Bitcoin (BTC) attempted to break away from its boring sideways price action on July 13, following Ripple’s legal victory over the United States Securities and Exchange Commission, but the enthusiasm proved to be short-lived. Sellers pulled the price back into the range on July 14, indicating that they remain active at higher levels. However, a positive sign is that the bulls have kept Bitcoin’s crypto price above $30,000.
Market observers are expected to closely follow the review process for the various exchange-traded fund (ETF) proposals for a spot Bitcoin ETF, one of the most prominent being the proposal by BlackRock. Interestingly, out of 550 ETF applications by BlackRock, only one has been rejected, according to Bloomberg Intelligence’s Eric Balchunas and James Seyffart.
Even as Bitcoin consolidates, waiting for its next catalyst, several altcoins such as Maker crypto and Harmony One crypto are witnessing solid buying. This has pulled Bitcoin’s market dominance below 50%, suggesting that the focus could be shifting to the altcoins in the near term.
Could Bitcoin start a trending move in the short term, or will it remain stuck inside the range? What are the altcoins that are looking strong on the charts? Let’s study the charts of the top-five cryptocurrencies that could be on traders’ radar in the next few days. Additionally, traders could be interested in Gemini crypto exchange, the recent AI developments, and the difference between Web 1.0, Web 2.0, and Web 3.0 (which best describes the integration of three features) Brainly.
Bitcoin price analysis
The crypto bitcoin closed above $31,000 on July 13, but that turned out to be a false promise as the bears forced the price back below the level on July 14. This shows that the bears are strongly defending the area between $31,000 and $32,400.
The price behavior of the past few days has created a bearish divergence on the relative strength index (RSI). This signals a weakening bullish momentum. The bears will try to capitalize on their advantage by pushing the price below the 20-day exponential moving average ($30,187). If they succeed, the BTC/USDT pair may go down to the 50-day simple moving average ($28,631).
If the bulls want to prevent the decline, they will have to quickly lift and keep the price above $31,000. The pair could then climb to $32,400. A break and close above this level will open the door for a potential run to $40,000, as there are no major resistances in between.
The pair has fallen below the moving averages on the four-hour chart, indicating that demand is decreasing at higher levels. The bears will have to push and maintain the price below $29,500 to start a deeper correction. The pair could then plunge to $27,500.
Alternatively, the bulls will have to lift and sustain the price above $31,000 to start an upward move towards $32,400. If the price turns down from $32,400 but rebounds off $31,000, it will suggest that the bulls have converted the level into support. The pair may then begin a rally to $40,000.
Uniswap price analysis
Uniswap (UNI) has been taking support at the 20-day EMA ($5.41) during pullbacks, indicating that the sentiment has turned positive and traders are buying the dips.
The bulls will attempt to take advantage of the current crypto price dip and push the UNI/USDT pair above the immediate resistance at $6.16. If successful, the pair could rise to $6.50. This level may prove to be a strong resistance, but if the bulls refuse to give up, the pair could reach $6.70.
The key support to watch on the downside is the 20-day EMA. A break and close below this maker crypto could signify that the bears are back in the game. The pair may then drop to the 50-day SMA ($5) and further to the critical support at $4.72.
The correction on the four-hour chart has reached the 20-day EMA. This is the first important support to watch out for. If the price rebounds off this level, the pair could retest the overhead resistance at $6.17. Above this level, the pair may climb to the resistance line of the ascending channel.
Conversely, if the price falls below the 20-day EMA, it will suggest that the short-term traders may be taking profits. This could pull the price down to the support line of the channel. If this level is breached, the pair may slide to $5.08.
Arbitrum price analysis
On July 15, Arbitrum (ARB) broke out of the symmetrical triangle pattern, demonstrating that the bulls have gained the upper hand over the bears.
The 20-day EMA ($1.16) has risen and the RSI is close to the overbought zone, showing that the path of least resistance is up. There is a minor resistance at $1.36, but if it is broken, the ARB/USDT pair could jump to $1.50. This level is likely to cause a strong challenge, however, if the bulls manage to break it, the rally could continue to $1.70.
This optimistic outlook will be invalidated in the near future if the price turns down and falls below the triangle’s support line. This could trap many aggressive bulls, causing a sharp drop to $0.90.
The bulls have successfully defended the retest of the breakout point from the symmetrical triangle, indicating that there is buying pressure at lower levels. The bulls will attempt to build on this strength by pushing the price above $1.36. If successful, the pair could gain momentum.
On the other hand, if the price reverses from the current level or $1.36, the bulls will try to pull the pair back into the triangle. If they succeed, it will suggest that the recent breakout might have been a crypto bull trap. The pair could then drop to the 50-day SMA and, eventually, to the triangle’s support line.
Aave price analysis
On July 3, Aave (AAVE) managed to break and close above the descending channel pattern. The bulls were able to hold the retest of the breakout level on July 6 and July 10, thus converting the resistance line into support.
The rising 20-day EMA ($72) and the RSI in the positive zone indicate that the bulls are in control. If the crypto price turns up from the current level or bounces off the 20-day EMA, it may lead to a rally above $84.50 and potentially reach $95.
However, if the crypto price turns down and breaks below the 20-day EMA, it could mean that the bulls are losing their grip. In this case, the bears may try to pull the price back into the descending channel.
The four-hour chart shows that the bulls pushed the price above the overhead resistance of $84.50, yet they failed to maintain the breakout. The bears sold at higher levels and dragged the price back below the 20-day EMA.
Both moving averages have flattened out and the RSI is close to the midpoint, which implies a balance between supply and demand. If the price breaks below the 50-day SMA, the advantage may shift to the bears and the AAVE/USDT pair could fall to $68. If the crypto price remains above $84.50, the advantage will stay with the bulls.
Analysis of Maker Price
On July 2, Maker (MKR) broke above the downtrend line and was successfully retested on July 14. This bounce indicates strong demand at lower levels.
The positive RSI and the 20-day EMA ($878) rising suggests that bulls are in control. Buyers are attempting to resume the up-move, but may face resistance near $1,100. If bulls can break this barrier, the MKR/USDT pair could surge to $1,200.
On the other hand, if the price turns down from $1,080, it implies that bears are still selling on rallies. The pair could then drop to the 20-day EMA. A break below this level would suggest that the bears are attempting a comeback.
The four-hour chart shows that the bulls have pushed the price above the resistance line, which suggests that the short-term correction may be over. The price may dip to the resistance line, which is an important level to watch.
A strong rebound off this level would indicate that the bulls have flipped the resistance line into support. That would increase the chances of a breakout above $1,080.
This optimistic outlook could be invalidated in the near term if the price falls below the moving averages. That could send the pair to $831.
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