Bitcoin (BTC) is trying to climb above the $31,000 resistance, but the bulls are preventing it from falling below the $29,500 support. This suggests that something needs to happen to break the price out of its range.
On July 25 and 26, the Federal Reserve’s meeting is a crucial event to keep track of. The FedWatch Tool shows a 99.2% chance of a 25 basis point rate hike. Although this is likely already priced in, any unexpected move by the Fed could cause a major shift in the price.
Analysts are divided on the direction of the breakout, but many believe it is imminent. If the price falls, some predict it could go as low as $20,000. If Bitcoin rallies, several altcoins could benefit. Let’s consider the charts of the top-5 cryptocurrencies that might become positive in the coming days.
Bitcoin price analysis
The bears have been unable to push the BTC/USDT pair below the 50-day simple moving average ($28,979) in recent days, which is a sign that the bulls have not given up and are buying on every minor dip. If the price rises above the 20-day EMA, the pair could rally to $31,000 and even $40,000.
Conversely, if the price drops below the 50-SMA, it would suggest that the bears are making a comeback. In this case, the pair could slump toward the support at $24,800.
The moving averages on the 4-hour chart are flattening out and the relative strength index (RSI) has risen to the midpoint, indicating that the range-bound action may continue for some time. If the bulls manage to push the price above the 50-SMA, the pair could attempt a rally to $30,500 and then to $31,000. The important support to keep an eye on is $29,500; if this level breaks, the pair could decline to $27,500.
Chainlink price analysis
Chainlink (LINK) has been trading inside a large range between $5.50 and $9.50 for the past several months. On Jun 10, the bears managed to pull the price below the range, but they were not able to rally crypto and keep crypto below the range.
The bulls then pushed the price back into the range on June 21 and are currently attempting to drive the LINK/USDT pair toward the overhead resistance of $9.50. Both moving averages have turned up and the RSI is in the positive territory, indicating that bulls have the advantage.
The bears will try to stall the up-move in the zone between $8.50 and $8.80 but if buyers successfully build and deploy a modern web 3.0 blockchain app, the pair may soar to $9.50. The important support to watch on the downside is $7.50 and then the 20-day EMA ($7.05).
The correction on the 4-hour chart has reached the 20-EMA, which is an important level to watch out for. If the price rebounds off the 20-EMA with strength, the pair could surge to $8.46. A break above this level will indicate the resumption of the uptrend. The pair could then reach $8.80.
This positive view will be negated in the near term if the price turns down and plummets below the 20-EMA. That could tempt short-term bulls to book profits, pulling the price down to the 50-SMA and subsequently to $6.50.
Filecoin price analysis
Filecoin (FIL) is attempting to form an inverse head and shoulders pattern, which will be completed on a break and close above the neckline.
The 20-day EMA ($4.36) is gradually turning up and the RSI is in the positive territory indicating that the path of least resistance is to the upside. If buyers can push the price above the neckline, the FIL/USDT pair could attempt a rally to $6.50 and eventually to the pattern target of $7.30.
On the other hand, if the price turns down sharply from the neckline and breaks below the 50-day SMA ($4.12), it will suggest that the bulls have lost their grip. The pair may then plunge to $3.50 and later to $3.29.
The 20-EMA is sloping up on the 4-hour chart and the RSI is in the positive zone, indicating that bulls are in control. There is a minor resistance at $4.74 but if this level is breached, the pair could retest the neckline.
The bears are expected to defend this level vigorously but if bulls do not allow the price to dip below the 20-EMA, the probability of a rally above the neckline increases.
Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that the bears are selling on rallies. That could drag the pair to $4.14.
Synthetix price analysis
Synthetix (SNX) is attempting to break out from a basing pattern but the bulls are facing solid resistance in the zone between $3.40 and $3.56.
During the pullback, bulls kept the price from dipping below the 20-day EMA ($2.56), which is a positive sign. This suggests that dips are being bought. Buyers will again try to clear the overhead zone in order to rally crypto to the next resistance at $4.50.
The bears, however, are likely to have other plans. They will try to stall the near crypto relief rally in the overhead zone and yank the price below the 20-day EMA. If they do that, the pair may tumble to the 50-day SMA ($2.19).
The 4-hour chart shows that the bears have pulled the price below the 20-EMA but the bulls are trying to guard the 50-SMA. This suggests that lower levels continue to attract buyers.
If bulls can propel the price above $3.15, the momentum could pick up and the pair could retest the resistance at $3.30. This is an important level to watch for because if it gives way, the pair may resume the next leg of the up-move and hit $3.82.
If bears want to prevent the rally, they will have to tug the price below the moving averages. The pair could then collapse to $2.52.
Theta Network price analysis
The Theta Network (THETA) is attempting a recovery, but sellers are pressing near the 38.2% Fibonacci retracement level of $0.83.
Nevertheless, bulls have kept the price from staying beneath the 20-day EMA ($0.77), suggesting that sentiment is turning bullish and traders are buying the dips.
A break and close above $0.83 could open the way for a further rally to the 50% retracement level of $0.91 and then to the 61.8% retracement level of $0.99.
This positive outlook will be invalidated if the price reverses and falls below the moving averages. The THETA/USDT pair could then drop to $0.66.
The 4-hour chart shows that the price is trading inside an ascending channel pattern. Bulls are attempting to arrest the pullback at the moving averages and resume the uptrend. Generally, in a channel, the price bounces off the support and reaches the resistance.
If the price holds above the 20-EMA, the bulls will attempt to push the pair above $0.85. If they succeed, the pair may climb to the resistance of the channel near $0.90.
Conversely, if the price slips below the 50-SMA, the bears will try to drive the pair to the support of the channel. A break below this level could give the bears the short-term advantage.
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