bitcoin cash

Bitcoin bulls defended the $31,000 level again, but data shows demand for BTC and altcoins is weak and this heightens the chase of further downside.

Bitcoin (BTC) is witnessing a tough battle between the bulls and the bears near $31,000, which makes it an important level to watch out for. Data from Glassnode shows that the $31,000 to $34,300 zone has seen strong interest from buyers and sellers as 9.93% of the Bitcoin supply has moved in this zone.

The failure of Bitcoin to rally quickly from strong support levels indicates weak demand. Proof of the current disinterest comes from BlackRock CEO Larry Fink, who said in a recent CNBC interview that investor demand for cryptocurrencies had declined recently. Fink said that during his last two weeks of business travel, not one question about Bitcoin and crypto investing was presented to him.

Another sign of reduced demand is that the 90-day inflow into the United States and Canada-based Bitcoin funds has plunged 93.49% from 191,846 BTC in January to 12,485 BTC, according to data collected by ByteTree Asset Management.

In an interview with CNBC on July 14, DoubleLine CEO Jeffrey Gundlach said that Bitcoin could drop under $23,000 due to the head-and-shoulders trading pattern, which “looks pretty convincing.”

Will Bitcoin break below the support and start the next leg down or is it due for a rebound? Let’s study the charts of the top-10 cryptocurrencies to determine the critical levels to watch out for.

BTC/USDT

Bitcoin has been trading near the $31,000 support for the past two days. The failure to rebound sharply off this critical support is a weak sign as it suggests a lack of strong demand at these levels.

The downsloping moving averages and the relative strength index (RSI) in the negative territory indicate that bears have the upper hand. A break and close below $31,000 could open the doors for a drop to the next support at $28,000.

If the price rebounds off the $31,000 to $28,000 zone with strength, it will suggest accumulation at lower levels. The bulls will then try to push the price above the moving averages. A breakout and close above the 50-day simple moving average ($35,084) will be the first sign of a possible change in trend.

Conversely, if the price slips below $28,000, the bearish momentum could pick up and the BTC/USDT pair could slump to $20,000.

ETH/USDT

Ether’s (ETH) relief rally on July 14 could not rise above the 20-day exponential moving average ($2,097). This suggests that sentiment remains negative and traders are selling on every minor rally. The biggest altcoin could now drop to the critical support at $1,728.74.

Both moving averages are sloping down and the RSI is below 41, indicating that bears are in control. If bears sink the price below $1,728.74, the ETH/USDT pair will complete a descending triangle pattern.

That could signal the resumption of the downtrend with the next support at $1,536.92 and then $1,293.18.

Contrary to this assumption, if the price rebounds off the $1,728.74 support, the bulls will make one more attempt to clear the moving averages. If they succeed, the pair could rally to the downtrend line.

BNB/USDT

Binance Coin (BNB) has been trading near the 20-day EMA ($313) for the past few days. Although the price dipped below the 20-day EMA on July 14, the long tail on the day’s candlestick showed buying at lower levels.

The buyers attempted to push the price above the 50-day SMA ($329) on July 15 but failed. This shows the bears have not yet given up and are aggressively defending the 50-day SMA. The flat moving averages and the RSI just below the midpoint indicate a balance between supply and demand.

A breakout and close above the 50-day SMA will be the first sign of strength. The bulls will then try to push the price to $379.58 and later to $400. On the contrary, a break below the $276.40 to $264.26 support zone will signal advantage to the bears. That could pull the price down to $211.70.

ADA/USDT

Cardano’s (ADA) rebound off $1.19 on July 14 could not climb back above $1.28, suggesting that bears are defending this level aggressively. The price turned down from $1.28 on July 15 and plunged below $1.19 today.

The long tail on today’s candlestick suggests that bulls are again attempting to stall the decline and start a relief rally. A breakout and close above the 20-day EMA ($1.32) will be the first sign of strength. The pair could then rise to the 50-day SMA ($1.44).

On the other hand, if bears sustain the price below $1.19, the ADA/USDT pair could continue its decline to $1.10. A break below this support may retest the critical support at $1. This level has held on several occasions since Feb. 26, hence the bulls will again try to defend it.

A strong rebound off $1 will indicate accumulation at lower levels but the bulls are likely to face stiff resistance at $1.19. If the price turns down from this level, the possibility of a break below $1 increases. If that happens, the pair could start a new downtrend with the next support at $0.80.

XRP/USDT

The bulls are attempting to defend the $0.59 support for the past two days but have not been able to achieve a strong rebound off it. This suggests a lack of urgency among traders to buy XRP at the current levels.

The downsloping moving averages and the RSI below 39 suggest that bears have the upper hand. A break and close below $0.59 could pull the price down to the critical support at $0.50.

If the price rebounds off $0.50 with strength, the bulls will again try to push the XRP/USDT pair above the 20-day EMA ($0.65). If they succeed, the pair could rise to $0.75.

