BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin has been consolidating below its 50-day moving average (MA) since last week friday. The bears have strongly mounted themselves at the 50-day MA not letting the price rise above it and the bulls are defending the $9200 support preventing the price from falling below it. BTC made a high of $9350 trying to break above its 50-day MA, but failed to do so and closed at $9252 on Monday, 13th July 2020. The bulls did not let the price fall below a low of $9220 yesterday. We can see in the 1-day chart below that both the moving averages have flattened indicating a halt in the ongoing trend. Bitcoin might witness a notable start of a new move soon as we can see that the Bollinger bands have begun to contract.
Key points to watch out for:
If bulls successfully push BTC above its immediate resistance at the 50-day MA around $9400, followed by a minor resistance at $9600, we can see the price retesting $10,000 - $10,500 resistance range.
If bears push BTC inside the lower BB below $9200 support, it will test the ascending triangle trendline around $9090, below which a decline to $8100 support level is possible.
Indicators
We can notice that the trend following indicator, moving average convergence divergence (MACD), has a reduced acceleration. Both the MACD line and signal line haven't been able to retreat from the negative values below 0 level and are moving sideways giving no such clear signal of a trend change. The relative strength index (RSI) has slightly sloped down and has dropped to 48.9, again giving no clarity on the next move.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum has been trading between the upper Bollinger Band and its 20-day exponential moving average (EMA) for a week now. The bears are not letting Ether to breakout above the Bollinger Bands and the bulls are strongly defending the 20-day EMA preventing the price to fall below it. ETH made a high of $245.6 and closed at $239.9 on Monday, 13th July 2020. The bulls bought the dip just above the 20-day EMA from a low of $237.8 yesterday. We can see both the moving averages slope up indicating a bullish trend.
Key points to watch out for:
If bulls increase their momentum and take ETH upwards, the upper BB will act as immediate resistance at $248.5 before retesting $250 and $253 resistance levels. If these levels break, ETH will witness a rally towards $266 and $278 resistance levels.
If bulls push ETH below its immediate support of its 20-day EMA at $236, it will then test the basis of BB and 50-day MA at $233 support below which a decline to the lower BB at $218 is possible. If these support levels are broken, ETH will retest $216 support again.
Indicators
MACD has reduced its acceleration. Both, the MACD line, and the signal line are moving with positive momentum above the 0 level. RSI is slightly sloping down to 54, above the midpoint indicating bulls still have the upper hand.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple has been trading between the upper Bollinger Band and its 50-day moving average (MA) for four days. The bulls have strongly mounted themselves at the 50-day MA and not letting Ripple fall below it. The upper Bollinger Band is acting as strong resistance. XRP made a high of $0.206 just below the upper BB and closed at $0.198 on Monday, 13th July 2020. The bears failed to push the price below the 50-day MA and XRP made a low exactly at it at $0.192 yesterday. The 1-day chart below shows the upsloping of the 20-day exponential moving average (EMA) giving bullish signals.
Indicators
MACD has a reduced acceleration but the MACD line is moving with great positive momentum above both the 0 level and the signal line. The signal line has also crossed above the 0 level towards positive values. RSI is also in the positive zone at 58 showing the command of bulls.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin remains in the upper region of the Bolliger Bands. The bears tried to push the price below the basis (middle line) of Bolliger Bands to the lower region but failed to do so. LTC made a high exactly at the upper BB at $45.6 and closed below the 50-day moving average (MA) at $43.9 on Monday, 13th July 2020. The bulls bought the dip from a low below the basis of BB at $42.6 yesterday. Litecoin has not been able to break out above the $45 resistance level since the starting of last month of June.
Key points to watch out for:
If bulls can successfully push LTC above the $45 resistance level, we can see the altcoin rising towards the $51 resistance level soon.
If bears push LTC below its 20-day EMA at $43.5, it will test the basis of BB again at $42.8 before declining towards the lower BB at $40. If LTC breaks down below the Bollinger Bands, it will retest $39 support before declining to lower levels.
Indicators
MACD has a reduced acceleration with the MACD line moving in positive momentum above both the 0 level and the signal line. The signal line is trying to cross above the 0 level to enter positive values. RSI is sloping down to $51.9 above the midpoint level. The indicators are currently not giving any clear signals for the next price move.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash is trading below its 50-day moving average (MA). The bears pushed the price below both its moving averages. BCH could make a high of $238 and closed below its 20-day exponential moving average (EMA) at $232 on Monday, 13th July 2020. The bears pushed the price to a low of $224 yesterday. As the moving averages flatten, Bitcoin cash witnesses a balance in its supply and demand levels.
Key points to watch out for:
Bulls need to increase positive momentum to take BCH above its immediate resistance of 50-day MA at $237.7, followed by the next resistance at the upper BB at $245.9. If these levels can be broken, BCH will rally towards $260.
If bulls push BCH below the basis of BB at $230 support level, we can see the asset retesting the $217 support level again, followed by lower BB at $214 level.
Indicators
MACD has reduced its acceleration. The MACD line is moving sideways along the 0 level, very slightly above it. The signal line is still below the 0 level. RSI has fallen below 50, sloping down to 48.
