BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC Price Movement Analysis for 21st July, 2021

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The quick comeback in Bitcoin and other cryptocurrencies indicates that aggressive buying is taking place at lower levels, but bearish are unlikely to give up without a fight.

After rallying back above the $32,000 level, Bitcoin (BTC) is leading the recovery in crypto markets today. Alameda Research’s quantitative trader, Sam Trabucco, said the business bought the Bitcoin decline on July 20.

The fast recovery in equity markets, fewer long liquidations in the crypto futures market, and the potential end of FUD produced by China’s mining restriction and Grayscale unlocking, according to Trabucco, could work as recovery catalysts, boosting the crypto surge even higher.

 

Daily cryptocurrency market performance. Source: Coin360

Analyst and podcast host Nebraskan Gooner, on the other hand, sees the Bitcoin recovery as a shorting opportunity. Veteran trader Peter Brandt predicts that Bitcoin will have another dip before reversing course.

Several new investors may be able to enter the crypto markets as a result of the downturn.

In a recent interview with Bloomberg, JPMorgan director of asset and wealth management Mary Callahan Erdoes noted that numerous of the bank’s clients want to invest in Bitcoin because it is considered an asset class.

Let’s look at the charts of the top ten cryptocurrencies to see where resistance might appear.

BTC/USDT

Aggressive selling by the bears pulled the price below $31,000 on July 19 and that was followed by another down move on July 20. However, the bulls purchased the dip below $30,000 today, resulting in a strong rebound.

BTC/USDT daily chart. Source: TradingView

The bears will try to stall the recovery at the 20-day exponential moving average ($32,643). If the price turns down from this resistance, the sellers will again try to sink the BTC/USDT pair below the critical support at $28,000.

If they succeed, the pair could start the next leg of the downtrend that could pull the price down to $20,000.

Conversely, if bulls drive the price above the 20-day EMA, the pair could challenge the 50-day simple moving average ($34,599). A break above this resistance will be the first sign of strength and open the doors for a possible rally to $36,670.

ETH/USDT

The long tail on the July 20 candlestick suggests that bulls purchased the dip to the strong support at $1,728.74. This is the third instance when Ether (ETH) has rebounded off this level since May 23.

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ETH/USDT daily chart. Source: TradingView

The rebound has gained momentum today and the buyers will now try to push the price above the 20-day EMA ($2,008). If they succeed, the ETH/USDT pair could rally to the 50-day SMA ($2,213) which could act as a stiff resistance.

If the price turns down from the 50-day SMA, the bears will again try to pull the price below $1,728.74. If they manage to do that, the pair could start the next leg of the downtrend that may reach $1,536.92.

The buyers will have to clear the hurdle at the downtrend line to signal a possible change in trend.

BNB/USDT

Binance Coin (BNB) has bounced off the $251.41 support today which is a positive sign. This suggests that bulls are not waiting for a deeper correction to buy.

BNB/USDT daily chart. Source: TradingView

The buyers will now try to push and sustain the price above the downtrend line. If they manage to do that, it will suggest that bears are losing their grip. The BNB/USDT pair could then start its journey toward the overhead resistance at $433.

Conversely, if the price turns down from the downtrend line, it will indicate that bears are selling on rallies. The sellers will then again attempt to pull the price down to the critical support at $211.70. A break below this support could complete a bearish descending triangle pattern and start the next leg of the downtrend.

ADA/USDT

Cardano (ADA) plunged to the critical support at $1 on July 20 but the bulls aggressively purchased this dip, resulting in a strong rebound today. The relief rally could now reach the 20-day EMA ($1.25) where bears may offer a stiff resistance.

ADA/USDT daily chart. Source: TradingView

If bulls drive the price above the 20-day EMA, the ADA/USDT pair could rise to the 50-day SMA. If the momentum clears this hurdle, the pair could rise to the downtrend line. A breakout and close above this resistance will invalidate the bearish descending triangle pattern, which could open the doors for a rally to $1.94.

