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 with one bitcoin or less are accumulating aggressively “now more than ever.”
Can retail investors continue the frenzied buying pace and put a floor on Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin rebounded from the 20-day exponential moving average ($21,857) on July 23 but the bulls were unable to break the barrier at $23,363 on July 24. This indicates that the bears are aggressively defending the upper resistance.
BTC/USDT daily chart. Source: TradingView
The price has returned to the 20-day moving average, which is an important level to watch. If this level breaks, BTC/USDT could drop to $20,750. Such a move would invalidate the breakout from the symmetrical triangle.
The 20-day moving average is fading and the Relative Strength Index (RSI) has fallen to its midpoint, indicating a balance between supply and demand.
This feature can tilt in favor of buyers if the price exceeds $23,363. If that happens, the pair could rise to $28,171 and then to $30K. Bears will have to plunge the price below the support line to gain the upper hand.
ETH / USDT
The bears have successfully defended the general resistance at $1,700 in the past few days. However, the small positive is that the bulls did not allow Ether (ETH) to dip below $1,464, indicating buying at lower levels.
ETH/USDT daily chart. Source: TradingView
If the price bounces back from $1,464, ETH/USDT could continue its range-bound movement for a few more days. The high of the 20-day EMA ($1397) and the RSI in positive territory indicates that the path of least resistance is to the upside.
A breakout and a close above $1,700 may signal a resumption of the bullish move. The pair can then go up to $2000.
This positive opinion could be invalidated if the price slips below the 20 day moving average. If that happens, the pair could drop to $1280. A strong bounce off this level could keep the pair in a range between $1,280 and $1,700 for a few days.
BNB / USDT
BNB has fallen from the downtrend line on July 23, indicating that the bears continue to defend the level aggressively. The bears will now try to sink the price below the moving averages.
BNB/USDT daily chart. Source: TradingView
If they succeed, the BNB/USDT pair can test the support line of the ascending channel. If the price rebounds away from this level, the bulls will once again attempt to push the pair above the downtrend line and challenge the channel’s resistance line.
Another possibility is that the bears are sinking the price below the channel support line. If that happens, the advantage will be skewed in favor of the bears and the pair may decline to the strong support level at $211.
XRP / USDT
Ripple (XRP) has been consolidating between $0.30 and $0.39 in the past few days. Although the price bounced off the moving averages on July 23, the rally was unable to reach the general resistance at $0.39. This indicates that demand is drying up at higher levels.
XRP/USDT daily chart. Source: TradingView
Bears are trying to sink the price below the moving averages. If they manage to do so, the XRP/USDT pair could gradually decline towards $0.30. Buyers are likely to defend this level with all their might because if the support is broken, the pair may resume the downtrend.
Alternatively, if the price bounces off the current level, the bulls will once again attempt to remove the upper barrier at $0.39 and start a new bullish move. The pair could then rise to $0.50.
ADA / USDT
Cardano (ADA) attempted to rise above the upper resistance at $0.55 on July 24, but the bears successfully defended that level. This may have attracted profit taking from short-term traders.
ADA/USDT daily chart. Source: TradingView
Bears are trying to sink the price below the moving averages. If they manage to do so, the ADA/USDT pair could drop to $0.44. If the price bounces off this level, the pair may swing 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 attempt to push the pair above the upper resistance. If they succeed, the pair could gain momentum and rise to $0.63 and then to $0.70.
SOL / USDT
The failure of Solana (SOL) to bounce off the 20-day EMA ($39) indicates that the bullish momentum may weaken. 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 rebounds away from the support line, the buyers will make another attempt to push the SOL / USDT pair towards the upper price R