADA) July 26 candlestick suggests that traders are selling on rallies. The bears tried to pull and sustain the price below the 20-day EMA ($1.25) on July 27 but failed, indicating buying at lower levels.

This may have reinvigorated the buyers who are again trying to push the price above the 50-day SMA ($1.33). If that happens, the ADA/USDT pair could gradually rise to $1.50. This level may pose a stiff challenge for buyers but if they can overcome it, the pair could start its northward journey toward $1.94.

Conversely, if the price turns down from the current level or the overhead resistance and slides below $1.20, it will indicate that bears continue to sell at every higher level. That may result in a retest of the critical support at $1.

XRP/USDT

Although bears successfully defended the 50-day SMA ($0.67) on July 26, they could not pull XRP back below the 20-day EMA ($0.62). This suggests that bulls are accumulating on dips.

Sustained buying from the bulls today has pushed the XRP/USDT pair above the 50-day SMA for the first time since May 19. If buyers can clear the hurdle at $0.75, the pair will complete a double bottom pattern. This setup has a target objective at $1.

The 20-day EMA is attempting to turn up and the RSI has risen above 62, indicating that the path of least resistance is to the upside.

Contrary to this assumption, if the price turns down from $0.75, the bears will again try to sink the price below the 20-day EMA. If they succeed, the pair may extend its consolidation between $0.50 and $0.75 for a few more days.

DOGE/USDT

The long wick on Dogecoin’s (DOGE) July 26 candlestick suggests that bears are defending the 50-day SMA ($0.23) aggressively. The sellers attempted to sustain the price below the 20-day EMA ($0.20) on July 27 but failed.

This suggests that buyers have not given up and will make one more attempt to push the price above the 50-day SMA. If they manage to do that, the DOGE/USDT pair could start a relief rally that may reach $0.28 and then $0.33.

On the contrary, if the price again turns down from the 50-day SMA, several short-term traders may close their position. That could result in a break below the 20-day EMA, which may clear the path for a decline to $0.15.

DOT/USDT

The bears attempted to sink Polkadot (DOT) below the $13 support on July 27 but failed, which suggests that bulls are accumulating at lower levels.

The buyers will now try to push the price toward the overhead resistance at $16.93. This level may again act as stiff resistance but the flat 20-day EMA ($13.95) and the RSI near the midpoint suggest that sellers may be losing their grip.

If bulls do not allow the price to dip below the 20-day EMA during the next correction, the prospects of a break above $16.93 will improve. That could signal the start of a sustained relief rally to $20 and later to $26.50.

This bullish view will invalidate if the price turns down from the current level and breaks below $13. That could result in a retest of $10.37.

UNI/USDT

Uniswap (UNI) turned down from the downtrend line on July 26, indicating that bears are aggressively defending this resistance. Although the price broke below the 20-day EMA ($18.25) on July 27, the bulls bought this dip.

The buyers will now again attempt to push the price above the downtrend line. If they succeed, it will invalidate the developing bearish descending triangle pattern. The failure of a bearish setup is a bullish sign as aggressive bears are forced to cover their short positions.

That could open the doors for a possible rally to $24 and then to the critical overhead resistance at $30. Contrary to this assumption, if the price turns down and plummets below $17.24, the UNI/USDT pair could start its downward journey toward $13.

Related: Ethereum pares gains, Bitcoin pushed under $40K as Fed set to reveal tapering plans

BCH/USDT

Bitcoin Cash (BCH) turned down from the 50-day SMA ($504) on July 26 but the bulls defended the 20-day EMA ($471) on July 27. This suggests a tough tussle between the bulls and the bears.

The 20-day EMA has flattened out and the RSI has risen into the positive territory, indicating that bulls are attempting to make a comeback. A breakout and close above $546.83 will signal the start of a sustained relief rally as the BCH/USDT pair will complete a double bottom pattern.

This up-move could face stiff resistance at $650.35 but if crossed, the rally could reach the pattern target at $710.13. Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, the pair could extend its range-bound action for a few more days.

LTC/USDT

Litecoin (LTC) turned down from the 50-day SMA ($138) on July 26 but the positive sign is that bulls did not allow the price to dip below the 20-day EMA ($128).

