Cryptocurrencies Reviews - Page 9

Cardano (ADA) turned down from the overhead resistance at $0.55 on July 30, indicating that the bears are in no mood to allow the bulls to have their way. If the price breaks below the moving averages, the ADA/USDT pair could drop to $0.45. Such a move will suggest that the pair may remain stuck inside the large range between $0.40 and $0.55 for a few more days. On the other hand, if the price rebounds off the moving averages, it will suggest that bulls are buying on dips. The bulls will then once again try to push the pair above $0.55. If they succeed, the pair could rise to $0.63, and later to $0.70.

XRP price rose above the overhead resistance of $0.39 on July 30 and 31 but the bulls could not sustain the higher levels. This suggests that the bears have not yet given up and continue to defend the $0.39 level aggressively. The gradually up-sloping 20-day EMA ($0.36) and the RSI in the positive territory indicate a slight advantage to buyers. If the price rebounds off the 20-day EMA, it will improve the prospects of a rally above the overhead zone between $0.39 and $0.41. If that happens, the XRP/USDT pair could rally to $0.48. Conversely, if the price slips below the 20-day EMA, it will suggest that traders are booking profits as they expect the pair to remain range-bound for a few more days. A break below the 50-day SMA ($0.34) could open the doors for a drop to $0.30.

BNB's recovery is facing strong resistance at $300 but the shallow pullback shows that the bulls are not closing their positions in a hurry as they expect the up-move to continue. The bulls will attempt to defend the zone between $275 and the 20-day EMA ($264). If the price rebounds off this zone, the bulls will again try to drive the BNB/USDT pair above $300. If they manage to do that, the pair could start its northward march toward the stiff overhead resistance at $350. This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. If that happens, the pair could decline to the 50-day SMA ($240).

Ether (ETH) is witnessing a tough battle between the bulls and the bears near the important level at $1,700. Although the bulls repeatedly pushed the price above this level in the past four days, they could not continue the up-move. The bears will try to pull the price to the 20-day EMA ($1,525) which is an important level to watch out for. If the price rebounds here, it will suggest that the sentiment has turned positive and traders are buying on dips. That could increase the likelihood of a break above the $1,700 to $1,785 resistance zone. If that happens, the ETH/USDT pair could rise to $2,000 and later to $2,200. Conversely, if the price breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $1,280 and $1,785 for a few days.

The bulls repeatedly failed to sustain Bitcoin above the overhead resistance at $24,276 in the past few days, indicating that the bears are defending the level with all their might. The price has pulled back to the 20-day exponential moving average (EMA) ($22,515), which is likely to act as strong support. If the price rises from the 20-day EMA, the bulls will again try to clear the overhead hurdle. If they succeed, the BTC/USDT pair could pick up momentum and a rally to $28,171 is possible. The up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate advantage to buyers. This positive view could invalidate in the near term if the price turns down and breaks below the 50-day simple moving average (SMA) ($21,310). The pair could then decline to the support line, which is an important level for the bulls to defend.

Bitcoin dropped back to the support line of the symmetrical triangle on July 12, indicating that the break above the triangle on July 7 may have been a bull trap. The buyers are trying to defend the level but the long wick on the July 13 candlestick shows that the bears are selling near the 20-day exponential moving average (EMA) ($20,796). Both moving averages are sloping down and the relative strength index (RSI) is in the negative zone, indicating that bears are in command. If the price breaks below the support line, the BTC/USDT pair could drop to the $18,626 to $17,622 support zone. This is an important zone for the bulls to defend because if it gives way, the pair could decline to $15,000. The first sign of strength will be a break and close above the 20-day EMA. Such a move will suggest strong buying at lower levels. That could increase the possibility of a rally to the 50-day simple moving average (SMA)($24,084).

Ether (ETH) broke below the support line of the ascending triangle pattern on July 12, which invalidated the bullish setup. A minor positive is that the bulls are trying to push the price back into the triangle. If they manage to do that, it will suggest that the break below the triangle may have been a bear trap. The bulls will then strive to push the price back above the overhead resistance at $1,280. A break and close above the 50-day SMA ($1,383) could enhance the prospects of the start of a new up-move. Contrary to this assumption, if the price turns down from the support line, it will suggest that bears have flipped the level into resistance. The sellers will then try to sink the ETH/USDT pair below $998 and challenge the pivotal support at $881. If this support cracks, the pair could start the next leg of the downtrend.

