[PRICE ANALYSIS] JULY 24: BTC/USD, ETH/USD, XRP/USD, LTC/USD, BCH/USD

Key points to mark:

• If bulls apply more momentum to take BTC upwards, it will face minor resistance at $9800, followed by testing $10,000 and $10,500 levels.

• Immediate support that BTC faces: $9500. If bears take over and push BTC down, it will test support around $9300 (20 EMA + 50 MA + basis of BB), followed by $9260 at the ascending triangle trend line below which the price will fall to test $9000 (lower BB).

Indicators

The moving average convergence divergence (MACD) goes on increasing its acceleration with the MACD line sloping upwards in positive momentum. The signal line has crossed above the 0 level. RSI has slightly sloped down below 60, at 59.5 level. This indicates how bulls are not ready to give up and are increasing their strength.

ETHEREUM / U.S. DOLLAR

Price Analysis

Ethereum is giving a superb performance as it goes on breaking out above its long time resistance levels it was facing since February this year. The bulls have decided to not let the traders and investors down and hiked above the $278 resistance level as well. Bulls pushed Ether to almost touching the next higher resistance level making a high of $287.7 and closing the price above the previous resistance level at $279.8 on Friday, 24th July 2020. They did not let Ether fall below a low of $268, saving the price from going below the $266 level. Bears will try to consolidate Ethereum around the current price levels, but considering the strength of bulls, we can expect the asset to boom above $300 level.

Key points to mark:

• Immediate resistance that ETH faces: $288.7. If bulls push ETH above this level, the price will test $316.5 before rallying towards $341 and $363 resistance levels.

• Immediate support that ETH faces: $278 + $266 (previous upper resistance levels). If bears push ETH below these levels, it will test support at $235 and $250 below which the price might fall to $246 (20 EMA).

Indicators

MACD goes on increasing its acceleration with the MACD line highly sloping up in positive momentum above the signal line. RSI goes on entering the overbought region at 75. This indicates that bulls are rallying at full speed enabling great profits.

RIPPLE / U.S. DOLLAR

Price Analysis

Ripple completed the inverse head and shoulders formation but could not go above the neckline. The bulls made a high below it at $0.208 and closed the price at $0.204 on Friday, 24th July 2020. Bulls saved the price from falling below a low of $0.202 yesterday. The failure of the bulls from crossing above the neckline of the pattern formation might give an opportunity to the bears to push the altcoin to the downside. Bulls need to increase more strength upwards and take the price above the upper Bollinger Band soon.

Key points to mark:

• Immediate resistance that XRP faces: $0.211 (neckline of inverse h&s) + 0.212 (upper BB), followed by $0.215. If bulls push XRP above these levels, it will go to test $0.235 resistance.

• Immediate support that XRP faces: $0.199 (down-trend line) and $0.197 (20 EMA + basis of BB). If bears push XRP below these levels, it will test $0.192 (50 MA) before declining to $0.183 (lower BB) support.

Indicators

MACD has reduced its acceleration with the MACD line and the signal line moving sideways parallel to the 0 level in positive momentum. RSI has sloped down to 58.9 just below the 60 level. This indicates that bulls are not ready to give up the battle.

LITECOIN / U.S. DOLLAR

Price Analysis

Litecoin spurned down from the upper Bollinger Band as the bears did not allow the price from breaking out above it. The bulls could make a high of $45.01 and closed the price at $44.25 on Friday, 24th July 2020. The price was picked up from a low of $44.01 yesterday. The bears seem to take the price to the downside, but bulls have maintained their strength to save Litecoin. More pressure to the upside is highly required to prevent the bears from taking over. Traders and investors could consider this movement as a correction to buy at lower levels.

Key points to mark:

• Immediate resistance that LTC faces: $45.9 (upper BB) + $46. If bulls push LTC above these levels, it will rally towards the $51 resistance level soon.

• Immediate support that LTC faces: $43 (20 EMA + 50 MA + basis of BB). If bears take over and push LTC below this level, it will decline to $41 (lower BB) before retesting the $39 support level.

Indicators

MACD has a reduced acceleration with the MACD line in positive momentum and the signal line touching the 0 level. RSI has sloped down to 53.6, still above the midpoint. This indicates that bulls are successfully trying to save the altcoin from declining.

BITCOIN CASH / U.S. DOLLAR

Price Analysis

Bitcoin Cash was not able to go above its previous day's high as the bears try to take over. But bulls saved the price not allowing it to go down below its fifty-day MA. Bitcoin Cash made a high of $239 and closed the price just above the 50 MA at $235.7 on Friday, 24th July 2020. The bulls picked up the price exactly at the basis (middle line) of Bollinger Bands from a low of $232.6 yesterday. Bears might try to push the asset downwards into the lower half of Bollinger Bands again. To prevent this from happening, bulls require to increase more pressure to the upside for Bitcoin Cash to witness higher price levels.

Key points to mark:

• Immediate resistance that BCH faces: $246 (upper BB). If bulls push BCH above it, we can expect the price to go towards $260, followed by the $280 resistance level.

• Immediate support that BCH faces: $234.7 (50 MA) + $232.7 (basis of BB) + $231.8 (20 EMA). If bears push BCH below these levels, it will test $219 (lower BB) and $217 support level before declining to $200 lower support.

Indicators

MACD goes on increasing its acceleration with the MACD line above the 0 level going towards positive values. The signal line is parallel to the 0 level in negative values. RSI has slightly sloped down to 53, indicating that the bulls are still commanding.