The bears are likely to mount a stiff resistance in the overhead zone between the 50-day SMA and $146.54. If the price turns down from this zone and slips below the 20-day EMA, it will suggest that the range-bound action may continue for a few more days.

On the other hand, if bulls drive the price above $146.54, the LTC/USDT pair will complete a double bottom pattern. This bullish setup has a target objective of $189.25. The RSI above 57 and the flat 20-day EMA points to a marginal advantage to buyers.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Traders are hopeful that Bitcoin’s bounce from $29,000 to $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 on July 21 to $40,000 today, 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) on July 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) has risen close to the overbought territory, indicating that bulls have the upper hand.

If buyers sustain the price above $36,670, the BTC/USDT pair could rally to the overhead resistance zone at $41,330 to $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 to $42,451.67. A break above $42,451.67 will signal the possible start of a new uptrend.

This positive view will invalidate if the price turns down and breaks below the moving averages. If that happens, the pair could retest the $31,000 to $28,000 support zone.

ETH/USDT

Ether (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. This bullish view will invalidate if the price turns down and breaks below the 20-day EMA. 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 and later to $433.

On the contrary, if the price turns down from the current level, the bears will try to sink the pair back below $280. If they manage to do that, the pair could continue its down move and retest the July 20 low at $254.52.

ADA/USDT

The long tail on Cardano’s (ADA) 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.

If that happens, the pair could rally to $1.63 and then to $1.88. On the other hand, if the price turns down from the current level and slides below the 20-day EMA, the pair could drop to $1.14 and then to $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.

A breakout and close above $0.75 will complete a double bottom pattern, which could open the doors for a rally to $1.07. Contrary to this assumption, 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) for the past three days, 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). If the price turns down from this level, the bulls will attempt to flip $0.21 into support.

If they succeed, 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 and then to $0.33. Conversely, if bears pull the price below the 20-day EMA, the DOGE/USDT pair could again drop to $0.15.

DOT/USDT

The bears tried to stall Polkadot’s (DOT) 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 level. 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, the pair could again drop to $13.

On the contrary, 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’s (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.

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

BCH/USDT

After struggling near the 20-day EMA ($465) for the past two days, Bitcoin Cash (BCH) has resumed its recovery today. The altcoin could now rise to the overhead resistance at $538.11 where the bears may mount a stiff resistance.

The RSI has risen above 55 and the 20-day EMA has flattened out, suggesting a balance between supply and demand. A breakout and close above $538.11 will tilt the advantage in favor of the bulls as the BCH/USDT pair will complete a double bottom pattern.

This bullish setup has a target objective at $706.22. Alternatively, if the price turns down from $538.11, the pair may drop to the 20-day EMA. If the price rebounds off this level, 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.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin and most major altcoins are meeting resistance at higher levels but the bearish sentiment of the last two months seems to be reducing.

Bitcoin’s (BTC) recovery is facing resistance near $32,500, suggesting that the ride higher may not be an easy one. However, a positive sign is that demand for cryptocurrencies remains strong and lower levels continue to attract buyers.

A survey of 150 family office clients of Goldman Sachs shows that 15% have already invested in crypto-assets and 45% want to take the plunge. The family offices manage more than $6 trillion in assets, meaning, even a small percentage of inflow from this sector could eventually boost crypto prices.

It is not only the wealthy who are investing in cryptocurrencies. A recent survey by Gallup shows that Bitcoin ownership among U.S. investors, with $10,000 or more invested in stocks, bonds, or mutual funds, has increased from 2% in 2018 to 6% as of June 2021.

JPMorgan Chase may soon allow its retail wealth clients to invest in cryptocurrencies. The bank’s advisers may not be allowed to recommend crypto to their clients but they can execute trades requested by them.

All this shows that investor interest in the crypto sector continues to increase. Could this result in a sustained recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average ($32,569). The bulls did not give up much ground on July 22, which is a positive sign.

The relative strength index (RSI) has risen to just below the midpoint, indicating that the bearish momentum is weakening. If buyers push and sustain the price above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($34,352).

This level may attract selling from the bears but if bulls can overcome the resistance and push the price above it, the relief rally could rise to $36,670.

Contrary to this assumption, if the price turns down from the 20-day EMA or the 50-day SMA, the bears will again try to sink the pair to $28,000. If they succeed, the pair could witness panic selling, clearing the path for a possible drop to $20,000.

