Bitcoin (BTC) and most of the major altcoins are witnessing a booking of gains on July 25 as bulls reduce their positions ahead of the Federal Open Market Committee meeting on July 26-27. This indicates that the sentiment remains fragile and the bulls are not confident. about bringing long positions to the event.

Several analysts maintained their bearish view after Bitcoin failed to sustain above the 200-week moving average at $22,780. CryptoQuant contributor Venturefounder expects selling to resume and Bitcoin to fall as low as $14,000 before a macro bottom is confirmed.

Cryptocurrency market daily performance. Source: Coin360

Institutional investors seem to be absent from the markets and the recovery is being driven by retail investors. Data from on-chain analytics firm Glassnode showed that investors holding a Bitcoin or less have been aggressively amassing “more now than ever.”

Could retail investors continue their buying frenzy and put a floor under Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

USDT/BTC

Bitcoin rallied off the 20-day exponential moving average (EMA) ($21,857) on Jul 23, but the bulls were unable to clear the hurdle at $23,363 on Jul 24. This suggests that the bears are aggressively defending the overhead resistance.

BTC/USDT daily chart. Source: TradingView

The price has returned to the 20-day EMA, which is an important level to watch. If this level breaks, the BTC/USDT pair could drop to $20,750. Such a move will invalidate the breakout of the symmetrical triangle.

The 20-day EMA is flattening out and the RSI has dipped to the midpoint, which indicates a balance between supply and demand.

This advantage could tip in favor of the buyers if the price breaks above $23,363. If that happens, the pair could go up to $28,171 and then $30,000. The bears will have to sink the price below the support line to gain an advantage.

EUR/USDT

The bears have successfully defended the overhead resistance at $1,700 for the past few days. However, a minor positive is that the bulls have not allowed Ether (ETH) to drop below $1,464, which indicates buying at lower levels.

ETH/USDT daily chart. Source: TradingView

If the price bounces back off $1,464, the ETH/USDT pair could continue its narrow range action for a few more days. The rising 20-day EMA ($1,397) and the RSI in the positive zone indicate that the path of least resistance is to the upside.

A breakout and close above $1,700 could signal a resumption of the upside move. The pair could rally to $2,000.

This positive view could be invalidated if the price falls below the 20-day EMA. If that happens, the pair can drop to $1,280. A strong bounce off this level could keep the pair in a range between $1,280 and $1,700 for a few days.

USD/USDT

BNB turned down the downtrend line on July 23, indicating that the bears continue to defend the level vigorously. The bears will now try to sink the price below the moving averages.

BNB/USDT daily chart. Source: TradingView

If successful, the BNB/USDT pair could test the support line of the ascending channel. If the price bounces off this level, the bulls will once again try to push the pair above the downtrend line and challenge the resistance line of the channel.

Another possibility is for the bears to sink the price below the support line of the channel. If that happens, the edge will tip in favor of the bears and the pair could drop to the strong support at $211.

USD/XRP

Ripple (XRP) has been consolidating between $0.30 and $0.39 for the past few days. Although the price bounced off the moving averages on Jul 23, the rally failed to reach the overhead resistance of $0.39. This suggests that demand dries up at higher levels.

XRP/USDT daily chart. Source: TradingView

The bears are trying to sink the price below the moving averages. If they manage to do that, the XRP/USDT pair could gradually decline towards $0.30. The buyers are likely to defend this level with all their might because if the support breaks, the pair could resume the downtrend.

Alternatively, if the price bounces off the current level, the bulls will again try to break above the overhead hurdle at $0.39 and start a new move higher. The pair could rally to $0.50.

ADA/USDT

Cardano (ADA) attempted to break above the overhead resistance at $0.55 on Jul 24, but the bears successfully defended the level. That may have drawn traders’ profit booking in the short term.

ADA/USDT daily chart. Source: TradingView

The bears are attempting to sink the price below the moving averages. If they manage to do that, the ADA/USDT pair could drop to $0.44. If the price bounces off this level, the pair can range between $0.44 and $0.55 for a few days.

