BITCOIN / U.S. DOLLAR
Price Analysis
The bulls are struggling to push the price back inside the ascending channel. Bears have strongly mounted themselves at the 20-day exponential moving average (EMA) and not letting Bitcoin rise above it. BTC could only make a high of $9135 and closed at $9073 on Friday, 3rd July 2020. Bulls did not let Bitcoin fall below a low of $9056 yesterday. As Bitcoin goes bearish we can see an accumulation of the asset at lower price levels, in the daily chart below. The 20-day EMA is sloping down and bears have some advantage. Traders and investors closely watch out for the moving averages acting as strong resistance as Bitcoin will witness an upside if these resistances are successfully broken.
Key points to watch out for:
If bulls successfully push BTC above the immediate resistance at its 20-day EMA at $9276, followed by the 20-day basis of BB at $9307, it will face the next resistance at the trendline of the ascending channel at $9380 level. If BTC enters back into the channel, the next resistance will be faced at its 50-day MA at $9400 levels. Only if BTC begins to trade in the upper half of BB can we see it retesting the resistance range of $10,000 - $10,500.
If BTC falls below the $9000 level and bears push it below the lower BB at $8945, 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 continue to move in a negative momentum below the 0 level. RSI has gone bearish sloping down to 43.5.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum is struggling to rise above the 20-day exponential moving average (EMA) and made a negative close. The bulls failed to take the price up and Ether could only make a high of $228 and closed the price below its 50-day moving average (MA) at $225 on Friday, 3rd July 2020. The bulls did not let the price fall below a low of $224 yesterday showing how bears are not successful in inducing selling pressure at lower levels. 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 closely watch out for the 50-day moving average level that has been acting as support for a long time. Bulls need to keep the price above the 50-day MA to prevent Ethereum from witnessing a downside.
Key points to watch out for:
If bulls can successfully push ETH above its 50-day MA at $226.9, it will face the next resistance at its 20-day EMA at $229.9. If ETH enters the upper half of BB, it will face a minor resistance at $233 before testing the $239 resistance level, followed by its upper BB at $241. If ETH breaks above the Bollinger Bands, we can expect it to retest the $250 - $253 resistance zone.
The immediate support of ETH is its 50-day MA at $226.9, followed by the lower BB support at $220. 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 but the MACD line has gone below the 0 level in a negative momentum below the signal line. A correction can be seen if bulls can turn the price momentum positive. RSI shows a bearish divergence sloping down at 46.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple continues to trade inside the descending channel. The bulls tried to push the price towards the descending channel resistance. XRP made a high of $0.178 and closed much above the middle line of the descending channel at $0.176 on Friday, 3rd July 2020. Bulls did not let the price fall from a low of $0.174 yesterday. Ripple continues to face many resistance levels with its moving averages sloping down. To prevent Ripple from facing a major downtrend, Bulls need to keep increasing the price momentum and not let Ripple decline to the descending channel support. As we can see that bears and bulls are unsure about the next price move, a push to break above the descending channel will reverse Ripple's price trend.
Key points to watch out for:
If XRP can break above the descending channel resistance at $0.1806 and reach back inside the symmetrical triangle, it will first face resistance at its 20-day EMA at $0.183, and then its 20-day basis of BB at $0.184. If XRP enters the upper half of BB, it will face major resistance at its 50-day MA at $0.193 and the downtrend line of the symmetrical triangle at $0.195.
If bears push XRP below the middle line of the descending channel at $0.171, we can expect it to test the support of the descending channel at $0.162 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 further down towards negative value below the 0 level, indicating how the strength of bears continues to increase. RSI remains around the oversold region slightly sloping up at 36.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin is unable to rise up to the moving averages. Bulls are struggling hard to push the price to the upside but failing due to a lack of buyers. LTC made a high of $41.7 and closed at $41.1 on Friday, 3rd July 2020. Bulls did not let the price fall from a low of $40.9 just above the lower Bollinger Band yesterday. Bears are trying to push the price again to 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 $42.7, followed by its 50-day MA at $44.1. 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 $40.4, we can expect it to test the $39 support level again, followed by $34 and $32 at lower support.
Indicators
MACD has a reduced deceleration with the MACD line and the signal line still moving with a negative momentum below the 0 level. RSI at 40.9 is moving very slowly out of the oversold region.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash is stuck below its moving averages and its immediate support. Bulls are unable to take the price higher but are not letting the asset fall below the $217 level. There's accumulation at lower price levels. BCH made a high of $223 and closed at $220.5 on Friday, 3rd July 2020. The bulls bought the dip from a low of $219 yesterday. The 20-day exponential moving average (EMA) is sloping down as seen in the daily chart below. The lower Bollinger Band has been acting as major support. As traders and investors accumulate Bitcoin cash at lower price levels, they are patiently waiting for the trend reversal to begin.
Key points to watch out for:
BCH still faces its first resistance at the 20-day EMA at $229.6, and then its 20-day basis of BB at $230.5, followed by its 50-day MA at $237.9. If BCH goes above its upper BB at $245.6, 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 slightly reduced deceleration, but the MACD line along with the signal line moving towards the negative values below the 0 level, indicating the command of bears. RSI is trying to recover from the oversold region at 39.7.