ETH/USDT

Ether’s (ETH) bounce off the critical support at $1,728.74 rose above the 20-day EMA ($2,014) on July 22. This suggests that bears may be losing their grip. The 20-day EMA has flattened out and the RSI has risen to the midpoint, indicating that bulls are attempting to make a comeback.

The buyers will now try to challenge the 50-day SMA ($2,184) from where the previous relief rally had turned down on July 7. If the price turns down from this resistance once again, the bears will try to pull the price down to $1,728.74. A break below this support could start the next leg of the downtrend.

Conversely, if bulls drive the price above the 50-day SMA, the ETH/USDT pair could rally to the downtrend line. A breakout and close above this resistance will signal a possible change in trend. The pair may pick up momentum on a break above $3,000.

BNB/USDT

The bears are attempting to stall the relief rally in Binance Coin (BNB) near the downtrend line but a minor positive is that bulls have not given up much ground. The altcoin formed an inside day candlestick pattern on July 22, indicating indecision among bulls and bears.

If bulls drive the price above the downtrend line and the 50-day SMA ($319), it will suggest a possible change in the short-term sentiment. The BNB/USDT pair could then rally to $380 and later to $433.

On the other hand, if the price turns down from the current level, the bears will try to pull the price down to $251.41. A break below this support will suggest that bears have absorbed the demand and the pair could then drop to the critical support at $211.70.

ADA/USDT

Cardano’s (ADA) rebound off $1 is struggling to rise and sustain above $1.19. This indicates the bears have not given up and are attempting to stall the recovery at this level.

If the price turns down from the current level, the ADA/USDT pair could drop to the critical support at $1. A bounce off this level may keep the pair range-bound between $1 and $1.19 for a few days.

A breakout and close above the 20-day EMA ($1.23) will clear the path for a possible rally to the downtrend line.

The pair will turn negative and start a new downtrend if bears sink and sustain the price below $1. The next support to watch on the downside is $0.80 and then $0.68.

XRP/USDT

XRP’s rebound off the critical support at $0.50 has reached the 20-day EMA ($0.61). This may prove to be a difficult hurdle for the bulls to cross as the altcoin has not closed above the 20-day EMA since May 18.

If the price turns down from the 20-day EMA, the XRP/USDT pair could drop to the critical support at $0.50. This is an important level for the bulls to defend because if it cracks, the decline may extend to $0.45 and $0.40.

Contrary to this assumption, if bulls drive the price above the 20-day EMA, the pair could rally to the 50-day SMA ($0.70) and then to $0.75. A breakout and close above this level will suggest the start of a move back toward the downtrend line of the descending channel.

DOGE/USDT

Dogecoin (DOGE) formed an inside day candlestick pattern on July 22, indicating indecision among the bulls and the bears. The sellers are aggressively defending the overhead resistance at $0.21 but the bulls are not giving up much ground.

If the tight consolidation near the overhead resistance at $0.21 continues, it will indicate that bulls are not closing their positions as they anticipate a move higher. A breakout and close above $0.21 could open the doors for a move to the 50-day SMA ($0.25).

Alternatively, if the bulls fail to clear the hurdle at $0.21, the DOGE/USDT pair could again drop to $0.15. If the support holds, the pair may extend its stay between $0.15 and $0.21 for a few more days.

A breakdown and close below $0.15 will signal the resumption of the downtrend. The next support on the downside is $0.10.

DOT/USDT

The bulls pushed Polkadot (DOT) above the breakdown level at $13 on July 22 but they are facing stiff resistance at the 20-day EMA ($13.78). If the price turns down from this resistance, it will suggest that the sentiment remains negative.

The bears will then make one more attempt to sink the DOT/USDT pair below the psychological support at $10. If they succeed, the pair could resume its downtrend and drop to the next support at $7.80.

Contrary to this assumption, if bulls drive the price above the 20-day EMA, it will suggest that bears are losing their grip. That could result in a move to the overhead resistance at $16.93. A breakout and close above this level could start a sustained relief rally to $20 and then to $26.50.

UNI/USDT

Uniswap’s (UNI) rebound has risen to the 20-day EMA ($17.85) where the bears may mount a stiff resistance. If the price turns down from this level, it will suggest that the sentiment remains negative.

