BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin is currently trading in the upper half of the Bollinger Bands region giving bullish signals as the price makes a higher high and a higher close too. It broke above the resistance it was facing for two days. BTC made a high of $9497 and closed above its 50-day moving average (MA) at $9447 on Wednesday, 8th July 2020. The bulls held on to the basis (middle line) of Bollinger Bands and did not let the price fall below it making a low of $9256 yesterday. We can see a demanding market at higher price levels.
Key points to watch out for:
The bulls are now targeting the upper BB at $9610. If this resistance can be broken, BTC will rally towards the resistance line of the ascending triangle at $10,000 followed by the $10,500 resistance level.
If bulls take over, the immediate support will be at the basis of BB around $9200 level, followed by the trendline of the ascending triangle at $9000.
Indicators
MACD has increased its acceleration with the MACD line above the signal line moving closer to the 0 level to enter positive values, indicating the advantage of bulls. RSI is above the midpoint sloping upwards with bullish divergence at 54.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum has gone bullish by breaking above the Bollinger Bands. The bulls propelled the price from a low of $238 straight out of the Bollinger Bands to a high of $249 just below the resistance range on Wednesday, 8th July. The price also made a positive close above the Bollinger Bands at $247 yesterday. We can see both, the 20-day exponential moving average (EMA) and the 50-day moving average (MA) sloping upwards indicating the strength of the bulls.
Key points to watch out for:
If bulls successfully take ETH above $250, the price will test $253 resistance followed by $266. If these levels are crossed, ETH will then test $278 before rallying to $288 level.
The immediate support ETH will test is at its 20-day EMA at $233 and then its 50-day MA at $230. If bears push the price further below, ETH might retest the $216 level again.
Indicators
MACD has an increased acceleration with the MACD line moving in positive momentum above the signal line and the 0 level as well. The gradual sloping up of the MACD line indicates the command of bulls.
RSI has crossed above the 60 level showing bullish momentum sloping up at 61.5.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple went heavily bullish by breaking its way through the resistance levels and out of the Bollinger Bands. The bulls pushed the price straight to a high of $0.207 and made a positive close at $0.205 on Wednesday, 8th July 2020. The dip was bought from a low of $0.184 yesterday. Traders and investors take advantage of these dips to buy the asset at lower price levels. We can see how both the moving averages and the basis line have changed their momentum. The strength of the bulls need to be maintained well to not let the price fall below the downtrend line.
Key points to watch out for:
If bulls sustain this increasing momentum, XRP will target $0.215 before rallying towards the $0.235 resistance level.
The immediate support can be seen at the 20-day EMA at $0.185, followed by the basis of BB at $0.182. If bears take over and push the price below these levels, XRP might enter back into the descending channel.
Indicators
MACD has increased its acceleration a lot which has resulted in the MACD line prominently sloping upwards close to the 0 level, above the signal line. This shows how bulls are strongly acting to take the price to the upside. RSI also shoots up at 67 with a great amount of bullish divergence.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin has also gone above its Bollinger Bands. The bulls pushed the price to a high of $45.6 breaking above Litecoin's resistance at its 50-day moving average (MA) and also closed the price around the same level at $45.3 on Wednesday, 8th July 2020. The bulls did not let Litecoin fall below its 20-day exponential moving average (EMA) and bought the dip from a low of $43 yesterday. We can see the 20-day EMA has changed its momentum and is slowly sloping upwards which is an advantage to the bulls. The current price momentum has to be maintained strongly to avoid the price to fall in the lower Bollinger Band region.
Key points to watch out for:
If bulls maintain the positive momentum and can successfully push LTC above the minor resistance of $45.3, we can expect a rally towards the $51 resistance level.
The immediate support LTC faces is at its 20-day EMA at $42.9 below which bears might push it down to retest the $39 support again.
Indicators
MACD increases its acceleration with the MACD line nearing the 0 level sloping up above the signal line to enter positive values. This indicates the upper hand of bulls. RSI is also bullish by sloping up at 58.8 trying to cross above the 60 level soon.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash remains inside the upper Bollinger Bands region. The bulls are trying their best to push the price above $245, the upper Bollinger Band level. Bitcoin Cash made a high of $246 and closed at $243 on Wednesday, 8th July 2020. The bulls did not let the price fall below a low of $235.8 yesterday. We can see the 20-day exponential moving average sloping upwards giving positive bullish signals. Bulls will make another attempt to take the asset above its Bollinger Bands to the upside.
Key points to watch out for:
The immediate resistance BCH face is at the upper BB at $245. If bulls successfully take the price above this level, we can expect a rally towards $260 followed by $280 resistance levels.
If bears take over, the immediate support will be tested at the 50-day MA at $237, followed by the 20-day EMA at $231.8. If the price declines further below, BCH might retest the $217 support again.
Indicators
MACD has an increased acceleration with the MACD line nearing the 0 level sloping up above the signal line. We can soon see it entering the positive levels if bulls continue to increase the momentum. RSI also shows bullish divergence at 57.6 indicating the command of bulls.
