litecoin

Bitcoin's failure to rebound off strong support levels increases the risk of a deeper correction that could also negatively impact altcoins.

After failing to sustain above the resistance of its narrow range, Bitcoin (BTC) fell near a key support on July 18. The consolidation of the past few days seems to be an accumulation phase, according to Glassnode’s Bitcoin Accumulation Trend Score. A similar score was seen during the accumulation phases between November to December and again from March to April.

According to CoinShares data, institutional investors continue to plow funds into digital asset investment products, which rose to $742 million in the past four weeks. Bitcoin continues to attract the lion’s share of the funds, with last week alone accounting for $140 million in inflows.

Morgan Creek Capital chief investment officer and founder Mark Yusko said in an interview with Cointelegraph that Bitcoin’s fair value is $55,000 and the markets are likely to “drift upwards toward that level.” Once this level is crossed, Yusko expects speculators to step in, resulting in a blow-off top sometime in 2024.

What are the important support levels that need to hold in Bitcoin and altcoins to prevent a deeper decline? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin slid below the 20-day exponential moving average ($30,124) on July 17 and tested the crucial support of $29,500 on July 18. The long tail on the day’s candlestick shows that lower levels continue to attract buyers.

The 20-day EMA is flat and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. If buyers force the price above the 20-day EMA, the BTC/USDT pair could rally to $31,000 and then to $31,805. Sellers are expected to protect this zone with vigor.

The next trending move could begin on a break above $32,400 or a drop below $29,500. If the range breaks below $29,500, the pair may plunge to $27,500 and later to $26,000. On the contrary, if bulls push the price above $32,400, the pair may start a rally toward $40,000.

Ether price analysis

The long tail on Ether’s (ETH) July 17 and 18 candlestick shows that the bulls are buying the dips to the 50-day SMA ($1,853).

This suggests that the ETH/USDT pair could remain stuck between the 50-day SMA and $2,000 for a while longer. A minor positive in favor of the bulls is that the 20-day EMA ($1,898) is sloping up gradually and the RSI is in the positive territory. If buyers catapult the price above $2,000, the pair may start the next leg of the up-move to $2,141.

However, the bears are likely to have other plans. They will try to yank the price below the 50-day SMA. If they do that, the pair may collapse to $1,700 and eventually to $1,626.

XRP price analysis

Generally, a vertical rally is followed by a sharp pullback and a period of consolidation. XRP (XRP) could be entering one such phase.

The bulls will try to drive the price above $0.83 and retest the July 13 intraday high of $0.94 but they are likely to encounter stiff resistance from the bears. If the price turns down from $0.83, the XRP/USDT pair could tumble to $0.66.

This level may again attract strong buying by the bulls. That could keep the price range-bound between $0.66 and $0.83 for a few days. Contrarily, if bulls propel the price above $0.94, the pair could start a rally to $1.40.

BNB price analysis

The bulls failed to push and sustain BNB (BNB) above the 20-day EMA ($244) in the past two days. This suggests that the bears are trying to flip the 20-day EMA into resistance.

The bears will try to strengthen their position further by pulling the price to the support line of the symmetrical triangle. This is an important level for the bulls to defend because a break below it could challenge the vital support at $220.

Alternatively, if bulls shove the price above the 20-day EMA, it will suggest solid buying at lower levels. The bulls will then make one more attempt to thrust the price above the triangle. If they can pull it off, the BNB/USDT pair could rise to $265.

Cardano price analysis

Cardano (ADA) is likely to witness a tough battle between the bulls and the bears near the breakout level of $0.30.

The 20-day EMA ($0.30) is sloping up gradually and the RSI is in the positive zone, indicating that bulls have a slight edge. Buyers will have to kick the price above $0.34 to suggest that the correction may be over. The ADA/USDT pair could then ascend to $0.38 where the bears may again mount a strong defense.

This positive view could be negated if the price turns down and plunges below $0.30. That will clear the path for a possible decline to the uptrend line and then to $0.26.

Solana price analysis

The long wick on the candlesticks between July 14 to 17 shows that bears continue to sell on rallies. The price turned down and slipped below the breakout level of $27.12 on July 17.