On the other hand, if bears sink the price below $0.50, the pair could drop to the next support at $0.45 and later to $0.40.

DOGE/USDT

Dogecoin (DOGE) has continued to drift lower toward the critical support at $0.15. This level had held on two previous occasions, hence the bulls will again try to defend it aggressively.

If the price rebounds off $0.15, the bulls will try to push the price above the 20-day EMA ($0.22). If they can pull it off, it will suggest the start of a relief rally that may reach the 50-day SMA ($0.27).

Conversely, if bears sink the price below $0.15, the selling could intensify as traders rush to the exit. That could result in a fall to $0.10 and later to $0.07. The downsloping moving averages and the RSI near the oversold zone suggest that the possibility of a breakdown is higher.

DOT/USDT

The failure of the bulls to drive Polkadot (DOT) back above $14.50 in the past two days indicates a lack of demand at higher levels. That resulted in further selling today, sinking the altcoin below the critical support at $13.

Both moving averages are sloping down and the RSI is near the oversold territory, suggesting that bears are in command. If the price sustains below $13, the DOT/USDT pair could decline to the next support at $10.

The bulls may try to arrest the decline at the psychological level at $10 but any relief rally is likely to face resistance at $13. If the bears flip this level into resistance, the possibility of a drop to $7 increases. The first sign of strength will be a break and close above the 20-day EMA ($15.38).

UNI/USDT

Uniswap’s (UNI) attempt to rebound off the $16.93 support on July 14 did not find buyers at higher levels. The altcoin turned down on July 15 and broke below $16.93 today but the long tail on the day’s candlestick suggests buying at lower levels.

If the price sustains above $16.93, the bulls will again try to push the price to the downtrend line. A breakout and close above this resistance will suggest a possible change in trend.

Conversely, if the price sustains below $16.93, the UNI/USDT pair could drop to $15 and later to the critical support at $13. Both moving averages have turned down and the RSI has dipped below 40, indicating that bears have the upper hand.

If the price plummets below $13, the pair will complete a bearish descending triangle pattern. This could resume the downtrend with the next support at $10 and then $7.

Related: Bitcoin price passes $32K with traders wary of 'relief rally' if resistance stays

BCH/USDT

The bulls tried to push Bitcoin Cash (BCH) back above $475.69 on July 14 but failed. This suggests that bears have flipped the $475.69 level to resistance. The altcoin turned down and resumed its down move on July 15.

There is a minor support at $428. If the price rebounds off this level, the bulls will again try to push the BCH/USDT pair above $475.69. If they succeed, the pair may rise to $538.11. A breakout of this resistance will indicate a possible change in trend.

Alternatively, if the price continues its down move and breaks below $428, the pair could drop to the psychological level at $400 and then $370. The declining moving averages and the RSI below 36 suggest that bears are in control. A break below $370 could start the next leg of the downtrend.

LTC/USDT

Litecoin’s (LTC) rebound off the $118 support on July 14 fizzled out at the downtrend line on July 15. This suggests that bears are defending the downtrend line aggressively.

The downsloping moving averages and the RSI below 36 suggest the path of least resistance is to the downside. If bears sink and sustain the price below $118, the LTC/USDT pair could drop to the $104.92 to $100 support zone.

This zone may attract buyers but if bulls fail to propel the price back above $118, the selling might continue. A break below $100 could extend the decline to the next support at $70. This negative view will invalidate if the price rebounds off the current level and breaks above the downtrend line.

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

Bitcoin and most major altcoins are bouncing off strong support levels, indicating possible accumulation by the bulls.

Bitcoin (BTC) has once again held the critical support area at $31,000 today, indicating accumulation at lower levels. This led some analysts to speculate that traders were selling their holdings to investors with a low history of selling in anticipation that “a supply shock” to occur when the re-accumulation process completes.

Another sign of strong hands entering the crypto market was seen when Capital International Group, a $2.3 trillion asset manager, purchased a 12.3% stake in MicroStrategy, which many believe to be a sort of Bitcoin proxy stock because it holds 105,084 Bitcoin on its books. This acquisition suggests the asset manager is taking indirect exposure to Bitcoin.

The United States Consumer Price Index (CPI) surged 0.9% in June 2021 over the previous month and 5.4% from a year earlier, this is the fastest pace in nearly 13 years. However, Bitcoin’s failure to respond positively to the spike in inflation has ignited a debate on Bitcoin’s billing as an inflation hedge. News outlet Fortune said this made Bitcoin a doubtful hedge against inflation.

In a bear phase, the markets usually tend to overlook the triggers in the short term. During such a period, the smart money continues to accumulate and eventually, the price action catches up with fundamentals. Therefore, writing off Bitcoin with only a few months of data may not be the right thing to do.

Let’s study the charts of the top-10 cryptocurrencies to determine the critical support and resistance levels, which may signal the start of the next trending move.

