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Price analysis 7/21: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

The strong rally in Bitcoin and altcoins shows aggressive buying at lower levels, but bears are unlikely to give up without a fight.

Bitcoin (BTC) leads the recovery in the cryptocurrency markets today after the price rallied above the $ 32,000 level. Sam Trabucco, a quant trader at Alameda Research, said that the company had bought the dip in Bitcoin on July 20.

Trabucco said that the strong recovery in the equity markets, fewer long liquidations in the crypto derivatives market, and the possible end of the FUD caused by China’s mining ban and grayscale unlock could act as recovery catalysts that they could further fuel the crypto rally.

Daily performance of the cryptocurrency market. Source: Coin360

However, analyst and podcast host Nebraskan Gooner sees the rally in Bitcoin as a shorting opportunity. Veteran trader Peter Brandt also expects Bitcoin to witness another recession before a trend reversal.

The correction may open up opportunities for a number of new investors to enter the crypto markets.

JPMorgan’s director of asset and wealth management Mary Callahan Erdoes said in a recent interview with Bloomberg that several of the bank’s clients want to invest in Bitcoin because they consider it an asset class.

Let’s study the charts of the top 10 cryptocurrencies to determine the levels at which resistance can appear.

BTC / USDT

Aggressive selling from the bears drove the price below $ 31,000 on July 19 and that was followed by another downward move on July 20. However, the bulls bought the dip below $ 30,000 today, resulting in a strong bounce.

BTC / USDT daily chart. Source: TradingView

The bears will attempt to stop the recovery at the 20-day exponential moving average ($ 32,643). If the price turns down from this resistance, sellers will again attempt to sink the BTC / USDT pair below the critical support at $ 28,000.

If they are successful, the pair could begin the next stage of the downtrend that could bring the price down to $ 20,000.

Conversely, if the bulls carry the price above the 20-day EMA, the pair could challenge the 50-day simple moving average ($ 34,599). A break above this resistance will be the first sign of strength and will open the doors for a possible rally to $ 36,670.

ETH / USDT

The long tail of the July 20 candle suggests that the bulls bought the dip to strong support at $ 1,728.74. This is the third instance that Ether (ETH) has rallied from this level since May 23.

ETH / USDT daily chart. Source: TradingView

The bounce has gained momentum today and buyers will now try to push the price above the 20-day EMA ($ 2,008). If they are successful, the ETH / USDT pair could rally to the 50-day SMA ($ 2,213), which could act as strong resistance.

If the price turns down from the 50-day SMA, the bears will again try to lower the price below $ 1,728.74. If they manage to do that, the pair could start the next stage of the downtrend which can reach $ 1,536.92.

Buyers will need to clear the hurdle at the downtrend line to signal a possible trend reversal.

BNB / USDT

Binance Coin (BNB) has bounced off the $ 251.41 support today, which is a positive sign. This suggests that the bulls are not waiting for a deeper correction to buy.

BNB / USDT daily chart. Source: TradingView

Buyers will now try to push and hold the price above the downtrend line. If they manage to do that, it will suggest that the bears are losing control. The BNB / USDT pair could start its journey towards overhead resistance at $ 433.

Conversely, if the price falls from the downtrend line, it will indicate that the bears are selling in rallies. Sellers will again try to lower the price to the critical support at $ 211.70. A break below this support could complete a bearish descending triangle pattern and begin the next leg of the downtrend.

ADA / USDT

Cardano (ADA) sank to critical support at $ 1 on July 20, but the bulls aggressively bought this decline, resulting in a strong bounce today. The relief rally could now reach the 20-day EMA ($ 1.25) where the bears can offer strong resistance.

ADA / USDT daily chart. Source: TradingView

If the bulls push the price above the 20-day EMA, the ADA / USDT pair could rally to the 50-day SMA. If momentum overcomes this hurdle, the pair could move up to the downtrend line. A breakout and close above this resistance will invalidate the bearish descending triangle pattern, which could open the doors for a rally to $ 1.94.

Conversely, if the price turns down from the 20-day EMA, the bears will again attempt to sink the pair below $ 1. If that happens, a panic sell may occur and the pair could begin its journey down to $ 1. 0.80 and then to $ 0.68.

XRP / USDT

XRP has bounced off the critical support at $ 0.50 today, indicating that the bulls are trying to defend this level aggressively. The bounce could rise to the 20-day EMA ($ 0.61), which is likely to act as a stiff hurdle.