The bears will then make one more attempt to sink the price to the strong support at $13. A breakdown and close below this support will complete the descending triangle pattern, starting the next leg of the downtrend.

Conversely, if bulls drive the price above the 20-day EMA, the UNI/USDT pair could reach the downtrend line. A breakout and close above this resistance will invalidate the bearish setup. That could start an up-move to $25 and then $30.

Related: Axie Infinity refreshes record high as AXS ascends 131% in just 3 days

BCH/USDT

The rebound in Bitcoin Cash (BCH) has reached the 20-day EMA ($461), which has acted as a stiff resistance in the past few days. The bears will again try to stall the relief rally at this resistance.

If the price turns down from the 20-day EMA, the BCH/USDT pair could again drop to the critical support at $370. A breakdown and close below this support will indicate the resumption of the downtrend.

On the other hand, if bulls drive the price above the 20-day EMA, the pair could rally to the stiff overhead resistance at $538.11. If the price turns down from this level, the pair could remain stuck between the large range of $370 to $538.11 for the next few days.

LTC/USDT

Litecoin (LTC) rose above the $118 level on July 22, suggesting aggressive buying at lower levels. The bulls will now try to extend the relief rally and push the price back above the 20-day EMA ($126).

If they manage to do that, it will signal that the downtrend could be losing momentum. The LTC/USDT pair may then rally to the 50-day SMA ($142) where the bears could again mount a stiff resistance. A break above this resistance may indicate the start of a stronger relief rally.

Contrary to this assumption, if the price turns down from the 20-day EMA once again, it will indicate that the sentiment remains negative. The bears will then make one more attempt to extend the down move. A break below $100 could open the doors for a fall to $70.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

The strong recovery in Bitcoin and altcoins shows there is aggressive buying at lower levels but bears are unlikely to give up without a fight.

Bitcoin (BTC) is leading the recovery in crypto markets today after the price rallied back above the $32,000 level. Sam Trabucco, a quantitative trader at Alameda Research, said the firm had purchased the dip in Bitcoin on July 20. 

Trabucco said the sharp recovery in equity markets, fewer long liquidations in the crypto derivatives market and the possible end of FUD caused due to China mining ban and Grayscale unlocking could act as recovery catalysts that could boost the crypto rally further.

However, analyst and podcast host Nebraskan Gooner views the recovery in Bitcoin as a shorting opportunity. Veteran trader Peter Brandt also expects Bitcoin to witness another downturn before a change in trend.

The correction may open up opportunities for several new investors to enter the crypto markets.

JPMorgan director of asset and wealth management Mary Callahan Erdoes said in a recent interview with Bloomberg that several of the bank’s clients want to invest in Bitcoin because they consider it as an asset class.

Let’s study the charts of the top-10 cryptocurrencies to determine the levels where resistance may creep in.

BTC/USDT

Aggressive selling by the bears pulled the price below $31,000 on July 19 and that was followed by another down move on July 20. However, the bulls purchased the dip below $30,000 today, resulting in a strong rebound.

The bears will try to stall the recovery at the 20-day exponential moving average ($32,643). If the price turns down from this resistance, the sellers will again try to sink the BTC/USDT pair below the critical support at $28,000.

If they succeed, the pair could start the next leg of the downtrend that could pull the price down to $20,000.

Conversely, if bulls drive the price above the 20-day EMA, the pair could challenge the 50-day simple moving average ($34,599). A break above this resistance will be the first sign of strength and open the doors for a possible rally to $36,670.

ETH/USDT

The long tail on the July 20 candlestick suggests that bulls purchased the dip to the strong support at $1,728.74. This is the third instance when Ether (ETH) has rebounded off this level since May 23.

The rebound has gained momentum today and the buyers will now try to push the price above the 20-day EMA ($2,008). If they succeed, the ETH/USDT pair could rally to the 50-day SMA ($2,213) which could act as a stiff resistance.

If the price turns down from the 50-day SMA, the bears will again try to pull the price below $1,728.74. If they manage to do that, the pair could start the next leg of the downtrend that may reach $1,536.92.

The buyers will have to clear the hurdle at the downtrend line to signal a possible change in trend.

BNB/USDT

Binance Coin (BNB) has bounced off the $251.41 support today which is a positive sign. This suggests that bulls are not waiting for a deeper correction to buy.