The SOL/USDT pair could correct to the 20-day EMA ($23.15), which is an important level to keep an eye on. If the price rebounds off this level, the bulls will again try to propel the pair above $27.12. If they succeed, the pair may advance to $29.12 and subsequently to $32.13.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are rushing to the exit. The pair could then plummet to the 50-day SMA ($19.44).

Dogecoin price analysis

Buyers pushed Dogecoin (DOGE) above the overhead resistance of $0.07 on July 17 and again on July 19 but the long wick on the candlestick shows strong selling at higher levels.

The bulls have managed to keep the DOGE/USDT pair above the 20-day EMA ($0.07) but they are struggling to overcome the overhead obstacle. If buyers fail to maintain the price above $0.07, the likelihood of a drop below the 50-day SMA ($0.07) increases.

That could keep the pair range-bound between $0.06 and $0.07 for a few more days. If bulls want to start a new up-move, they will have to hold the price above $0.07. The pair may then climb to $0.08 and later to $0.10.

Related: SEC vs. Ripple: Huge win for crypto

Polygon price analysis

Polygon (MATIC) bounced off the 20-day EMA ($0.73) on July 17 but the bulls could not sustain the higher levels. This suggests that every relief rally is being sold into.

The moving averages are an important support to keep an eye on. If bears sink the price below the 50-day SMA ($0.71), the advantage will tilt in favor of the sellers. The MATIC/USDT pair may then slump to $0.60.

The first resistance to watch on the upside is $0.80. If bulls drive the price above this level, the pair could retest the $0.89 level. A break and close above this resistance could signal the start of a new uptrend.

Litecoin price analysis

Litecoin (LTC) turned down from the overhead resistance at $106 on July 13, indicating that the bears are selling on rallies.

The failure of the bulls to arrest the pullback at the 20-day EMA ($94) suggests that the positive momentum has weakened. There is a minor support at the 50-day SMA ($90) but if this level gives way, the LTC/USDT pair could dump to $80.

If bulls want to prevent the decline, they will have to push and maintain the price above the 20-day EMA. If they do that, the pair may again retest the overhead resistance zone between $106 and $115.

Polkadot price analysis

Polkadot (DOT) has been swinging between the overhead resistance of $5.64 and the 50-day SMA ($5.03) for the past few days.

The flattish 20-day EMA ($5.21) and the RSI near the midpoint suggest a balance between supply and demand. If the price sinks below the 50-day SMA, the advantage will tilt in favor of the sellers. The DOT/USDT pair could then slide to $4.74. This is an important level for the bulls to defend because if it cracks, the pair may slump to $4.22.

On the upside, the bulls will have to clear the zone between $5.64 and the downtrend line to gain the upper hand. The pair could then skyrocket to $7.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin and several altcoins are taking a breather after the sharp rally of the past two days, but the general trend remains bullish.

Ripple Labs’ victory in the case against the United States Securities and Exchange Commission gives a significant boost to the crypto industry. In addition to benefitting Ripple and XRP (XRP), analysts believe that the ruling will weaken the regulator’s case against Binance and Coinbase.

In another positive event for the crypto space, the U.S. Dollar Index (DXY) completed a bearish head-and-shoulders pattern on July 12 and followed that up with a drop below the psychological level of 100 on July 13. The DXY typically moves in inverse correlation with Bitcoin (BTC); hence its weakness is a positive sign for the crypto bulls.

LookIntoBitcoin creator Philip Swift said that increased on-chain spending volume shows that Bitcoin is in the first stage of a bull market.

The sharp rally in XRP and several other altcoins following Ripple’s victory is a sign that the crypto bulls are making a comeback.

What are the important resistance levels that need to be crossed for Bitcoin and the altcoins to start the next leg of the up move? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke and closed above the $31,000 resistance on July 13, but the bulls are struggling to build upon this strength. This suggests that the bears have not yet given up and they continue to sell at higher levels.

Although the upsloping moving averages indicate an advantage to buyers, the relative strength index (RSI) is forming a bearish divergence, signaling that the bullish momentum may be weakening.

The bears will try to pull the price back below the breakout level of $31,000. If they do that, the BTC/USDT pair could drop to the 20-day exponential moving average (EMA) of $30,244. This remains the key level to keep an eye on. A bounce off it will suggest that the sentiment remains bullish and traders are buying on dips. A rally above $32,400 could clear the path for a potential rise to $40,000.

