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 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, 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.
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 top-5 cryptocurrencies that could be on trader’s radar in the next few days.
Bitcoin price analysis
Bitcoin closed above $31,000 on July 13 but that proved to be a bull trap because the bears yanked the price back below the level on July 14. This shows that the bears are fiercely defending the zone between $31,000 and $32,400.
If bulls want to prevent the decline, they will have to quickly push and sustain the price above $31,000. The pair could then climb to $32,400. A break and close above this level will clear the path for a potential run to $40,000 as there are no major resistances in between.
Alternatively, the bulls will have to push and sustain the price above $31,000 to start an up-move toward $32,400. If the price turns down from $32,400 but rebounds off $31,000, it will suggest that the bulls have flipped the level into support. The pair may then start 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 important support to watch on the downside is the 20-day EMA. A break and close below this level will suggest that the bears are back in the game. The pair may then fall to the 50-day SMA ($5) and later to the crucial support at $4.72.
Contrarily, if the price slips below the 20-EMA, it will suggest that the short-term traders may be booking profits. That could pull the price down to the support line of the channel. If this level cracks, the pair may slide to $5.08.
Arbitrum price analysis
Arbitrum (ARB) broke and closed above the symmetrical triangle pattern on July 15, indicating that the bulls have overpowered the bears.
This positive view will invalidate in the near term if the price turns down and plummets below the support line of the triangle. That may trap several aggressive bulls, resulting in a sharp drop to $0.90.
On the contrary, if the price turns down from the current level or $1.36, the bulls will again try to drag the pair back into the triangle. If they do that, it will suggest that the recent breakout may have been a bull trap. The pair could then drop to the 50-SMA and subsequently to the support line of the triangle.
Related: Buying the dip? Record 3.8% of the Bitcoin supply last moved at $30.2K
Aave price analysis
Aave (AAVE) broke and closed above the descending channel pattern on July 3. The bulls successfully held the retest of the breakout level on July 6 and again on July 10. This shows that the bulls flipped the resistance line into support.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls may be losing their grip. The bears will then again try to tug the price back into the descending channel.
Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.
If the price breaks below the 50-SMA, the advantage may shift in favor of the bears. The pair could then slide to $68. The advantage will shift in favor of the bulls if they maintain the price above $84.50.
Maker price analysis
Maker (MKR) broke above the downtrend line on July 2 and successfully retested the level on July 14. The bounce off this support suggests strong demand at lower levels.
On the contrary, if the price turns down from $1,080, it will suggest that bears continue to sell on rallies. The pair could then slump to the 20-day EMA. A break below this level will suggest that the bears are trying a comeback.
A strong rebound off this level will suggest that the bulls have flipped the resistance line into support. That will improve the possibility of a break above $1,080.
This positive view could invalidate in the near term if the price plummets below the moving averages. That could sink the pair to $831.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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