Conversely, if the price turns down from the 20-day EMA, the bears will again try to sink the pair below $1. If that happens, panic selling may ensue and the pair could start its downward journey to $0.80 and then to $0.68.

XRP/USDT

XRP has bounced off the critical support at $0.50 today, indicating that bulls are attempting to defend this level aggressively. The rebound could rise to the 20-day EMA ($0.61), which is likely to act as a stiff hurdle.

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XRP/USDT daily chart. Source: TradingView

If the price once again turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then try to pull the price below the $0.50 support.

If that happens, the XRP/USDT pair could resume the downtrend. The next support is at $0.45 and then $0.40. Alternatively, if bulls drive the price above the 20-day EMA, it will indicate that bears are losing their grip. The pair may then rise to the overhead resistance at $0.75.

DOGE/USDT

Dogecoin (DOGE) has once again bounced off the $0.15 support today, suggesting that bulls are aggressively attempting to defend this level. The relief rally could now reach the overhead resistance at $0.21.

DOGE/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative zone indicate that bears will try to stall the rally at $0.21. If the price turns down from this resistance, the DOGE/USDT pair could again drop to $0.15 and remain range-bound for a few days.

A breakout of $0.21 will be the first sign of strength and could result in a rally to the 50-day SMA ($0.26). On the contrary, if the price turns down and plummets below $0.15, the pair may witness panic selling and could drop to $0.10.

DOT/USDT

Polkadot (DOT) plummeted near the psychological level at $10 on July 20 where buying emerged. This has resulted in a strong recovery today.

DOT/USDT daily chart. Source: TradingView

The buyers may face stiff resistance at the 20-day EMA ($14). If the price turns down from this resistance, bears will again attempt to sink the DOT/USDT pair below $10. If they succeed, the downtrend could extend to $7.80.

Contrary to this assumption, if bulls push the price above the 20-day EMA, the pair could move up to the 50-day SMA ($17.82). A breakout and close above this resistance will signal a possible change in trend.

UNI/USDT

Uniswap (UNI) turned down from the overhead resistance at $16.93 on July 19 and started its southward march toward the next critical support at $13 but the bulls had other plans. They purchased at lower levels today, resulting in a strong recovery.

UNI/USDT daily chart. Source: TradingView

The up-move could face stiff resistance at the 20-day EMA ($17.89). If the price turns down from this resistance, the bears may fancy their chances and will again try to sink the UNI/USDT pair below $13.

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If they succeed, the pair could start the next leg of the downtrend and slide to the psychological support at $10. Conversely, if bulls propel the price above the 20-day EMA, the pair may reach the downtrend line. A breakout of this resistance will indicate that bears are losing their grip.

BCH/USDT

Bitcoin Cash (BCH) dropped to $383.53 on July 20 from where it is attempting to start a relief rally. This suggests that bulls are accumulating at lower levels.

BCH/USDT daily chart. Source: TradingView

Bears are anticipated to establish a strong barrier at the 20-day EMA ($465) if the downturn reaches there. If the price drops below the 20-day EMA, sellers will try to push the BCH/USDT pair below $370 once more.

If they succeed, the drop might continue to $330, the next support level. If bulls can push the price over the 20-day EMA, the pair might climb to $538.11, which is the overhead resistance.

LTC/USDT

Litecoin (LTC) plunged below the $118 support on July 19, completing a bearish descending triangle pattern. The decline had pushed the RSI into oversold territory, suggesting that selling was overdone in the short term.

LTC/USDT daily chart. Source: TradingView

Today, the LTC/USDT pair has begun to recover and may retest the $118 breakdown level. If bears turn this level into resistance, the pair may try to restart its downturn once more. A break below the psychological support level of $100 might signal the start of the next leg of the downtrend, which could take the price to as low as $70.

On the other hand, if bulls push the price over $118 and keep it there, the pair might ascend to the 20-day EMA ($127), where bears may try to stifle the relief rally once more. If they succeed, the pair could fall again, but a rally to the 50-day SMA ($145) is likely if bulls force the price above the 20-day EMA.

 

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