On the other hand, a break and close below the 20-day EMA could yank the price to $29,500. The bears will have to break this support to gain the upper hand in the near term.

Ether price analysis

The failure of the bears to sink Ether (ETH) below the 50-day simple moving average (SMA) in the past few days may have attracted strong buying by the bulls. That pushed the price to the overhead resistance of $2,000 on July 13.

The bulls and the bears may witness a tough battle near $2,000, but the rising 20-day EMA ($1,895) and the RSI in the positive zone indicate that bulls have a slight edge. If buyers clear the hurdle at $2,000, the ETH/USDT pair may retest the overhead resistance zone between $2,142 and $2,200.

Another possibility is that the price turns down and drops to the 20-day EMA. If the price rebounds off this level, the bulls will again try to overcome the overhead obstacle.

The bears will have to tug the price below the 50-day SMA ($1,850) to weaken the bullish momentum.

BNB price analysis

BNB (BNB) turned up from the 20-day EMA ($245) on July 13 and broke above the resistance line of the symmetrical triangle pattern.

The bulls continued the up move on July 14 and pushed the price above the 50-day SMA ($257), but the bears are posing a formidable challenge near the overhead resistance at $265. If the price turns down and reenters the triangle, it will suggest that the recent breakout may have been a bull trap. The pair may then plummet to the 20-day EMA.

On the contrary, if the price rebounds off the resistance line, it will suggest that the bulls have flipped the level into support. That will enhance the prospects of a rally above $265. The pair may then start its northward march to $280 and later to $300.

XRP price analysis

XRP (XRP) skyrocketed above the overhead resistance of $0.56 on July 13. This meant the $0.30 to $0.56 range resolved in favor of the bulls. The pattern target of this breakout is $0.82, but the price overshot this level.

The XRP/USDT pair is facing profit booking near $0.94. Generally, a sharp rally is followed by a violent correction and a few days of consolidation. The bulls will try to arrest any pullback in the zone between the 38.2% Fibonacci retracement level of $0.75 and the 50% retracement level of $0.70.

If the price stays above this level, the pair may retest the overhead resistance at $0.94. Contrarily, a break below $0.70 could sink the pair to the 61.8% retracement level of $0.64. Such a deep fall may delay the start of the next leg of the uptrend.

Cardano price analysis

Cardano (ADA) witnessed aggressive buying by the bulls on July 13, which drove the price above the immediate resistance of $0.30 and the 50-day SMA ($0.31).

That may have hit the stops on several bearish trades, triggering short covering. The price soared toward the target objective of $0.38 on July 14, but the long wick on the candlestick shows profit-booking by the bulls. The first support on the downside is at the 50% Fibonacci retracement level of $0.33.

If the price rebounds off this level, the bulls will once again try to overcome the hurdle at $0.38. If they succeed, the ADA/USDT pair may rally to $0.42. Contrarily, a break below the 61.8% retracement level of $0.32 could indicate weakening momentum.

Solana price analysis

After trading near the $22.30 resistance for a few days, Solana (SOL) made a solid move on July 13. That pushed the price to the strong overhead resistance at $27.12.

The bulls continued their purchase on July 14 and thrust the price above $27.12. This pushed the RSI into deeply overbought territory, indicating that the rally may be extended in the near term. That may result in a short-term correction or consolidation.

The important level to watch on the downside is the breakout level of $27.12. If bulls flip this level into support, the SOL/USDT pair could start a strong rally to $39. Alternatively, if bears sink and sustain the price below $27.12, the pair could descend to $22.30.

Dogecoin price analysis

Dogecoin (DOGE) staged a strong turnaround on July 13 and surged above the moving averages. This shows that the bulls are attempting a comeback.

The bulls are trying to sustain the price above the overhead resistance of $0.07. If they manage to do that, the DOGE/USDT pair could start a new up move. The pair may then rise to $0.08, where the bears will again try to stall the rally.

Contrary to this assumption, if the price turns down and breaks below $0.07, it could trap several aggressive bulls. The pair may then plummet to the moving averages. Such a move will suggest that the pair may remain range-bound for a few more days.

Related: Why is Cardano price up today?

Litecoin price analysis

The bulls successfully held the 20-day EMA ($96) on July 12, indicating that the sentiment has turned positive in Litecoin (LTC) and traders are buying on dips.