BTC/USDT

The long tail on Bitcoin’s candlestick today indicates that bulls are defending the $31,000 level aggressively. However, buyers will face a stiff resistance from the bears at the 20-day exponential moving average ($33,973).

If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on every minor rally. The bears will then make one more attempt to sink the price below $31,000.

If they succeed, the BTC/USDT pair could challenge the next critical support at $28,000. This may be a make-or-break level for the bulls because if it cracks, the selling may intensify. The next major support on the downside is $20,000.

Contrary to this assumption, if bulls thrust the price above the 20-day EMA, the pair could reach the 50-day simple moving average ($35,361). A breakout and close above this level will be the first indication that sellers are losing their grip.

That will also increase the possibility of a break above $36,670. If that happens, the pair could start its journey toward the $41,330 to $42,451.67 resistance zone.

ETH/USDT

The failure of the bulls to push (ETH) above the 20-day EMA ($2,135) from July 9 to 12 may have attracted selling by short-term traders. That pulled the price below the psychological level at $2,000 on July 13.

However, the bears could not sustain the selling pressure and sink the price to the critical support at $1,738.74. This is a positive sign as it shows buying at lower levels.

The bulls will now once again try to propel the price above the moving averages. If they succeed, the ETH/USDT pair could rally to the downtrend line. A breakout and close above this resistance will indicate a possible change in trend.

On the contrary, if the price turns down from the 20-day EMA, the bears will make one more attempt to sink the price to $1,728.74. A break below this support could start the next leg of the downtrend.

BNB/USDT

Binance Coin (BNB) slipped below the 20-day EMA ($313) on July 13, indicating that bears are trying to gain the upper hand. However, the long tail on today’s candlestick suggests that bulls are not willing to give up and are buying on dips.

The flat moving averages and the relative strength index (RSI) just below the midpoint suggest a balance between supply and demand. The bulls will have to push and sustain the price above the 50-day SMA ($331) to signal strength.

That will clear the path for an up-move to $379.58 and later to the stiff overhead resistance at $433. On the contrary, if the price turns down from the 50-day SMA, the bears will try to pull the BNB/USDT pair below the $276.40 to $264.26 support zone. If they succeed, the decline could extend to $251.41 and then to $211.70.

ADA/USDT

The failure of the bulls to push Cardano (ADA) above the 20-day EMA ($1.35) from July 9 to 12 may have resulted in profit-booking by short-term traders. That pulled the price below the $1.28 support on July 13.

The long tail on today’s candlestick suggests that bulls are attempting to defend the support at $1.19. However, the 20-day EMA has started to slope down and the RSI has tumbled below 42, suggesting that bears have the upper hand.

If the price turns down from $1.28, it will indicate selling on minor rallies and that will increase the prospects of a decline to $1.10 and then $1. Alternatively, if bulls push the price above the 20-day EMA, it will signal strength. The ADA/USDT pair may then rise to the 50-day SMA ($1.46).

XRP/USDT

XRP has gradually drifted down to the horizontal support at $0.59. This is an important level for the bulls because if they fail to defend it, the bears will attack the June 22 low at $0.50.

The declining moving averages and the RSI below 40 suggest that bears are in command. A break and close below $0.50 will open the doors for a possible decline to $0.45 and then to $0.40.

Conversely, if the price rebounds off the current level, the buyers will make one more attempt to clear the hurdle at the 20-day EMA ($0.66). If they manage to do that, the XRP/USDT pair could rise to $0.75. A breakout and close above this level will signal strength.

DOGE/USDT

Dogecoin (DOGE) broke and closed below the $0.21 support on July 12, which suggests that supply exceeds demand. The failure of the bulls to defend $0.21 clears the path for a retest of the critical level at $0.15.

The descending moving averages and the RSI below 36 indicate that bears are in control. If bears pull the price below the $0.15 support, the selling could intensify and the DOGE/USDT pair could drop to $0.10.

However, the $0.15 level has held on two previous occasions, hence the bulls may again try to defend it aggressively. A strong bounce off it could push the price to the overhead resistance at $0.21. A breakout and close above the 20-day EMA ($0.23) will signal that bulls are trying to make a comeback.

DOT/USDT

Polkadot’s (DOT) tight consolidation between $14.50 and $16.93 ended with a breakdown on July 13, which shows that supply exceeds demand. That pulled the price down to the critical support at $13.

The downsloping moving averages and the RSI below 37 indicate that bears are in control. A break and close below the $13 support will suggest the resumption of the downtrend. The next support is the psychological level at $10.

Conversely, if the price rebounds off the current level, the bulls will try to push the price above $14.50. If they succeed, it will indicate accumulation at lower levels. The first sign of strength will be a break and close above $16.93. If this happens it could set the stage for a strong relief rally.

UNI/USDT

Uniswap (UNI) broke below the 20-day EMA ($19.81) on July 12, which indicates that bears have overpowered the bulls. There is a minor support at $16.93 but if the level gives in, the altcoin could drop to $15 and then to $13.

