Bitcoin (Bitcoin) Recovery is facing strong resistance near $35,000, but Mike McGron, senior commodity strategist at Bloomberg Intelligence, still exists BullishIn his latest analysis, McGlone stated that the probability of Bitcoin reaching $60,000 is greater than the probability of the price falling to $20,000.
Institutional investors seem to be taking advantage of Bitcoin’s weaknesses put up Their position. Cathie Wood’s Ark Invest has added more than 450,000 shares of Grayscale Bitcoin Trust through two separate purchases in the past week, increasing its holdings to more than 9 million shares. In addition, Edge Wealth Management and Rothschild Investment Corp have also added GBTC stocks to their portfolios.
However, not everyone is so optimistic about Bitcoin. Delphi Digital analysts pointed out that Bitcoin is test The support and break of the 12-month moving average may lead to further declines. Kevin Kelly, a certified financial analyst at Delphi Digital, said that a drop below $30,000 may be detrimental to Bitcoin.
If Bitcoin remains range-bound, traders may shift their attention to selected altcoins, which may come as a surprise. Let’s study the charts of the top 5 cryptocurrencies that may continue to attract buying interest in the short term.
Bitcoin rose on July 23 and closed above the 20-day exponential moving average (32,974 USD), indicating that selling pressure is reducing. The bulls are currently trying to push the price above the 50-day simple moving average ($34,301).
If the buyer succeeds, the BTC/USDT pair may challenge the key short-term resistance at $36,670. Breaking this resistance may attract more buying and clear the way for a possible rebound to the resistance zone of US$41,330 to US$42,451.67.
The 20-day moving average began to rebound, and the relative strength index (RSI) rose above 54, indicating that the bulls have a slight advantage.
If the price drops from the 50-day moving average but rebounds from the 20-day moving average, it indicates that market sentiment has turned bullish. Then, the buyer will try to clear the 50-day moving average barrier again.
Alternatively, a break below the 20-day moving average will indicate that the shorts continue to sell at a higher level. Then, the currency pair can retest the $31,000 support level.
The 4-hour chart shows that bears are actively defending the overhead resistance near $35,000. The currency pair may now fall to the 20-EMA where buyers may intervene. If the price rebounds from the 20-EMA, it indicates that short-term sentiment has turned bullish.
Then, the buyer will try again to clear the $35,000 barrier. If they succeed, the currency pair may rebound to $36,670, and short positions may pose a challenge again. If the bulls do not give up this resistance, it indicates that short-term traders will not profit at this level.
This will increase the possibility of a breakthrough of 36,670 USD. If the price falls and breaks below the 20-EMA, this bullish view will be invalidated.
Ether (Ethereum) Reached the 50-day moving average ($2,165), which could become a strong resistance because the bears at the resistance level on July 7 prevented the previous rally.
If the price falls from the current level but finds support at the 20-day moving average ($2,046), it indicates that market sentiment has turned bullish. The strong rebound of the 20-day moving average will enhance the prospect of breaking through the 50-day moving average.
If this happens, the bulls will try to push the price to the downtrend line. A break and close above this resistance level will indicate a possible change in trend. The rising 20-day EMA and RSI above the midpoint indicate a strong return of buyers.
Contrary to this assumption, if the bears pull the price below the 20-day moving average, it means that the bears are not in a relaxed mood. The currency pair may then fall to the strong support level of 1,728.74 USD.
The bears are actively defending the psychological price of $2,200. The currency pair can now be corrected to the 20-EMA where buyers may intervene. If the price rebounds from the 20-EMA, the bulls will try again to push the currency pair above $2,200.
Breaking and closing at the upper resistance level will open the door to a possible rebound to $2,400. Contrary to this assumption, if the bears pull the price below the 20-EMA, the decline may extend to the $2,000 support level. A break below the 50-SMA may result in a drop to $1,728.74.
Internet Computer (ICP) fell below the $28.31 support level on July 20, but bears were unable to take advantage of this weakness. This shows that the bulls are accumulating at a lower level.
The rebound of US$26.92 strengthened, and the bulls pushed the price above the 20-day moving average (US$38.53) on July 24. This is the first sign that bearish sentiment may end. The 20-day moving average has flattened and the RSI has risen to its midpoint, which also indicates that selling pressure may be easing.
If the bulls push the price above the 50-day moving average (US$47.33), the ICP/USDT pair may rise to the upper resistance at US$59.42. Breaking and closing above this resistance will complete the double bottom pattern, indicating the start of a new uptrend.
The upside model target is $90.53. If the price falls from the current level and breaks below $26.92, this positive view will be invalid.
Both moving averages have risen on the 4-hour chart, and the RSI is in the positive zone, indicating that the bulls are in control. Buyers may defend the 20-EMA on the downside.
If the price rebounds from the 20-EMA, the currency pair may rise to the psychological level of $50. This level may serve as a resistance level, but if the bulls do not give up too much stance, the rise may continue and the currency pair may rise to 59.42 USD. Conversely, a break below the 20-EMA may pull the price down to the 50-SMA.
AAVE / USDT
Aave It rebounded from US$212.54 on July 20, and broke the horizontal resistance of US$280 on July 23, indicating strong buying at a lower level. The price currently stays within a symmetrical triangle.
The moving average is on the verge of a bullish crossover, indicating that the bulls are trying to make a comeback. If the price rebounds from the moving average, it indicates that the market sentiment has changed from selling on rallies to buying on dips.
Breaking and closing above the downtrend line will complete the symmetrical triangle pattern. The AAVE/USDT currency pair may subsequently rebound to 347.53 US dollars and then rise to 400 US dollars.
Conversely, if the bears pull the price below the moving average, the currency pair may gradually fall to the support line of the triangle again. A break of the triangle may reverse the situation and benefit the bears.
The bulls face strong resistance at the psychological price of $300, but if they do not allow the price to stay below the 20-EMA, it will increase the possibility of breaking the downtrend line. If this happens, the currency pair may rise to $347.53 in the short term.
Or, if the price stays below the 20-EMA, the currency pair may fall to $268 and then to the 50-SMA. A strong rebound from this level would indicate buying on dips. Then the bulls will try again to push the price to the downtrend line. A break below the 50-SMA will indicate that the bears have overwhelmed the bulls.
The LUNA token of the Terra protocol has rebounded sharply from US$5.58 and reached the upper resistance zone of US$7.96 to US$8.72. The bears stopped their previous recovery attempts in the zone on July 11.
If the bulls push the price above $8.72, the momentum may pick up. The rising 20-day moving average ($7.03) and RSI above 59 indicate that the path of least resistance is to the upside. The LUNA/USDT currency pair may rebound to the downtrend line.
This level may act as resistance again, but if the bulls do not give up too much position, the currency pair may try to break the downtrend line.
If the price falls from the current level and breaks below the 20-day moving average, this positive view will be invalidated. Such a move would indicate that purchases are drying up at a higher level. The currency pair may fall to 5.58 US dollars.
Both moving averages on the 4-hour chart are sloping upwards and the RSI is in the positive zone, indicating that the bulls have the upper hand. If the bulls can maintain the price above $7.96, the possibility of retesting $8.72 will increase.
If the bulls can push the price above $8.72, the short-term upward trend may increase momentum and the currency pair may rise to $10. This level may act as a resistance level, but if the bulls can use the $8.72 as a support level, the uptrend may continue.
Contrary to this assumption, if the bears pull the price below the 20-EMA, it indicates weakness in the short term. Then the currency pair may fall to 50-SMA.
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