The buyers will now try to push and sustain the price above the downtrend line. If they manage to do that, it will suggest that bears are losing their grip. The BNB/USDT pair could then start its journey toward the overhead resistance at $433.

Conversely, if the price turns down from the downtrend line, it will indicate that bears are selling on rallies. The sellers will then again attempt to pull the price down to the critical support at $211.70. A break below this support could complete a bearish descending triangle pattern and start the next leg of the downtrend.

ADA/USDT

Cardano (ADA) plunged to the critical support at $1 on July 20 but the bulls aggressively purchased this dip, resulting in a strong rebound today. The relief rally could now reach the 20-day EMA ($1.25) where bears may offer a stiff resistance.

If bulls drive the price above the 20-day EMA, the ADA/USDT pair could rise to the 50-day SMA. If the momentum clears this hurdle, the pair could rise to the downtrend line. A breakout and close above this resistance will invalidate the bearish descending triangle pattern, which could open the doors for a rally to $1.94.

Conversely, if the price turns down from the 20-day EMA, the bears will again try to sink the pair below $1. If that happens, panic selling may ensue and the pair could start its downward journey to $0.80 and then to $0.68.

XRP/USDT

XRP has bounced off the critical support at $0.50 today, indicating that bulls are attempting to defend this level aggressively. The rebound could rise to the 20-day EMA ($0.61), which is likely to act as a stiff hurdle.

If the price once again turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then try to pull the price below the $0.50 support.

If that happens, the XRP/USDT pair could resume the downtrend. The next support is at $0.45 and then $0.40. Alternatively, if bulls drive the price above the 20-day EMA, it will indicate that bears are losing their grip. The pair may then rise to the overhead resistance at $0.75.

DOGE/USDT

Dogecoin (DOGE) has once again bounced off the $0.15 support today, suggesting that bulls are aggressively attempting to defend this level. The relief rally could now reach the overhead resistance at $0.21.

The downsloping moving averages and the RSI in the negative zone indicate that bears will try to stall the rally at $0.21. If the price turns down from this resistance, the DOGE/USDT pair could again drop to $0.15 and remain range-bound for a few days.

A breakout of $0.21 will be the first sign of strength and could result in a rally to the 50-day SMA ($0.26). On the contrary, if the price turns down and plummets below $0.15, the pair may witness panic selling and could drop to $0.10.

DOT/USDT

Polkadot (DOT) plummeted near the psychological level at $10 on July 20 where buying emerged. This has resulted in a strong recovery today.

The buyers may face stiff resistance at the 20-day EMA ($14). If the price turns down from this resistance, bears will again attempt to sink the DOT/USDT pair below $10. If they succeed, the downtrend could extend to $7.80.

Contrary to this assumption, if bulls push the price above the 20-day EMA, the pair could move up to the 50-day SMA ($17.82). A breakout and close above this resistance will signal a possible change in trend.

UNI/USDT

Uniswap (UNI) turned down from the overhead resistance at $16.93 on July 19 and started its southward march toward the next critical support at $13 but the bulls had other plans. They purchased at lower levels today, resulting in a strong recovery.

The up-move could face stiff resistance at the 20-day EMA ($17.89). If the price turns down from this resistance, the bears may fancy their chances and will again try to sink the UNI/USDT pair below $13.

If they succeed, the pair could start the next leg of the downtrend and slide to the psychological support at $10. Conversely, if bulls propel the price above the 20-day EMA, the pair may reach the downtrend line. A breakout of this resistance will indicate that bears are losing their grip.

Related: It is time for the US to create a ‘Ripple test’ for crypto

BCH/USDT

Bitcoin Cash (BCH) dropped to $383.53 on July 20 from where it is attempting to start a relief rally. This suggests that bulls are accumulating at lower levels.

The pullback could reach the 20-day EMA ($465) where bears are likely to mount a stiff resistance. If the price turns down from the 20-day EMA, the sellers will make one more attempt to sink the BCH/USDT pair below $370.

If they manage to do that, the decline could extend to the next support at $330. On the other hand, if bulls thrust the price above the 20-day EMA, the pair may rally to the overhead resistance at $538.11.

LTC/USDT

Litecoin (LTC) plunged below the $118 support on July 19, completing a bearish descending triangle pattern. The decline had pushed the RSI into oversold territory, suggesting that selling was overdone in the short term.