The bulls could not capitalize on BNB's break above the 20-day EMA ($231). This failure was exploited by the bears who sold aggressively at higher levels and pulled the price back below the 20-day EMA on July 11. The BNB/USDT pair attempted a rebound off the strong support at $211 on July 13 but the long wick on the candlestick shows that the bears are selling near the 20-day EMA. If the price breaks below $211, the selling could intensify and the pair may slide to the vital support at $183. Conversely, if the price rebounds off $211 and rises above the 20-day EMA, it will suggest strong demand at lower levels. The buyers will then make another attempt to clear the overhead hurdle at the 50-day SMA ($253).

Cardano (ADA) slipped below the immediate support at $0.44 on July 11, indicating that bears are in command. The selling continued and the bears pulled the price to the important support at $0.40. The buyers attempted to start a recovery on July 13 but the long wick on the day’s candlestick shows that bears are trying to flip the $0.44 level into resistance. If the price breaks below $0.40, the selling could pick up momentum and the ADA/USDT pair could resume the downtrend. The pair could then decline to $0.33. To invalidate this negative view, buyers will have to push and sustain the price above the moving averages. If that happens, the pair could attempt a rally to $0.60.

Ripple (XRP) plunged below the support line of the symmetrical triangle on July 11. This indicates that the uncertainty among the bulls and the bears resolved to the downside. The bulls tried to push the price back into the triangle on July 13 but the long wick on the candlestick suggests that bears are selling on minor intraday rallies. If the price breaks below $0.30, the XRP/USDT pair could drop to the crucial support at $0.28. A break and close below this level could signal the start of the next leg of the downtrend. The first sign of strength will be a break and close above the 20-day EMA ($0.33). Such a move will suggest that the slide below the triangle may have been a bear trap. The pair may signal a potential trend change on a break above the resistance line of the triangle.

Ether (ETH) slipped below the psychological level at $1,000 on June 30 but the bears could not capitalize on this weakness. This suggests that bulls are buying on dips. The bulls will now try to push the price above the 20-day EMA ($1,192) and gain the upper hand. If they do that, the ETH/USDT pair could rise to $1,280 and then to the 50-day SMA ($1,535). This level could again act as a strong resistance. The bulls will have to propel the price above $1,700 to signal the start of a new up-move. Conversely, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and bears are selling on rallies. The bears will then try to sink the price below $998 and challenge the critical support at $881.

The failure of the bears to extend Bitcoin’s decline below $19,637 suggests a lack of sellers at lower levels. The bulls will now attempt to push the price back above the resistance at $19,637. If that happens, the BTC/USDT pair could rise to the 20-day exponential moving average (EMA) ($21,255). This level could again act as a stiff resistance but if bulls clear this hurdle, the pair may rise to the overhead zone between $22,000 and $23,362. A break above this zone could open the doors for a possible rally to the 50-day simple moving average (SMA) ($25,710). The bulls will have to overcome this barrier to signal a potential trend change. On the contrary, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains bearish and traders are selling on rallies. That could increase the possibility of a retest of the critical support at $17,622. If this support cracks, the decline could extend to $15,000.

The buyers have successfully defended the support at $211 since June 29, indicating strong demand at lower levels. The bulls are presently attempting to push BNB above the 20-day EMA ($231). If they succeed, it will suggest that the BNB/USDT pair may have bottomed out at $183. The buyers will then attempt to drive the pair to the 50-day SMA ($266). A break and close above this resistance could signal a potential change in trend. Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are selling on every minor rally. The bears will then again try to sink the price below $211 and gain the upper hand.

XRP has been trading inside a symmetrical triangle pattern, indicating indecision among the bulls and the bears. The symmetrical triangle usually acts as a continuation pattern but on some occasions, it also behaves as a reversal pattern. The price has rebounded off the support line of the triangle and the bulls will attempt to push the XRP/USDT pair above the 20-day EMA ($0.33). If they succeed, the pair could rise to the resistance line of the triangle. A break and close above this level could suggest the start of a new up-move. The pair could then rally to $0.48. Another possibility is that the price turns down sharply from the 20-day EMA and breaks below the support line of the triangle. That could pull the pair down to the critical support at $0.28. If this level cracks, the next stop could be $0.23.

