Bitcoin and certain altcoins are trading close to discounted and critical support levels. But will buyers engage again? To answer, let’s look at analyst Rakesh Upadhyay’s technical analysis for BTC, SHIB, DOGE and 7 altcoins.
Trade levels for BTC, ETH, BNB, XRP and ADA
Bitcoin (BTC)
Bitcoin dropped from $22,527 on July 8. It deepened below $21,164 on July 10. These price movements show that investors are taking profits from higher levels and aggressive bears are opening short positions.
Bitcoin price is now testing the support line of the triangle formation. This level is an important zone to watch out for because it will show how strong the bulls are. If it receives an upside reaction, the bulls will take the stage to move Bitcoin to $23,363. A possible close above $24,496 will suggest current levels bottoming out. Conversely, if the price dips below the support line, it will indicate that the bears are in control. Sellers will then try to push the Bitcoin price down to the strong support zone of $18,626-$17,622.
Ethereum (ETH)
Ethereum declined from the $1,280 resistance on July 8th. Sellers pushed the price below $1,192 on July 10. On July 11, they tried to break the support line of the triangle.
If the bears manage to break the bottom of the triangle, the bullish setup will be invalid. According to the analyst, ETH could drop to $998 later. A close below this level will result in a retest of $881. On the contrary, if the price rises from the support, it will indicate that the bulls are piling up on the dips. Buyers will then have to push the price above $1,280 to gain the upper hand. Ethereum bulls will then target $1,422 followed by $1,679.
BNB Coin (BNB)
BNB faced stiff resistance at $257. This is because short-term investors take profits. BNB price later deepened below $234.
If the price stays below $257, BNB will once again head towards the strong support at $211. The bulls will try to save the price from this level later. If they are successful, it will signal that the BNB price may have bottomed out. This positive view will be invalidated if the price drops below $211.
XRP
XRP failed to rise above the resistance line of the symmetrical triangle on July 8. This shows that the bears are selling in the rallies. Strong selling on July 10 pushed the price to the support line of the triangle.
Meanwhile, XRP’s RSI index has dropped to 43, which indicates that the momentum is supporting the bears. If the sells pushes the price below the support line, XRP will face $0.30. It will then test the critical support at $0.28. If this level is broken, the XRP price could drop further. Buyers will then make another attempt to push the price above the triangle. If that happens, the bulls’ next target will be $0.41.
Cardano (ADA)
Cardano (ADA) failed to hold $0.47. This shows that the bears are defending this level aggressively. Sellers later dragged the price to the $0.44 support zone.
The slowly declining 20-day EMA and the RSI in the negative zone suggest that the bears have a slight advantage. If sellers push the price below $0.44, ADA will test $0.40. If this level gives way, selling could intensify and ADA could resume its downtrend. The bulls need to defend the zone strongly between $0.40 and $0.44. If the price rebounds strongly from this zone, buyers will try to surpass the MA resistance again.
SOL, DOGE, DOT, SHIB, AVAX analyzes
Left (LEFT)
Solana (SOL) fell below $36 on July 11. Thus, it reached the support line of the symmetrical triangle pattern. The price is approaching the top of the triangle, which indicates the possibility of a breakout in the next few days.
If the price breaks below the support line, it will indicate that the uncertainty has been resolved in favor of the bears. SOL price will then head towards the $31 and then the critical support of $26. A break below this support signals the resumption of the downtrend. Conversely, if the price rises from the current level, it will indicate that the bulls are trying to defend the support line. Solana bulls will then target the resistance line. The bulls need to break through this hurdle to rise to $50.
Dogecoin (DOGE)
Dogecoin (DOGE) dropped from $0.07 on July 8. It deepened below $0.07 on July 10. The bears are attempting to push the price below the strong support at $0.06.
If successful, DOGE will head towards the critical support at $0.05. A break and close below this level marks the start of the next leg of the downtrend. Conversely, if the price bounces back from $0.06, it will suggest buying lower. The bulls will then make another attempt to clear the $0.07 resistance and they will head towards $0.08. The next trend move will start with a break above $0.08 or below $0.06.
Polkadot (DOT)
Polkadot turned down from $7.30 on July 10 after the bulls repeatedly failed to push the price above resistance. The bears will try to push the price down to the strong support at $6.36.
While the downward sloping moving averages show the advantage for the bears, the positive divergence on the RSI indicates that the bearish momentum may weaken. The longer the price is stuck between $6.36 and $7.30, the stronger the exit from it will be. DOT will resume its downtrend if the bears sink the price below $6.36. The bears will then aim for $5. Conversely, if the price rises from the current level and rises above $7.30, it could reach $8.20. A break and close above this level may indicate the end of the downtrend.
Shiba Inu (SHIB)
SHIB bounced back from overhead resistance at $0.000012 on July 10. Thus, it showed that bears were active at higher levels. Sellers will now try to push the SHIB price down to $0.0000010.
If SHIB bounces back strongly from this level, it will suggest lower levels of demand. The bulls will then attempt to push the price back above the overhead resistance at $0.000012. If they are successful, their bull will target SHIB $0.000014. Alternatively, if it bounces back from 0.000010, but fails to break above 0.000012, it will signal a consolidation in the near-term. The bears will gain the upper hand if the price drops below $0.0000010. According to the analyst, SHIB could drop to $0.000009 later on.
Avalanche (AVAX)
As we have mentioned in the cryptokoin.com analysis, Avalanche returned from the $21.35 resistance on July 8th. This shows that the bears continue to defend the level aggressively.
If they do, the AVAX will be stuck between $13.71 and $21.35. The first sign of strength will be the close above $21.35. Such a move marks the beginning of a new upward move. AVAX could then rise to $29, where the bears could form strong resistance again.
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