The LTC/USDT pair has started a recovery today and may retest the breakdown level at $118. If bears flip this level into resistance, the pair could make one more attempt to resume the downtrend. A break below the $100 psychological support could start the next leg of the down move that may reach $70.

On the contrary, if bulls push and sustain the price above $118, the pair could climb up to the 20-day EMA ($127) where bears may again try to stall the relief rally. If they succeed, the pair could again turn down but if bulls drive the price above the 20-day EMA, a rally to the 50-day SMA ($145) is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Analysts and traders prepare for the worst after Bitcoin price broke below $31,000 and triggered a sell-off in major altcoins.

Bitcoin (BTC) broke below the immediate support at $31,000 today and that has resulted in selling across several major altcoins. Coincidently, the fresh push to the downside in Bitcoin has come a day after the much talked about unlocking of shares worth about 16,000 Bitcoin from the Grayscale Bitcoin Trust.

The sell-off in cryptocurrencies could also be due to the broader risk-off sentiment on concerns of rising Covid-19 cases. The Dow Jones Industrial Average dropped over 800 points on Monday, on track for its worst decline of the year.

Daily cryptocurrency market performance. Source: Coin360

In a bearish environment, positive statements are generally ignored. While speaking to CNBC on July 19, Grayscale CEO Michael Sonnenshein projected a positive picture about the possibility of a Bitcoin exchange-traded fund (ETF) receiving regulatory approval.

Sonnenshein said it was only a matter of “when” and “not if” that one of the ETF applications will be greenlighted. He also said that GBTC would be transformed into an ETF when the conditions are right.

Let’s study the charts of the top-10 cryptocurrencies to determine the critical levels on the downside that could attract buyers.

BTC/USDT

The bulls defended the $31,000 support for the past four days but could not achieve a strong rebound off it. This indicates that demand dries up at higher levels.

BTC/USDT daily chart. Source: TradingView

The bears have renewed their selling and pulled the price below $31,000 today. There is a minor support at $30,000 but if this support cracks, the BTC/USDT pair could drop to the critical support at $28,000.

Both moving averages have turned down and the relative strength index (RSI) has slipped below 38, indicating that the path of least resistance is to the downside.

The bulls may not let go of the $30,000 support easily. If they achieve a strong rebound off it and push the price back above $31,000, it will suggest accumulation at lower levels. A breakout and close above the 20-day exponential moving average ($32,966) will be the first sign of strength.

ETH/USDT

Ether’s (ETH) recovery attempt hit a wall at the 20-day EMA ($2,034) as seen from the long wick on the July 18 candlestick. This suggests that negative sentiment prevails and bears are selling on rallies to the 20-day EMA.

ETH/USDT daily chart. Source: TradingView

The sellers will now try to sink the price below the critical support at $1,723.74. If they manage to do that, the selling could pick up momentum and the ETH/USDT pair could resume the downtrend.

The next support on the downside is $1,536.92 and if this level also fails to hold, the pair could slide to $1,293.18.

Alternatively, if the price rebounds off $1,728.74, the bulls will try to push the price above the 20-day EMA. A breakout and close above the 50-day simple moving average ($2,245) will signal a possible change in trend.

BNB/USDT

After staying close to the 20-day EMA ($307) for the past few days, Binance Coin (BNB) is witnessing renewed selling pressure today. The altcoin could now drop to the $276.40 to $264.26 support zone.

BNB/USDT daily chart. Source: TradingView

The RSI has slipped into the negative zone, indicating that the momentum has turned bearish. If bears sink the price below the support zone, the BNB/USDT pair could drop to the critical support at $211.70.

Contrary to this assumption, if the price rebounds off the $276.40 to $264.26 support zone, the bulls will again try to push the price above the 50-day SMA ($327). If they manage to do that, it will be the first sign of a possible change in trend.

ADA/USDT

Cardano (ADA) closed below the $1.19 support on July 16. The bulls tried to trap the bears and push the price back above $1.19 on July 18 but failed to sustain the higher levels. This suggests that bears continue to sell at rallies.

ADA/USDT daily chart. Source: TradingView

The bears have renewed their selling today. If sellers sink the price below $1.10, the ADA/USDT pair could retest the critical support at $1. This level has held on several occasions in the past few months, hence the bulls will again try to defend it aggressively.

