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