The 20-day EMA has started to turn down and the RSI has dropped into the negative zone, indicating the path of least resistance is to the downside. A breakdown and close below $13 will complete a descending triangle pattern, suggesting the start of the next leg of the downtrend.

Contrary to this assumption, if the price rebounds off the current level or $15, the bulls will again try to thrust the price above the downtrend line. If they succeed, the bearish setup will invalidate and the UNI/USDT pair could move up to $25 and then $27.

Related: Brazilian securities regulator approves Ether ETF

BCH/USDT

The tight range trading in Bitcoin Cash (BCH) between $475.69 and $538.11 resolved to the downside on July 13. This suggests that supply exceeds demand as bulls are not confident that a bottom has been made.

Both moving averages are sloping down and the RSI is in the negative territory, suggesting an advantage to the bears. If the price sustains below $475, the BCH/USDT pair could gradually drop to $428 and then to the next major support at $370.

However, the long tail on today’s candlestick suggests that bulls are attempting to push the price back above $475.69. If they manage to do that, it will indicate buying at lower levels. A breakout and close above $538.11 will be the first sign of the start of a stronger relief rally.

LTC/USDT

Litecoin (LTC) is trading inside a descending triangle pattern that will complete on a breakdown and close below $118. The long tail on today’s candlestick suggests that bulls are attempting to defend the support.

However, both moving averages are sloping down gradually and the RSI is below 40, suggesting that bears are in control. Any relief rally is likely to face stiff resistance at the downtrend line. If the price turns down from this level and breaks below $118, the LTC/USDT pair could resume the downtrend.

The next support on the downside is the psychological level at $100 but if it cracks, the decline could extend to $70. On the contrary, if the bulls drive the price above the downtrend line, it will invalidate the pattern. The pair could then rise to the 50-day SMA ($154) and later to $180.

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 price is drifting lower, pulling altcoins to critical support levels and testing the resolve of traders who were looking for a bullish reversal.

Bitcoin’s (BTC) roof has been shifting lower in the past few days, which is a negative sign because it shows that bears are selling on every minor rally. Bitcoin’s weakness is affecting the major altcoins as most are gradually drifting lower.

Joel Kruger, a Forex strategist at LMAX, recently said:

“It would be foolish to rule out the possibility for a drop back below the June low, and we think there would be a risk in that scenario where the Bitcoin price could revisit the old record high area around $20,000.”

However, Bitcoin’s fundamentals seem to be improving. The network hashrate had taken a big knock due to China's recent crackdown on miners, but it is gradually coming back on track according to data from various on-chain sources. This shows how the network has balanced itself without the need for assistance from any external agency.

Will Bitcoin’s price follow the hashrate higher or will negative sentiment prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has been struggling to rise above the 20-day exponential moving average ($34,245). This is a negative sign as it shows that bears are aggressively defending this resistance. The price has turned down from the 20-day EMA today and the bears will now try to pull the price down to $31,000.

The 20-day EMA has started to turn down again and the relative strength index (RSI) has dropped below 45, indicating that bears are attempting to gain the upper hand. A break and close below $31,000 will be the first sign of the possible resumption of the downtrend.

The selling could intensify further if the $28,000 support cracks. That could result in long liquidation, which may pull the price down to $20,000.

Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, it will indicate accumulation by the bulls. A break above the 50-day simple moving average ($35,594) and the $36,670 resistance zone will signal strength.

ETH/USDT

The buyers have been struggling to push Ether (ETH) above the 20-day EMA ($2,17) for the past three days, which indicates stiff resistance from the bears at this level.

The sellers are currently attempting to sink the ETH/USDT pair below the psychological support at $2,000. If they manage to do that, the pair may drop to $1,728.74. A break below this support could signal the resumption of the downtrend.

Conversely, if the price turns up from the current level and rises above the 20-day EMA, it will indicate that bulls are attempting to make a comeback. The buyers will then try to thrust the price above the 50-day SMA ($2,339).

This level may act as a stiff resistance but if the pair climbs above it, the next stop could be the downtrend line.

BNB/USDT

Binance Coin (BNB) has been trading between the moving averages for the past five days. This tight consolidation suggests that bulls are buying on dips to the 20-day EMA ($313) and bears are defending the 50-day SMA ($333).

However, this tight-range trading is unlikely to continue for long. If bulls drive the price above the 50-day SMA, the BNB/USDT pair could pick up momentum and rally toward $379.58. If bulls clear this hurdle, the up-move could reach $433.

On the other hand, if bears sink and sustain the price below the 20-day EMA, the pair could slide to the $276.40 to $264.26 support zone. A break below this zone could pull the price down to the critical support at $211.70.

ADA/USDT

Cardano (ADA) has been trading between the 20-day EMA ($1.37) and the horizontal support at $1.28 for the past three days. This tight consolidation suggests that both the bulls and the bears are waiting for a clear direction before placing large bets.

