BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin seems to slightly recover its momentum on the first day of the month of July. The bulls tried to push the price back into the ascending channel. BTC could make a high of $9298, slightly above the trendline of the ascending channel, but closed below it at $9239 on Wednesday, 1st July 2020. Bulls did not let Bitcoin fall below a low of $9109 yesterday. The bears are trying to pull Bitcoin down again and again, but we can see in the daily chart below that selling at lower levels hasn't been continued and the price is making higher lows. Traders and investors closely watch out for the moving averages acting as strong resistance as Bitcoin will witness an upside if these resistances are broken.
Key points to watch out for:
If bulls successfully push BTC above the immediate resistance of the trendline of the ascending channel at $9200 levels. If BTC enters back into the channel, the next resistance will be faced at its 20-day EMA at $9319 levels, followed by the 20-day basis of BB at $9346. The next resistance will be at its 50-day MA at $9400 levels. Only if BTC enters back into the upper half of BB can we see it retesting the resistance range of $10,000 - $10,500.
If bears push BTC below the lower BB at $9000, we can expect it to test $8800 support levels, followed by $8600 minor support. If these support levels are broken, we will see the price declining towards $8100.
Indicators
MACD has a reduced deceleration but the MACD line and the signal line are moving in a negative momentum below the 0 level. RSI has sloped up to 47.5 indicating bulls are trying their best to correct the price momentum.
ETHEREUM / U.S. DOLLAR
Price Analysis
The first day of the month of July saw Ethereum trying to recover its price momentum as the price made a positive close. Bulls are trying their best to push the price in the upper half of the Bollinger Bands. The bulls took Ether up to a high of $233 and closed the price at $231, just above both its 20-day exponential moving average (EMA) and basis (middle line) of Bollinger Bands on Wednesday, 1st July 2020. The dip was bought from a low of $224 yesterday. As the 20-day EMA flattens, we can see the 50-day moving average (MA) sloping up in the daily chart below. Traders and investors patiently watch out for the range-bound movement of Ethereum's price to buy at lower levels before the bulls take it to the upside.
Key points to watch out for:
If bulls push ETH successfully to the upper half of BB, it will test the $239 resistance level, followed by its upper BB at $243. If ETH breaks above the Bollinger Bands, we can expect it to go for a retest towards the $250 - $253 resistance zone.
The immediate support of ETH is its 50-day MA at $225.9, followed by the lower BB at $221. If bulls push ETH below these levels and out below the Bollinger Bands itself, we can expect it to decline to $196 and $176 at lower support levels.
Indicators
MACD has reduced its deceleration with the MACD line moving along the 0 level in a negative momentum below the signal line. A correction can be seen if bulls turn the price momentum positive. RSI has sloped up to midpoint at 50.8 indicating that the supply and demand levels are well balanced.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple continues to trade inside the descending channel. The bulls are struggling to push the price towards the descending channel resistance. XRP made a high of $0.178 and closed above the middle line of the descending channel at $0.176 on Wednesday, 1st July 2020. Bulls bought the dip from a low of $0.174 just above the middle line of the descending channel yesterday. Ripple continues to face many resistance levels with its moving averages sloping down. Bulls need to increase the price momentum and not let Ripple decline to the descending channel support otherwise a major downtrend is likely. As we can see the upper hand of bears, a strong push to break above the descending channel is needed by the bulls to reverse Ripple's price trend.
Key points to watch out for:
If XRP can reach back inside the symmetrical triangle, it will first face resistance at its 20-day EMA at $0.184, and then its 20-day basis of BB at $0.185. If XRP enters the upper half of BB, it will face major resistance at its 50-day MA at $0.194 and the downtrend line of the symmetrical triangle at $0.197.
If bears push XRP below the lower BB and the middle line of the descending channel at $0.173, we can expect it to test the support of the descending channel at $0.164 before declining to lower levels of $0.14 and $0.12.
Indicators
MACD has reduced its deceleration but the MACD line along with the signal line are moving down towards more negative momentum below the 0 level, indicating how bears still continue to takeover. RSI remains negative in the oversold region slightly sloping up at 34.5.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin has been trading in the same range for three days. Bulls are struggling hard to push the price to the upside but failing due to a lack of buyers. LTC made a high of $42 and closed at $41.8 on Wednesday, 1st July 2020. The bulls bought the dip from a low of $41 just above the lower Bollinger Band yesterday. Bulls need to increase the price momentum as Bears aim to push the price again below the $39 support level. The 20-day exponential moving average (EMA) is sloping down indicating the command of bears.
Key points to watch out for:
If bulls are able to get back a positive momentum, the first resistance level will be tested at its 20-day EMA and 20-day basis of BB at $43, followed by its 50-day MA at $44. If LTC can break above its upper BB at $45, the $47 resistance level will be tested before rallying towards $51.
If the bears push LTC below the lower BB at $40.7, we can expect it to test the $39 support level again, followed by $34 and $32 at lower support.
Indicators
MACD has slightly reduced its deceleration with the MACD line and the signal line still moving with a negative momentum below the 0 level. RSI has tried to correct itself by sloping up at 43.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash has also been trading range-bound for about three days. Bulls are trying their best to take the price towards its moving averages to gain some positive momentum. But the bears are acting stronger and not letting the bulls do so. BCH made a high of $226.5 and closed at $223.9 on Wednesday, 1st July 2020. The bulls did not let the price fall below a low of $221 yesterday. The 20-day exponential moving average (EMA) is sloping down as seen in the daily chart below. Bulls need to gather a lot of positive momentum in order to save the asset from declining to the downside towards the lower support levels.
Key points to watch out for:
BCH faces its first resistance at the 20-day EMA at $231.8, and then its 20-day basis of BB at $232.6, followed by its 50-day MA at $238.8. If BCH goes above its upper BB at $246.9, we can expect it to retest the $255 - $258 resistance range.
If bears push BCH below the immediate support of $217, we can expect the price to test the $200 support level. If these levels are broken, BCH will decline to $180, followed by $140 at lower support levels.
Indicators
MACD has a reduced deceleration, but the MACD line along with the signal line is still in negative momentum below the 0 level, indicating the command of bears. RSI is trying to correct its bearish divergence at 41.
