BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin has got back its positive momentum as it breaks above its moving average on this week's start. The bulls successfully pushed BTC above its 20-day exponential moving average (EMA) making a high of $9389 and closing at $9361 on Monday, 6th July 2020. Bulls did not let Bitcoin fall below a low of $9075 yesterday. Bears have failed to take Bitcoin below the $9000 support as bulls increase the price momentum. As Bitcoin enters into the upper half of Bollinger Bands, traders and investors are expecting a retest to the higher resistance levels soon. Bears will try not to let the price go above its 50-day moving average (MA). But if the positive momentum goes on increasing and Bitcoin rises above both its moving averages, we will see the asset go to the upside.
Key points to watch out for:
If bulls successfully push BTC above its immediate resistance at its 50-day MA at $9397 and sustain in the upper half of BB above its 20-day EMA, we can see it finally retesting the $10,000 level, followed by the $10,500 resistance.
If bears take over and push BTC below the $9000 level, the immediate support will be tested at the trendline of the ascending triangle at $8900 level, followed by $8600 minor support. If these support levels are broken, the price will decline towards $8100.
Indicators
MACD has reduced its deceleration a lot and the MACD line has sloped up to touch the signal line trying to reach towards the 0 level to go above it. RSI crossed above the midpoint turning bullish and sloping up at 52 indicating bulls have the upper hand.
ETHEREUM / U.S. DOLLAR
Price Analysis
The first day of this week saw Ethereum go pretty bullish trying to break above the upper Bollinger Band. The bulls have finally pushed Ethereum above its 20-day exponential moving average (EMA) making a high of $242.38, just touching the upper Bollinger Band and closed the price just below it at $242.13 on Monday, 6th July. The bulls did not let Ether go below its 50-day moving average (MA) and bought the dip from a low of $227 yesterday showing how bears are unsuccessful in inducing selling pressure at lower levels. The 20-day EMA is sloping up gradually and the 50-day MA level continues to act as a strong support level for a long time. Bulls need to sustain the price above the 50-day MA to prevent Ethereum from witnessing a downside again.
Key points to watch out for:
If bulls push ETH above its upper Bollinger Band at $242, we can see the price retesting $250, followed by the $253 resistance level. If ETH breaks above these levels, it will rise upwards to test $288 resistance.
The immediate support of ETH is its 50-day MA at $228.9, followed by $225 support level. If bears push ETH below the lower BB support at $219, it might test the $216 low before declining to $196 and $176 at lower support levels.
Indicators
MACD has started accelerating with the MACD line crossing above both the 0 level, and the signal line with positive momentum. RSI also shows great bullish divergence sloping up at 58.9 indicating the command of bulls.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple is finally out of its downtrend as it breaks above the descending channel entering back into the symmetrical triangle. The bulls propelled the price through its important resistance levels pushing Ripple into the upper half of the Bollinger Bands. XRP made a high of $0.189 much above its 20-day exponential moving average (EMA) and closed just below it at $0.188 on Monday, 6th July 2020. Bulls strongly held the price just below the resistance line of the descending channel not letting XRP fall below a low of $0.176 yesterday. This rise of positive momentum in the asset suggests how bears are losing grip, but if bulls fail to sustain this momentum, it might be just another bull trap. Ripple's bulls need to maintain this uptrend strongly to take the price to higher levels.
Key points to watch out for:
The immediate resistance level that XRP is facing is its 50-day MA at $0.192, followed by the downtrend line of the symmetrical triangle at $0.195 before rallying towards $0.21 and $0.23 resistance levels
If bears take over and push XRP below the resistance line of the descending channel at $0.176 acting as its immediate support, it will test the lower BB at $0.170 before declining towards the support line of the descending channel at $0.158.
Indicators
MACD has increased its acceleration a lot with the MACD line sloping up above the signal line but below the 0 level, indicating how bulls have taken over. RSI turns positive showing a great bullish divergence sloping up above the midpoint, at 55.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin has also turned bullish by breaking above through its resistance levels entering into the upper half of Bollinger Bands. The bulls pushed the price above the $41 levels along with above its 20-day exponential moving average (EMA) and 50-day moving average (MA). LTC made a high of $44.3 just above the 50-day MA and closed at $44.1 on Monday, 6th July 2020. Bulls bought the dip from a low of $41.5 yesterday. Bulls need to maintain this increasing positive momentum to keep Litecoin to the upside.
Key points to watch out for:
If bulls successfully push LTC above its 50-day MA at $44.0, the next resistance will be faced at the upper BB at $44.8 before rallying towards the $51 resistance zone.
The immediate support LTC will face is the $41 support level, followed by the lower BB at $40 before retesting the $39 support level again, followed by $34 and $32 at lower support.
Indicators
MACD started accelerating with the MACD line crossing above the signal line sloping upwards towards the 0 level trying to get out of the negative zone. RSI has turned positive, rising above the midpoint with bullish divergence sloping up at 54.9 level.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash has entered the upper half of the Bollinger Bands trying to break above it. The bulls have pushed the price with strong positive momentum breaking above its resistance. BCH made a high of $243.5 almost touching the upper Bollinger band and closed at $242.1 on Monday, 6th July 2020. The bulls bought the dip from a low of $222 yesterday. Bulls took the price above both its 20-day exponential moving average (EMA), and its 50-day moving average (MA), as seen in the daily chart below. Traders and investors closely watch out for the $240 level as bulls haven't been able to sustain the price above this level since the middle of June 2020. The lower Bollinger Band has been acting as a major support level.
Key points to watch out for:
If bulls push BCH above the upper BB at $245 acting as immediate resistance, we can see the price rally towards $260 level.
If bears take over, BCH will face its first support at the lower BB at $214, followed by $200 support level.
Indicators
MACD has started to accelerate with the MACD line above the signal line sloping up towards the 0 level to get out of the negative zone, indicating the command of bulls. RSI has turned positive sloping up at 57.6 with strong bullish divergence.