Both moving averages are nearly flat and the RSI is above 44, indicating an equilibrium between buyers and sellers. This advantage will tilt in favor of the bears if the $1.28 support gives way. That will clear the path for a possible drop to $1.20 and then $1.10.

On the contrary, if the price rebounds off $1.28, the bulls will try to drive the price above the 20-day EMA. If they succeed, the ADA/USDT pair could rise to the 50-day SMA ($1.47) and then to the downtrend line. A break above this resistance will be the first sign that the correction may be over.

DOGE/USDT

Dogecoin (DOGE) is struggling to stay above the $0.21 support, which suggests a lack of buying as traders are not confident of a rally. This increases the possibility of a break below $0.21.

If that happens, the DOGE/USDT pair could drop to the next important level at $0.15. A break below this support could result in panic selling. The downsloping moving averages and the RSI below 38 indicate that bears are in control.

Conversely, if the price rebounds off the current level, the bulls will try to propel the pair above the 20-day EMA. If they manage to do that, the pair may recover to the 50-day SMA ($0.28) and then to the neckline.

XRP/USDT

XRP has been trading between the 20-day EMA ($0.67) and the horizontal support at $0.59. This suggests that bears are selling on minor rallies to the 20-day EMA.

The downsloping 20-day EMA and the RSI in the negative territory suggest that the path of least resistance is to the downside. If bears sink and sustain the price below $0.59, the XRP/USDT pair could retest the critical support at $0.50.

This is an important level for the bulls because if it cracks, the pair could start the next leg of the downtrend. To negate this possibility, the bulls will have to push the price above the 20-day EMA and the horizontal resistance at $0.75.

DOT/USDT

Polkadot’s (DOT) range has shrunk further and the price is stuck between $14.50 and $16.93. The negative sign is that the price has been trading near the support of this consolidation, indicating that bulls are in no hurry to buy at the current levels.

The 20-day EMA ($16.37) is sloping down marginally and the RSI is in the negative zone, suggesting that bears have the upper hand. If bears sink the price below $14.50, the DOT/USDT pair could drop to $13.

This is an important support to watch out for because if it gives way, the pair could start the next leg of the downtrend. On the contrary, if the price rebounds off $14.50, the bulls will again try to clear the hurdle at $16.93. If they succeed, the pair could rise to the 50-day SMA ($19.59).

UNI/USDT

Uniswap (UNI) has been trading between the moving averages. The bulls are buying on dips to the 20-day EMA ($20.21) but have not been able to clear the hurdle at the 50-day SMA ($22.07). This suggests that demand dries up at higher levels.

The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand. A breakout and close above the 50-day SMA will tilt this advantage in favor of the bulls. That could clear the path for an up-move to $25 and then $27.

On the other hand, if the price slips and closes below the 20-day EMA, it will signal advantage to the bears. The UNI/USDT pair could then drop to the next support at $16.93. If this support also cracks, the decline may extend to $15.

Related: Synthetix hits one-month high as SNX rallies 25% ahead of layer 2 exchange launch

BCH/USDT

Bitcoin Cash (BCH) has been stuck between the 20-day EMA ($512) and the horizontal support at $475 for the past four days. This suggests that bears are defending the 20-day EMA aggressively.

The 20-day EMA continues to slope down gradually and the RSI is below 41, indicating that bears have the upper hand. If bears sink the price below $475.69, the short-term bulls may dump their positions. That could pull the price down to $428.

If this support also cracks, the BCH/USDT pair may drop to the critical support at $370. Alternatively, if the price rebounds off $475.69, the bulls will try to propel the pair above the 20-day EMA. If they manage to do that, the pair may rise to $538.11.

A breakout and close above this resistance will be the first sign of strength. The pair could then move up to the 50-day SMA ($578) and later to $650.

LTC/USDT

Litecoin (LTC) has been facing stiff resistance at the 20-day EMA ($139) for the past few days but the positive sign is that the bulls have not allowed the bears to sustain the price below the critical support at $118.

This suggests that selling dries up at lower levels. The RSI has been trying to rise above 46 and if that happens, the bullish momentum could pick up. The bulls are currently attempting to push the price above the 20-day EMA.

If they succeed, the LTC/USDT pair could rise to the 50-day SMA ($156) followed by a rally to $180. Contrary to this assumption, if the price turns down from the current level, the pair could drop to $118. A breakdown and close below this support could signal the resumption of the next leg of the downtrend.

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.

Altcoins continue to move higher as Bitcoin trades in a predictable range but it’s still too early to know if the market is flashing any strong buy signals.

The weekend rally in cryptocurrencies was led by Bitcoin (BTC) but this move was not supported by huge trading volumes. According to on-chain analysts at CryptoQuant, the low trading volume suggests that “whales are staying low without much action.”