The rally has reached near $106, where the bulls are likely to face solid resistance. If buyers do not give up much ground from the current levels, it will increase the likelihood of a break above $106. The LTC/USDT pair could then retest the important resistance of $115. If this level is scaled, the pair may rally to $134.

This positive view will invalidate in the near term if the price turns down and closes below the 20-day EMA. The pair may then slump to the 50-day SMA ($90).

Polygon price analysis

The bears tried to pull Polygon (MATIC) back below the breakout level of $0.72 on July 12, but the bulls held their ground.

That attracted huge buying on July 13, which propelled the price to $0.89, just shy of the pattern target of $0.94. The moving averages are on the verge of a bullish crossover and the RSI is near the overbought zone, indicating that bulls are in control. The up move could reach the psychological level of $1, where the bears are expected to mount a stiff resistance.

The important support to watch on the downside is the 20-day EMA ($0.72). A break and close below it will suggest that the bullish momentum is weakening.

Polkadot price analysis

Polkadot (DOT) rebounded off the moving averages on July 13 and reached the overhead resistance at $5.64 on July 14.

The 20-day EMA ($5.20) has turned up slightly and the RSI has jumped into positive territory, indicating that bulls have the upper hand. The DOT/USDT pair will complete a bullish inverse head-and-shoulders pattern on a break and close above $5.64. That could start a new up move, which has a pattern target of $7.06.

If bears want to prevent the rally, they will have to drag and sustain the price back below $5.64. That may keep the pair range-bound between the 50-day SMA ($5.05) and $5.64 for some time.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin continues to face strong resistance at $31,000 but supportive macroeconomic factors could tilt the advantage in favor of the bulls.

Bitcoin (BTC) bulls are again having a go at the overhead resistance of $31,000. The bullish sentiment may get a boost from the United States inflation report, which showed signs of slowing down. Economists were expecting the year-on-year consumer price index to rise 3.1% but the June print came in at 3%.

The month-on-month increase of 0.2% was also less than forecast. This suggests that the Federal Reserve’s rate hikes are having the desired effect. That may limit future rate hikes by the Fed.

Supported by macroeconomic conditions, institutional investors seem to be turning positive on cryptocurrencies, especially Bitcoin. CoinShares report published on July 10 showed inflows of $136 million into digital investment products in the past week. That brings the total inflows of three consecutive weeks to $470 million, indicating a positive outlook.

Large investors could be turning positive on Bitcoin because they anticipate a huge inflow of traditional finance money if the U.S. Securities and Exchange Commission approves a spot Bitcoin exchange-traded fund. Bloomberg ETF analyst Eric Balchunas said in an exclusive interview with Cointelegraph that an ETF approval would unlock $30 trillion worth of capital for Bitcoin.

Could the tailwind of the positive triggers prove bullish for Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin turned down from the overhead resistance at $31,000 on July 10 but a positive sign is that the bulls did not allow the price to dip below the 20-day exponential moving average ($30,012).

The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If buyers drive and sustain the price above $31,000, the BTC/USDT pair is likely to start the next leg of the uptrend.

The pair could ascend to $32,400 where the bears are expected to again mount a strong defense. If bulls do not allow the price to fall below the 20-day EMA, the pair is likely to soar toward $40,000.

Time is running out for the bears. If they want to make a comeback, they will have to quickly pull the price below $29,500. That could start a decline to the 50-day simple moving average ($28,312).

Ether price analysis

Ether (ETH) once again bounced off the 50-day SMA ($1,843) on July 10, indicating that the bulls are fiercely guarding this level.

The price turned up and closed above the 20-day EMA ($,1874), indicating that the bulls are trying to make a comeback. If buyers drive the price above $1,906, the ETH/USDT pair could attempt a rally to the overhead resistance at $2,000. This level is likely to witness strong selling by the bears.

The crucial support to watch on the downside is the 50-day SMA. If this level gives way, it could pave the way for a deeper correction to $1,700.

BNB price analysis

The price action of the past few days has formed a symmetrical triangle in BNB (BNB). This suggests indecision between the bulls and the bears.

The symmetrical triangle usually behaves as a continuation pattern but in some cases, it turns into a reversal setup. If buyers kick and maintain the price above the triangle, it will suggest a possible trend reversal. The BNB/USDT pair could rise to $265 and thereafter sprint to the pattern target of $293.

