If the buyers maintain the price above $23,363, the bullish momentum could increase further and the BTC/USDT pair could rise to the pattern target at $28171. This level may see short-term profit taking from traders.
The 20-day exponential moving average ($21,461) has started to rise and the relative strength index (RSI) has moved into positive territory. This indicates an advantage for buyers.
To negate this positive opinion, the bears will have to pull the price below the 20 day EMA. If they did, it would indicate that the recent breakthrough may have been a bull trap.
ETH / USDT
The Ether (ETH) recovery reached near the strong strong resistance at $1700. Bears attempted to pull the price lower on July 19, but the bulls did not give up much ground. This indicates that traders are not aggressively booking profits as they expect a rally.
ETH/USDT daily chart. Source: TradingView
The moving averages have completed a bullish cross and the RSI is near the overbought territory. This indicates that the path of least resistance is to the upside. If the buyers push the price above $1,700, the ETH/USDT pair could rise to the psychological level of $2,000 and then to $2,200.
Contrary to this assumption, if the price drops from $1,700 and drops below $1,493, the bears will attempt to pull the price towards $1,280.
BNB / USDT
The Rise of the National Bank of England’s comfort approached the downtrend line, which may act as minor resistance. The moving averages completed a bullish cross and the RSI near the overbought zone, indicating an advantage for the buyers.
BNB/USDT daily chart. Source: TradingView
If the price drops from the current level or the downtrend line, BNB/USDT may drop to the 20-day moving average ($244). This is an important level to watch as a strong bounce from it will suggest that the bulls are buying on the dips.
This increases the possibility of a breakout of the downtrend line. If that happens, the pair could rise to $300 and then to $350.
Contrary to this assumption, if the price drops and breaks below the moving averages, it will indicate that sentiment is still bearish and that traders are selling on rallies.
XRP / USDT
Ripple’s comfortable rally (XRP) could face resistance at the upper resistance at $0.39 as bears attempt to pull the price below the moving averages.
XRP/USDT daily chart. Source: TradingView
If the XRP/USDT pair bounces off the moving averages, it will indicate that sentiment has turned positive and traders are buying on dips. The bulls will then make another attempt to remove the upper barrier and push the price to $0.45. This level may once again attract strong selling by the bears.
Positive opinion can be invalidated in the short term if the price falls below the moving averages. If that happens, the pair may drop again to the vital support level at $0.30.
ADA / USDT
Bears attempted to halt the Cardano (ADA) recovery near the 50-day SMA ($0.50) on July 19, but the bulls had other plans. They bought the dip to the 20-day moving average ($0.47) and pushed the price above the general resistance.
ADA/USDT daily chart. Source: TradingView
The bulls are facing resistance at $0.55, which could pull the ADA/USDT pair towards the 20-day moving average. The gradual rise of the 20-day EMA and the RSI in positive territory indicate the advantage of the buyers.
If the price bounces off the 20 day EMA, the bulls will once again attempt to remove the upper barrier. If they succeed, the rally could reach $0.62.
Another possibility is that the price drops from the current level and remains stuck between the $0.44-$0.55 range for a few days.
SOL / USDT
Solana (SOL) rebound is facing resistance at $48 as indicated by the long wick on the July 19 candlestick. This indicates that the bears are continuing to sell at higher levels.
SOL/USDT daily chart. Source: TradingView
If the bulls don’t concede a lot of ground to the bears, this will improve the odds of a breakout above upper resistance. The gradually rising 20-day EMA ($38) and the RSI are in positive territory pointing to the buyers advantage. A breakout and a close above $48 could open the door for a potential rally to $60.
Contrary to this assumption, if the price drops sharply from the current level, the SOL / USDT pair may fall to the moving averages. The bears will have to plunge the pair below the support line to gain the upper hand.
DOGE / USDT
Dogecoin (DOGE) broke and closed above the 50-day SMA ($0.07) on July 19, but the rally is facing resistance near $0.08 as indicated by the long wick on the July 20 candlestick.
DOGE/USDT daily chart. Source: TradingView
The moving averages are about to cross bullish and the RSI is in positive territory, indicating that the bulls have the upper hand. If the price bounces off the 20-day EMA ($0.06), the bulls will once again attempt to breach the upper barrier at $0.08 and push the DOGE/USDT pair towards $0.10.
Alternatively, if the price breaks below the moving averages, the pair could drop to $0.06. A Bo