However, Bitcoin has successfully held the $30,000 support for two weeks, which suggests that accumulation is taking place at lower levels. The Crypto Fear and Greed Index rose to 29 on July 5, its highest level in about three weeks. This suggests that aggressive investors may have started bottom fishing.

If bulls successfully hold the $30,000 level in Bitcoin for a few more days, trading interest is likely to increase further. Institutional investors usually do not buy in a falling market and wait until prices stabilize. Once that happens, the volume is likely to pick up and a stronger recovery may be expected.

However, if support levels crack, the sentiment will sour further and institutions may prefer to remain on the sidelines until a bottom is confirmed. Let’s analyze the charts of the top-10 cryptocurrencies and spot the critical support levels on the downside.

BTC/USDT

The bulls pushed Bitcoin above the 20-day exponential moving average ($34,851) on July 4 but they could not clear the hurdle at the 50-day simple moving average ($36,338). This suggests that bears continue to sell on rallies.

If the price sustains below the 20-day EMA going forward, the bears will try to pull the BTC/USDT pair to the $31,000 support. The flat 20-day EMA and the relative strength index (RSI) just below the midpoint signal that there is a balance between supply and demand.

This balance will shift in favor of the bears if they can sink the price below $31,000. That could result in a drop to the $28,000 support. If this level cracks, the pair could witness panic selling.

Conversely, if the price rises from the current level or rebounds off $31,000, the bulls will make one more attempt to clear the overhead hurdle at $36,670. If they manage to do that, the pair may rally to the overhead resistance zone at $41,330 to $42,451.67.

ETH/USDT

Ether (ETH) is stuck between the moving averages. This shows that bears are attempting to defend the 50-day SMA ($2,410) and the bulls are trying to sustain the price above the 20-day EMA ($2,196).

However, this tight-range trading is unlikely to continue for long. If bulls push the price above the 50-day SMA, the ETH/USDT pair could rally to the downtrend line. This level may again act as a resistance but if crossed, the next stop could be $2,990.05.

Conversely, if bears sink the price below the 20-day EMA, the pair could drop to $2,000. This is an important support because a break below it will invalidate the short-term bullish view. The pair may then slide to the critical support at $1,728.74.

The flat 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.

BNB/USDT

Binance Coin (BNB) is facing stiff resistance at the 20-day EMA ($308) but the positive sign is that the bulls are not giving up much ground. This suggests that buyers anticipate the altcoin to make an upward dash.

If bulls thrust the price above the 20-day EMA, the BNB/USDT pair could rise to the 50-day SMA ($341). The bears may try to stall the recovery at this resistance but if the bulls can absorb the supply, the pair could start its journey to $433.

Contrary to this assumption, if the bulls fail to push the price above the 20-day EMA, short-term traders may close their positions. If the pair breaks below $264.26, a retest of the support at $211.70 may be on the cards.

ADA/USDT

Cardano (ADA) broke above the 20-day EMA ($1.39) on July 3 but the bulls could not drive the price above the 50-day SMA ($1.51). This suggests that bears are in no mood to relent and they continue to sell on rallies.

If the bears sink the price below the 20-day EMA, the traders who bought during the recent relief rally may bail out of their positions. This could pull the price down to $1.20. If the price rebounds off this level, the bulls will make one more attempt to clear the hurdle at the 50-day SMA.

If they succeed, the ADA/USDT pair could start its journey toward $1.94. Conversely, if bears sink the price below $1.20, the pair could retest the critical support at $1. A break below this level will be a huge negative and may start a new downtrend.

DOGE/USDT

Dogecoin (DOGE) had been trading near the 20-day EMA ($0.26) for the past few days but the bulls could not push the price above it. This suggests that bears aggressively defended this resistance.

The bulls seem to have given up and are closing their position today. If the bears sink the price below $0.21, the selling could intensify further and the DOGE/USDT pair may retest the critical support at $0.15.

The gradually downsloping moving averages and the RSI below 41 indicate advantage to the bears. The selling could pick up momentum below $0.15, which could result in a drop to $0.10.

This negative view will invalidate if the price rebounds off $0.21 and breaks above the 20-day EMA.

XRP/USDT

In a downtrend, the bears aggressively defend the 20-day EMA ($0.70) and that is what has happened in XRP. Even after repeated attempts in the past few days, the bulls could not propel the price above the 20-day EMA.

The downsloping moving averages and the RSI below 42 suggest that bears are in command. If bears sink the price below $0.63, XRP/USDT pair could drop to $0.58 and then to the critical support at $0.50.

This bearish view will be negated if the price rebounds off the support and rises above the 20-day EMA. Such a move will clear the path for a rally to the 50-day SMA where the bears may again pose a stiff challenge.

DOT/USDT

Polkadot (DOT) has been trading in a tight range between $13 and $16.93 for the past few days. A tight consolidation near the support is a negative sign as it shows that the bulls are not able to overcome the supply and push the price higher.