Contrarily, if the price turns down and slips below the 20-day EMA ($242), it will suggest that the pair may spend some more time inside the triangle. The bears will have to yank the price below the support line to seize control.

XRP price analysis

The bulls tried to thrust XRP (XRP) above the 20-day EMA ($0.48) on July 10 but the bears held their ground.

The bulls will have to cross the roadblock at the 20-day EMA and then at the 50-day SMA ($0.49) to gain the upper hand. If they do that, the XRP/USDT pair could pick up momentum and surge to $0.53 and eventually to $0.56.

On the contrary, if the price turns down sharply from the current level, it could retest the strong support at $0.45. This level has held on two previous occasions, hence the bulls are expected to defend it aggressively. If the buyers fail in their endeavor, the pair may collapse to $0.41.

Cardano price analysis

Cardano (ADA) rose above the 20-day EMA ($0.29) on July 11, indicating that the bulls are buying at lower levels.

The flat 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand. This advantage will tilt in favor of the buyers if they shove the price above the 50-day SMA ($0.31). The ADA/USDT pair could then start a rally to $0.38.

Alternatively, if the price turns down from the overhead resistance, it will suggest that the bears have not given up yet. The pair could then oscillate between the 50-day SMA and the uptrend line for some time. A slide below the uptrend line will give the edge to the bears in the near term.

Dogecoin price analysis

Dogecoin (DOGE) is struggling to rise above the 20-day EMA ($0.07) but a positive sign is that the bulls have not ceded ground to the bears.

The flattening 20-day EMA and the RSI just below the midpoint suggest a range-bound action between $0.07 and $0.06 for some time. If bulls propel the price above the moving averages, the bulls will try to overcome the obstacle at $0.07. If they can pull it off, the DOGE/USDT pair may climb to $0.08.

The bears will gain the upper hand if they sink and sustain the price below the crucial support at $0.06. The pair may then tumble to $0.05.

Solana price analysis

Solana (SOL) is facing resistance at $22.30 but a positive sign is that the bulls have not given up much ground. This suggests that the buyers expect the rally to continue.

The upsloping 20-day EMA ($19.73) and the RSI in the overbought territory indicate that the bulls are in command. A break and close above $22.50 could start the next leg of the up-move. The SOL/USDT pair could then attempt a rally to $27.12. There is a minor resistance at $24 but it is likely to be crossed.

The first support on the downside is at the 20-day EMA and then at the 50-day SMA ($18.55). Buyers are expected to defend this zone with vigor.

Related: Bitcoin’s pre-halving rally may start soon — Here’s why

Litecoin price analysis

The long tail on Litecoin’s (LTC) July 10 candlestick shows that the bulls aggressively purchased the dip below the 20-day EMA ($95).

Buyers will have to overcome the barrier at the psychological level of $100 to signal the start of a sustained recovery. The LTC/USDT pair could then advance to $106 and subsequently strive to reach the overhead resistance at $115.

The important level to watch on the downside is the 20-day EMA. If this level fails to hold, the pair may descend to the 50-day SMA ($89). Such a move could delay the start of the next leg of the up-move.

Polygon price analysis

Polygon (MATIC) soared above the overhead resistance of $0.73 on July 10, completing a bullish ascending triangle pattern.

The bulls have maintained the price above the breakout level but they are facing stiff resistance from the bears at higher levels. If bulls sustain the price above $0.72, the MATIC/USDT pair could start a new uptrend to the pattern target of $0.94.

Conversely, if bears yank the price below $0.72, it may trap some aggressive bulls. The pair could then fall to the uptrend line, which is an important level to keep an eye on. If this support cracks, the pair could start a downward move to $0.60.

Polkadot price analysis

Polkadot (DOT) bounced off the moving averages on July 10, indicating a change in sentiment from selling on rallies to buying on dips.

The bulls will try to push the price to the overhead resistance of $5.64 while the bears will attempt to halt the recovery. The 20-day EMA ($5.11) is flattish but the RSI above 52 shows that the bulls have a slight edge. A break and close above $5.64 will complete a bullish inverse head and shoulder pattern, signaling a potential trend reversal.

If bears want to prevent the up-move, they will have to quickly yank the price below $4.97. The DOT/USDT pair may then drop to $4.74 and later to $4.50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.