Bitcoin (BTC) 5% to test $31,000 support today. It has decreased to 5 and time is passing in this region. According to analysts, investors who expect a “supply shock” from the market are taking out BTC from their hands. At the same time, the fact that inflation reached the highest level in recent years revealed the possible effects on Bitcoin. According to some sources, Bitcoin is seen as the most robust investment tool to protect against inflation. Even in the current month or correction period, successful investors continue to accumulate. For real analysis, we examine not only Bitcoin, but also the top 10 cryptocurrencies, accompanied by analysts.
Let’s start with BTC/USDT
First of all, it is observed that Bitcoin strongly protects $31,000 with the reinforcement of the bulls. At the same time, the 20-day MA ($33,973) is missioning as a hard resistance zone that the bears will face. However, if the price drops from the 20-day EMA, it can be observed that investors are selling, according to analysts. The bears may then step back in and attempt to push the price below $31,000. If this breakthrough is successful, the next critical pillar of BTC/USDT could fall to $28,000, according to analysts.
At the same time, according to analysts, this means a breakout level for the bulls. If we see the price this low, we may witness investors flocking to the markets again. However, on further bearish levels, the $20,000 foothold will be seen as Bitcoin (BTC)’s stronghold.
On the other hand, in a bullish scenario, if the bulls can push the price above the 20-day EMA, BTC/USDT could reach the 50-day SMA ($35,361). A closing above this zone will mean that sellers have lost control. Afterwards, a break above 36.670 and possible, with it to the resistance zones of 41.330 and $42.451, Bitcoin can start the journey again.
Ethereum is next after Bitcoin (BTC)
The failure of Ethereum to break above the 20-day EMA ($2.135) from July 9 to July 12 (ETH) may have driven traders to sell in the short term. This, according to analysts, is in the middle of the reasons that put Ethereum below the $ 2,000 spiritual reinforcement.
However, the bears failed to sustain the selling pressure after the $2,000 breakout. The bulls are back in action, with the critical 1.738 holding on. If they are successful, the ETH/USDT pair could rise to the downtrend line. A break and close above this resistance will signal a possible change in trend. On the contrary, if the price drops from the 20-day EMA, the bears may make another attempt to lower the price to $1,728.74. A break below this reinforcement could initiate the next leg of the downtrend.
It is observed that the bears are trying to gain the upper hand in Binance Coin (BNB). Falling below the 20-day EMA ($313) on July 13 is highly supporting the bears, according to analysts. However, today’s candlestick is quite active and wicks in a large range. This shows that the bulls are hopeful and continue to buy, according to analysts. As evidence for this effort, the FTA and the RSI, which is quickly below the midpoint, can be given as a stabilization in the middle of supply and demand.
Accordingly, the bulls need to push and sustain above the 50-day SMA ($331) to regain control. In this move, it will clear the path to the upper move to $379.58 and then the hard overhead resistance at $433. However, otherwise, if the price drops from the 50-day SMA, the bears will try to push the BNB/USDT pair below the $276.40 and $264.26 support zone. If they succeed, the levels could drop to $251.41 and subsequently to $211.70.
With its upcoming upgrades and listing developments, ADA’s failure to push it above the 20-day EMA ($1.35) from July to July 12 could be a short profit break, according to analysts. In this case, it is pulling the price back below the $1.28 mark on July 13.
In addition, Cardano’s candles today record long wicks with hard movements. This shows that the bulls are trying to protect the reinforcement at $1.19, according to analysts. On the technical side, the 20-day EMA started bearish and the RSI broke below 42. This shows the dominance of bears compared to analysts.
In a likely scenario, if the price dips below $1.28, it will indicate selling on minor rallies, simultaneously increasing the bearish probability to $1.10 and subsequently to $1. Alternatively, if the bulls push the price above the 20-day EMA, it signals strength. The ADA/USDT pair could then rise to the 50-day SMA ($1.46).
BTC and XRP recover
XRP has gradually dropped to the horizontal support at $0.59 in recent days. This is a valuable level for the bulls, according to analysts, as if it breaks, the bears will aim for the June 22 low of $0.50.
The falling MA and the RSI below 40 show that bears dominate, according to the analyst. Likewise, a break and close below $0.50 could open the doors for a possible drop to $0.45 followed by $0.40. Rather, if the price rises above the current level, buyers will make another attempt to break through the snag at the 20-day EMA ($0.66), as analysts noted. If they manage to do so, the XRP/USDT pair could rally to $0.75. A break and close above this level will signal strength.
Dogecoin (DOGE) broke and closed below the $0.21 support on July 12, suggesting that supply has outstripped demand. The failure of the bulls to defend $0.21 clears the way for a retest of the critical level at $0.15.
The descending moving averages and the RSI below 36 suggest bears are in control. If the bears pull the price below the $0.15 support, the sell-off could get heavy and the DOGE/USDT pair could drop to $0.10. However, the $0.15 level was held in the previous two situations, so the bulls may try to defend it aggressively again. A strong bounce could push the price towards the overhead resistance at $0.21. A break and close above the 20-day EMA ($0.23) will signal that the bulls are attempting a reversal.
The tight consolidation of Polkadot (DOT) mid-$14.50 to $16.93 ended with a breakout on July 13 that saw supply outstripped demand. This brought the price down to the critical foothold at $13.
Downward sloping moving averages and RSI below 37 suggest bears are in control. A break and close below the $13 support will suggest a resumption of the downtrend. The next boost is the spiritual level of $10. On the contrary, if the price bounces back from the current level, the bulls will try to push the price above $14.50. If they succeed, it will show lower levels of accumulation. The first strength sign will be a break and a close above $16.93. If that happens, it could set the stage for a powerful charity rally.
Uniswap (UNI) broke below the 20-day EMA ($19.81) on July 12, indicating that the bears have beaten the bulls. There is a small foothold at $16.93, but if the level gives up, the altcoin could drop to $15 and subsequently to $13.
The 20-day EMA has started to drop and the RSI has dropped into the negative territory, indicating that the path of least resistance is headed down. A break and close below $13 will complete a descending triangle pattern and suggest the start of the next leg of a downtrend. Contrary to this assumption, if the price rises above the current level or $15, the bulls will try to push the price back above the downtrend line. If they are successful, the bearish chart will be invalidated and the UNI/USDT pair could rise to $25 and subsequently to $27.
The narrow gap between $475.69 and $538.11 in Bitcoin Cash (BCH) was resolved to the downside on July 13. This suggests that supply exceeds demand as the bulls are not sure a bottom has been made.
Both moving averages are falling and the RSI is in the negative territory, indicating an advantage for the bears. If the price stays below $475, the BCH/USDT pair could gradually drop to $428 and then to the next major reinforcement at $370. However, the long tail on today’s candlestick indicates that the bulls are attempting to push the price above $475.69. If they do, it will indicate buying at lower levels. A break and close above $538.11 will be the first sign of the start of a stronger aid rally.
Litecoin (LTC) is trading in a descending triangle pattern that is about to complete a decline and close below $118 as the chart shows. Today’s candles, like the cryptos on the list, are long, indicating that the bulls are trying to defend the reinforcement.
However, Cryptocoin. com is gradually falling on both MAs and the RSI is below 40, which indicates that the bears are in control. It is possible for a random relief rally to meet with stiff resistance on the downtrend line. If the price drops from this level and breaks below $118, the LTC/USDT pair could resume its downtrend. On the downside, the next boost is at $100 spiritual level, but if this level is broken, the drop could extend to $70. Conversely, the bulls will invalidate the pattern if the price rises above the downtrend line. The pair could then rally to the 50-day SMA ($154) and then to $180.