XRP / USDT daily chart. Source: TradingView

If the price drops again from the 20-day EMA, it will suggest that sentiment is still negative and traders are selling in rallies. The bears will try to bring the price below the $ 0.50 support.

If that happens, the XRP / USDT pair could resume the downtrend. The next support is at $ 0.45 and then $ 0.40. Alternatively, if the bulls carry the price above the 20-day EMA, this will indicate that the bears are losing control. The pair can then climb to the overhead resistance at $ 0.75.

DOGE / USDT

Dogecoin (DOGE) has once again bounced off the $ 0.15 support today, suggesting that the bulls are trying to aggressively defend this level. The relief rally could now reach the overhead resistance at $ 0.21.

DOGE / USDT daily chart. Source: TradingView

The descending moving averages and the RSI in the negative zone indicate that the bears will try to stop the rally at $ 0.21. If the price turns down from this resistance, the DOGE / USDT pair could drop back to $ 0.15 and stay in the range for a few days.

A breakout of $ 0.21 will be the first sign of strength and could result in a rally to the 50-day Simple Moving Average (SMA) ($ 0.26). Conversely, if the price turns down and falls below $ 0.15, the pair may witness a panic sell and could drop to $ 0.10.

DOT / USDT

Polkadot (DOT) plunged close to the psychological level at $ 10 on July 20, where the buying emerged. This has resulted in a strong recovery today.

DOT / USDT daily chart. Source: TradingView

Buyers may face stiff resistance at the 20-day EMA ($ 14). If the price turns down from this resistance, the bears will again attempt to sink the DOT / USDT pair below $ 10. If successful, the downtrend could extend to $ 7.80.

Contrary to this assumption, if the bulls push the price above the 20-day EMA, the pair could move to the 50-day SMA ($ 17.82). A breakout and close above this resistance will signal a possible trend reversal.

UNI / USDT

Uniswap (UNI) rejected the overhead resistance at $ 16.93 on July 19 and began its march south towards the next critical support at $ 13, but the bulls had other plans. Today they bought at lower levels, which resulted in a strong recovery.

UNI / USDT daily chart. Source: TradingView

The bullish move could face stiff resistance at the 20-day EMA ($ 17.89). If the price turns down due to this resistance, the bears can imagine their chances and will again try to sink the UNI / USDT pair below $ 13.

If successful, the pair could start the next leg of the downtrend and slide towards the psychological support at $ 10. Conversely, if the bulls push the price above the 20-day EMA, the pair may reach the line. downtrend. A breakout of this resistance will indicate that the bears are losing control.

Related: It’s time for the US to create a ‘ripple test’ for crypto

BCH / USDT

Bitcoin Cash (BCH) fell to $ 383.53 on July 20 from where it is attempting to start a relief rally. This suggests that the bulls are building to lower levels.

BCH / USDT daily chart. Source: TradingView

The pullback could reach the 20-day EMA ($ 465), where the bears are likely to mount a stiff resistance. If the price turns down from the 20-day EMA, the sellers will make one more attempt to sink the BCH / USDT pair below $ 370.

If they manage to do that, the decline could extend to the next support at $ 330. On the other hand, if the bulls push the price above the 20-day exponential moving average (EMA), the pair may rise to the overhead resistance of 538. , $ 11.

LTC / USDT

Litecoin (LTC) sank below the $ 118 support on July 19, completing a bearish descending triangle pattern. The slide had pushed the RSI into oversold territory, suggesting that selling was overdone in the short term.

LTC / USDT daily chart. Source: TradingView

The LTC / USDT pair has started a recovery today and can retest the breakout level at $ 118. If the bears change this level to resistance, the pair could make one more attempt to resume the downtrend. A break below the psychological support at $ 100 could initiate the next stage of the downward movement which can hit $ 70.

Conversely, if the bulls push and hold the price above $ 118, the pair could rally to the 20-day EMA ($ 127), where the bears may attempt to stop the relief rally again. If they are successful, the pair could turn down again, but if the bulls carry the price above the 20-day EMA, a rally to the 50-day SMA ($ 145) is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.

Market data is provided by the HitBTC exchange.

The entry Price Analysis 7/21: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC was first published in Bitcoin, Cryptocurrency and Blockchain News.

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