Both moving averages are sloping down and the RSI has turned down from 41, suggesting that bears are in control. If the sellers sink the price below $13, the DOT/USDT pair could witness sharp selling, which may pull the price down to $10 and then $7.50.

On the contrary, if the bulls again defend the $13 support, the pair could extend its stay inside the tight range for a few more days. A breakout and close above $16.93 will be the first indication that demand exceeds supply.

UNI/USDT

Uniswap (UNI) broke above the 20-day EMA ($19.53) on July 4 but the bulls are struggling to sustain the price above it. This suggests that bears are trying to trap the aggressive bulls.

However, the flattening 20-day EMA and the RSI just below the midpoint indicate that the selling pressure is reducing. If the bulls do not allow the price to sustain below the 20-day EMA, it will suggest that the sentiment has turned positive and the buyers are accumulating on dips.

That will increase the possibility of a break above the 50-day SMA ($22.65). If that happens, the UNI/USDT pair could start its northward march to $25 and then $27. Contrary to this assumption, if the price breaks below $16.93, the pair may drop to $15.

Related: Stablecoin growth could affect credit markets, rating agency warns

BCH/USDT

Even after repeated attempts in the past few days, the bulls have not been able to push Bitcoin Cash (BCH) above the overhead resistance at $538.11. This suggests that bears are unwilling to let go of their advantage.

The 20-day EMA ($526) has started to turn down and the RSI has slipped below 43, suggesting the path of least resistance is to the downside.

The sellers will now try to pull the price below the immediate support at $475.69. If they succeed, the BCH/USDT pair could drop to $428.43 and then to $370.

This negative view will be nullified if the price turns up from the current level or rebounds off the support and rises above $538.11. If that happens, the pair could extend its relief rally to $650.35 and then to $735.53.

LTC/USDT

The bulls could not push Litecoin (LTC) above the 20-day EMA ($144) on July 4, which suggests that bears are aggressively defending this resistance.

The price has turned down from the 20-day EMA today. If bears pull the price below $130.60, the LTC/USDT pair could retest the critical support at $118. If this level also breaks down, the pair will complete a descending triangle pattern, opening the doors for a down move to $100 and then $70.

This bearish view will be invalidated if the price turns up from the current level or rebounds off the support and breaks above the downtrend line of the triangle. Such a move could create an opening for an up-move to $200.

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 altcoins are witnessing selling near key overhead resistance levels, but a shallow pullback may suggest further upside is in store.

Bitcoin price staged a mild resurgence at the start of this week but data from Glassnode suggests that its new BTC investors who came late to the party and are dumping their positions in a panic.

This transfer of crypto assets from speculators or momentum chasers to long-term investors is a positive sign. This lays the groundwork for the start of the next bull run but it may not happen in a hurry.

At the moment, institutions are unlikely to buy aggressively and propel the price of Bitcoin higher because there is still a chance that they can accumulate at lower levels. Therefore, the range-bound action may continue for a few more days.

According to Forbes, New York Digital Investment Group’s (NYDIG) partnership with enterprise payment company NCR may empower 650 banks and credit unions in the U.S. to offer Bitcoin trading services to more than 24 million customers. This move is likely to attract several new investors to crypto, which is a long-term positive.

Will Bitcoin and altcoins witness selling pressure and break below their recent lows or will buyers propel the price above the local highs? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke above the 20-day exponential moving average ($35,196) on June 29, which is a positive sign. This showed that traders were not booking profits at the 20-day EMA but were trying to push the price above it.

However, the bears have not allowed the price to sustain above the 20-day EMA. This suggests that sellers are defending the zone between the 20-day EMA and the 50-day simple moving average ($37,752).

The bears will now try to pull the price down to $31,000 but the flattening 20-day EMA and the relative strength index (RSI) above 45 suggest the selling pressure could be reducing.

A shallow pullback from the current level will enhance the prospects for a break above the 50-day SMA, clearing the path for a rally to $42,451.67.

This positive view will invalidate if the bears sink the price below the $31,000 support. That could result in a decline to the critical support at $28,000.

ETH/USDT

Ether (ETH) broke above the 20-day EMA ($2,170) on June 29, indicating strength. However, the bears did not waste time and have pulled the price back below the 20-day EMA today. This suggests that sellers are not willing to let go of their advantage easily.

If the bulls do not allow the price to dip below $2,000, the ETH/USDT pair will once again try to rise above the 20-day EMA. If that happens, the pair could rise to the downtrend line. The bears will try to stall the rally at this level.

Contrary to this assumption, if the bears sink the price below $2,000, the pair may again drop to the $1,728.74 support. Repeated retests of a support level tend to weaken it. If the price slips below $1,728.74, the selling may intensify and the pair may drop to $1,536.92.

BNB/USDT

Binance Coin (BNB) is facing resistance at the 20-day EMA ($315). The bears will now try to pull the price below the immediate support at $264.26. If they succeed, the altcoin could drop to the critical support at $211.70.