A strong rebound will indicate accumulation at the $1 support. On the other hand, if bears pull the price below $1, long liquidation may occur. That could open the doors for a further decline to $0.80 and then $0.68.

XRP/USDT

XRP broke below the $0.59 support on July 16. The bulls tried to push the price back above this level on July 18 but they could not sustain the higher levels. This indicates that bears continue to sell at rallies.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair has resumed the downtrend today and the next stop could be the psychological support at $0.50. The bulls are likely to defend this level aggressively.

If buyers can push the price back above the 20-day EMA ($0.63), it will signal the start of a relief rally that may reach the 50-day SMA ($0.74).

Conversely, if sellers sink the price below $0.50, the bearish momentum could pick up and the pair may slide to $0.45. If this level also fails to hold, the decline could extend to the next support at $0.40.

DOGE/USDT

Dogecoin (DOGE) bounced off the $0.15 support on July 17 but the bulls could not clear the $0.21 resistance. The long wick on the day’s candlestick suggests that bears are defending the $0.21 level aggressively.

DOGE/USDT daily chart. Source: TradingView

The failure to rise above $0.21 has attracted selling by the bears who will now attempt to pull the price below the critical support at $0.15. If they manage to do that, the selling could intensify and the DOGE/USDT pair may slide to $0.10 and then to $0.07.

Contrary to this assumption, if the price rebounds off $0.15, the pair may again rise to $0.21 and remain range-bound for a few days. A breakout and close above the 20-day EMA ($0.21) will be the first sign that buyers are attempting to make a comeback.

DOT/USDT

Polkadot (DOT) plunged below the critical support at $13 on July 16. The bulls attempted to push the price back above the level on July 17 and 18 but failed. This shows that the previous support has flipped to resistance.

DOT/USDT daily chart. Source: TradingView

The selling has resumed today and the DOT/USDT pair could drop to psychological support at $10. This level may attract buying from the bulls and they will again try to push the price back above $13.

A breakout and close above the 20-day EMA ($14.48) will be the first indication that the selling pressure may be reducing. Alternatively, if bears sink the price below $10, the selling may continue and the pair could slide to the next support at $7.80.

UNI/USDT

The bulls attempted to push Uniswap (UNI) back above $16.93 on July 18 but the long wick on the day’s candlestick suggests that bears defended the level aggressively.

UNI/USDT daily chart. Source: TradingView

Renewed selling today has started the downward journey of the UNI/USDT pair toward the next support at $15. If this support also fails to hold, the decline could extend to the critical level at $13.

The bulls have defended this level twice before, hence the price may rebound off $13. A strong rebound will suggest aggressive buying at the level. The bulls will then make one more attempt to push the price above the moving averages.

On the contrary, if the price breaks below $13, the next leg of the downtrend could begin. The pair could then drop to $10 and later to $7.

Related: Robinhood warns a crypto drop is coming amid IPO filing

BCH/USDT

The bulls attempted to arrest the decline in Bitcoin Cash (BCH) on July 17 and 18 but the failure to achieve a strong rebound indicates a lack of aggressive buying. The bears renewed their selling today and have pulled the price below the immediate support at $428.

BCH/USDT daily chart. Source: TradingView

If bears sustain the price below $428, the pair could continue its slide and hit the critical support at $370. The buyers may attempt to defend this support and a strong rebound will indicate accumulation at lower levels. A break above the 20-day EMA ($475) will be the first sign of strength.

Alternatively, a weak bounce off $370 will suggest that buyers are still not convinced that the pair has bottomed out. That could increase the possibility of a break below $370. If that happens, the LTC/USDT pair could drop to $330.

LTC/USDT

Litecoin’s (LTC) failure to rebound off the $118 support in the past few days indicates a lack of demand from the bulls. The bears have taken advantage of the situation and pulled the price below $118 today.

LTC/USDT daily chart. Source: TradingView

A breakdown and close below $118 will complete the descending triangle pattern. The bulls may attempt to stall the decline at the psychological level at $100 but if they fail, the decline could extend to the next support at $70.

Contrary to this assumption, if the price recovers and rises back above $118, it will suggest buying at lower levels. The bulls will then again attempt to push the price above the 20-day EMA ($130). If they succeed, it will signal the start of a relief rally to the 50-day SMA ($148).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.