Although Cardano (ADA) has been trading near the $0.44 level since June 30, the bears have not been able to pull and sustain the price below the support. This suggests that bulls are buying the dips toward $0.44. The buyers are currently attempting to push the price above the 20-day EMA ($0.48). If they accomplish this task, the ADA/USDT pair could rise to the 50-day SMA ($0.51). This is an important level to keep an eye on because a break and close above it could suggest that the bears may be losing their grip. Alternatively, if the price turns down from the moving averages, it will suggest that bears are active at higher levels. The sellers will then try to sink the pair below $0.44 and challenge the critical level at $0.40.

Solana (SOL) has been trading just below the 20-day EMA ($35) for the past few days but the bears have not been able to capitalize on this weakness. This suggests a lack of sellers at lower levels. The buyers will now attempt to push the price above the 20-day EMA. If they can pull it off, the SOL/USDT pair could rise to the 50-day SMA ($40). A break and close above this resistance could open the doors for a possible rally to the psychological level at $50. On the other hand, if the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling on minor rallies. The bears will then try to pull the pair below $30. If they do that, the pair could decline to $27 and then to $25.

The general mood of the market is fully consistent with this Extreme Fear. The Internet is talking again about the death of bitcoin. According to Google Trends, the number of search queries on this topic has returned to its maximum levels, close to December 2017. Recall that at that moment, approaching the coveted $20,000, the main cryptocurrency turned around and flew down, losing more than 40% of its value in a few days. The only difference with that long-standing situation is that bitcoin was approaching the $20,000 level from below then, and it is from above now. And the market was looking for a top then, and for a bottom now. Moreover, according to a number of influencers, it is not at all necessary that the bottom is at this particular mark.

Chainlink (LINK) is in a downtrend, but it is trying to form a bottom near $5.50. The bears pulled the price below this level on June 13, June 14 and June 18, but they could not sustain the lower levels. This suggests that bulls are buying on dips. The positive divergence on the RSI suggests that the bearish momentum may be weakening. The buyers will try to push the price toward the downtrend line, which is likely to act as a stiff resistance. If the price turns down from the downtrend line, the bears will again attempt to sink and sustain the LINK/USDT pair below the $5.50 support. If that happens, it will suggest the resumption of the downtrend. Alternatively, if buyers thrust the price above the downtrend line, it will suggest a potential trend change. The pair could then rise to $10 and later to $12. The rebound in the pair has reached the 50-SMA, which may act as a minor resistance. The 20-EMA is flattening out and the RSI is near the midpoint, suggesting that the bears may be losing their grip. If buyers push the price above the 50-SMA, the pair could rise to $7.51. A break and close above this resistance will complete a double bottom pattern in the short term. This reversal setup has a pattern target of $9.50. To invalidate this bullish view, the bears will have to pull and sustain the price below the strong support at $5.50.

Solana (SOL) has been in a strong downtrend, but the positive divergence on the RSI suggests that the bearish momentum could be weakening. The bulls will try to push the price above the 20-day EMA of $36. If they succeed, it will suggest that the bulls are on a comeback. The SOL/USDT pair could thereafter rise to the 50-day SMA of $50, where the bears may again mount a strong defense. On the contrary, if the price turns down from the 20-day EMA, it will suggest that the bears are in no mood to surrender their advantage. The sellers will then again try to sink the price below $25 and start the next leg of the downtrend. The bulls have pushed the price above the moving averages on the 4-hour chart and will attempt to clear the overhead hurdle at the downtrend line. If they do that, it will suggest that the downtrend may have ended in the short term. The buyers will then try to push the price to $42.50 and later to $45. Conversely, if the price turns down from the current level or the downtrend line and breaks below the moving averages, it will suggest that bears continue to defend the overhead resistance aggressively. That could pull the price to $27.50 and later to $25.

The bears attempted to sink Litecoin (LTC) below the strong support at $40 on June 18, but the long tail on the day’s candlestick suggests that the bulls are defending the level aggressively. The relief rally has reached the 20-day EMA of $55, which is an important level to keep an eye on because a break and close above it could suggest a potential change in trend. The LTC/USDT pair could thereafter rise to the 50-day SMA of $68. Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and traders are selling on rallies. The bears will then make another attempt to sink the pair below $40 and resume the downtrend. The price has broken out of a symmetrical triangle pattern on the 4-hour chart. Although this setup usually acts as a continuation pattern, sometimes it indicates a possible reversal. The moving averages have completed a bullish crossover, suggesting an advantage to buyers. If buyers sustain the price above the triangle, the pair could rise to the pattern target of $62. This positive view could invalidate in the short term if the price turns down and re-enters the triangle. Such a move will suggest that the break above the triangle may have been a bull trap.