Another possibility is that the price bounces off the moving averages. If that happens, the bulls will once again try to push the pair above the overhead resistance. If they are successful, the pair could pick up momentum and go up to $0.63 and then $0.70.

SOL/USDT

The failure of Solana (SOL) to rebound from the 20-day EMA ($39) indicates that the bullish momentum may be weakening. The bears will try to sink the price to the support line, which is an important level to watch.

SOL/USDT daily chart. Source: TradingView

If the price bounces off the support line, the buyers will make another attempt to push the SOL/USDT pair towards the overhead resistance at $48. The bulls will have to overcome this hurdle to signal the completion of the ascending triangle pattern. This bullish setup has a target objective of $71.

Conversely, if the bears sink the price below the support line, the bullish pattern will be nullified. The pair could then drop to $30. A break below this level will indicate that the bears are back in control.

DOGO/USDT

The bears have pushed Dogecoin (DOGE) below the moving averages on Jul 25, opening the doors for a trendline drop. The bulls are likely to defend this level aggressively.

DOGE/USDT daily chart. Source: TradingView

If the price bounces off the trend line, the bulls will try to push the DOGE/USDT pair above the moving averages. If that happens, the pair could rally to the overhead resistance at $0.08. A breakout and close above this level will complete an ascending triangle pattern that has a target objective of $0.11.

Conversely, if the price falls below the trend line, the bullish setup will be nullified. That could sink the pair to $0.06 and then to the crucial support at $0.05.

Related: Ethereum Bearish U-turn? ETH Price Momentum Fades After $1.6K Rejection

POINT/USDT

The bulls repeatedly failed to push Polkadot (DOT) above the 50-day simple moving average (SMA) ($7.47) in the past few days, which indicates that the bears are defending the level aggressively.

DOT/USDT daily chart. Source: TradingView

The DOT/USDT pair dipped below the 20-day EMA ($7.23) on July 25. If the bears sustain the price below this level, the pair could slide towards the strong support at $6. This is an important level to watch because a break and close below it could signal a resumption of the downtrend.

Another possibility is that the price turns up from the current level and breaks above the 50-day SMA. If that happens, it will suggest demand at lower levels. The pair could then rally to $8.79 and then to the psychological level of $10.

MATIC/USDT

The (MATIC) polygon turned down from the resistance line on Jul 25, which indicates that the bears are selling on minor rallies. The bears will try to sink the price to the next support at $0.75.

MATIC/USDT daily chart. Source: TradingView

The rise of the 20-day EMA ($0.75) and the RSI in the positive territory indicate that the buyers have a slight advantage. If the price bounces off $0.75, the bulls will once again try to push the MATIC/USDT pair above the resistance line.

If they are successful, the pair could rally to the psychological level of $1. The bulls will have to overcome this hurdle to initiate an up move to $1.26.

Conversely, if the price falls below $0.75, it will suggest that the bullish momentum has weakened. The pair could then slide to $0.63.

AVAX/USDT

Avalanche (AVAX) formed a Doji candlestick pattern on July 23 and an inside candlestick pattern on July 24, indicating indecision between the bulls and the bears.

AVAX/USDT daily chart. Source: TradingView

This uncertainty was resolved to the downside on July 25 and the AVAX/USDT pair fell to the breakout level at $21.35. If the price bounces off this level strongly, it will suggest that the bulls are buying the dips.

That could increase the chance of a retest to $26.50. A break above this resistance could clear the way for a rally to $29 and then $33.

Contrary to this assumption, if the price falls below $21.35, the pair could drop to the support line. The bulls are likely to defend this level aggressively.

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 do your own research when making a decision.

Market data is provided by the HitBTC exchange.



This post BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

was published first on https://cointelegraph.com/news/price-analysis-7-25-btc-eth-bnb-xrp-ada-sol-doge-dot-matic-avax

Author

Write A Comment