The downsloping moving averages and the RSI in the negative territory suggest the path of least resistance is to the downside.

Alternatively, if the price again rebounds off $264.26, the buyers will try to drive the price above the 20-day EMA. If they succeed, the BNB/USDT pair could move up to the 50-day SMA ($369) and then to $433.

This level may act as a strong resistance and if the price turns down from it, the pair could drop to the 20-day EMA.

ADA/USDT

Cardano (ADA) pierced the 20-day EMA ($1.38) but the buyers could not sustain the price above it. That suggests the bears are attempting to defend this resistance aggressively.

If the price dips below $1.30, the ADA/USDT pair could drop to $1.20. The bulls are likely to buy this dip and again attempt to push the price above the 20-day EMA. If they succeed, the pair could rally to the 50-day SMA ($1.57).

On the contrary, if the bears sink the price below the $1.20 support, the pair could slide to $1. This is an important support to watch out for because a break below it could result in long liquidation while a rebound off it could extend the range-bound action for a few more days.

DOGE/USDT

Dogecoin (DOGE) had been trading close to the 20-day EMA ($0.27) for the past three days but the bulls could not push the price above it. This may have attracted profit-booking from short-term traders, pulling the price lower today.

If the bears sink the price below the $0.21 support, the DOGE/USDT pair could drop to the critical support at $0.15. This is the last major support before panic selling could drag the price down to $0.10.

On the contrary, if the price rebounds off the $0.21 support, it will suggest that bulls are trying to form a higher low. The buyers will then make one more attempt to push the price above the 20-day EMA.

If they succeed, the pair could rise to the 50-day SMA ($0.33), which is just above the neckline of the head and shoulders pattern.

XRP/USDT

XRP’s pullback has hit a wall at the 20-day EMA ($0.73). This suggests that sentiment remains negative and traders are selling on rallies to the overhead resistance levels.

The bears will now try to pull the price below $0.58. If they succeed, the XRP/USDT pair could drop to the psychological level at $0.50. This is an important support to watch out for because if it gives way, the decline could extend to the support line of the descending channel.

This negative view will invalidate if the pair turns up from the current level or rebounds off $0.58 and rises above $0.75. Such a move will suggest that the bulls are trying to make a comeback. The pair could then rise to the 50-day SMA ($0.93) and later to $1.07.

DOT/USDT

Polkadot (DOT) has turned down from the $16.93 resistance, suggesting that bears are selling on every minor rally. The bears will now try to pull the price to the $13 level. If the price rebounds off this support, the altcoin may extend its consolidation between $13 and $16.93.

However, the downsloping moving averages and the RSI below 38 suggest that the path of least resistance is to the downside. If bears sink the price below $13, the DOT/USDT pair could start the next leg of the downtrend that may reach $10 and then $7.50.

This negative view will invalidate if the bulls drive the price above the 20-day EMA ($18.20). That could result in an up-move to the 50-day SMA and then to $26.50. The bears are likely to defend this level aggressively.

UNI/USDT

The bulls pushed the price above the $18.60 resistance but could not clear the hurdle at the 20-day EMA ($19.49). This suggests that bears continue to sell Uniswap (UNI) on rallies to the strong resistance levels.

If the price turns down from the current level, the UNI/USDT pair could drop to $15. A bounce off this support may keep the pair range-bound between $15 and the 20-day EMA for a few days.

On the contrary, if the bulls regroup and push the price above the 20-day EMA, the pair could rise to the 50-day SMA ($24.45). This level may again act as stiff resistance but if the bulls arrest the next decline above $18.60, the pair may rally to $30.

Related: Coincidence? Bitcoin saw its highs and lows on 'Turnaround Tuesdays' in June

BCH/USDT

Bitcoin Cash (BCH) is facing stiff resistance at the 20-day EMA ($537), which is just below the horizontal resistance at $538.11. The bears are likely to defend this level aggressively.

If the price turns down from this level, the BCH/USDT pair could drop to $428.43 and then to $370. A bounce off this support could keep the pair range-bound between $370 and $538.11 for the next few days.

However, the flattening 20-day EMA and the RSI above 41 suggest the selling pressure is reducing. If bulls propel the price above $538.11, the pair could pick up momentum and rise to the 50-day SMA ($690).

LTC/USDT

Litecoin’s (LTC) relief rally is facing stiff resistance at the 20-day EMA ($147). This suggests the sentiment remains negative and traders are selling on rallies to strong resistance levels.

If the price turns down from the current level, the bears will make another attempt to sink the LTC/USDT pair below the $118 support. If they manage to do that, the pair will complete a descending triangle pattern. This could intensify selling and pull the price down to $100 and later to $70.

Contrary to this assumption, if the price turns up from the current level or rebounds off $118 and breaks above the downtrend line, it will invalidate the bearish setup. That could open the gates for a rally to $225.

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.