On July 19, Bitcoin (BTC) showed a sharp upward move, breaking above its overhead resistance and indicating a potential rally towards $70,000. This resurgence in BTC suggests that market participants remain optimistic despite recent pullbacks. Inflows into U.S.-based spot Bitcoin ETFs on July 17 and 18 signal cautious yet bullish market sentiment.
Bitcoin (BTC) Price Analysis
Bitcoin experienced a sharp recovery, reaching $66,128 on July 17. The inability of bears to sink the price below the 50-day simple moving average (SMA) of $63,806 indicates strong buying support on minor dips. The 20-day SMA has started to turn up, and the relative strength index (RSI) is in positive territory, suggesting a bullish outlook. If BTC sustains above $66,128, it could pave the way for a rally to $70,000. However, a break below the 50-day SMA might lead to a decline towards the 20-day SMA.
Ether (ETH) Price Analysis
Ether (ETH) rose above its 50-day SMA of $3,441 on July 19, indicating bullish momentum. If ETH sustains above this level, it could rally to $3,730, with potential to reach $4,000. Conversely, if the price falls below $3,346, it might drop to the 20-day SMA of $3,235, and possibly retest the support at $2,850.
Binance Coin (BNB) Price Analysis
Binance Coin (BNB) surged above its 50-day SMA of $586 on July 19, showcasing strong bullish control. If BNB stays above this level, it could reach $635, with a potential rally to $722. However, a sharp decline below the 20-day SMA of $545 could lead to a range-bound action between $460 and $635.
Solana (SOL) Price Analysis
Solana (SOL) broke above the downtrend line of its descending triangle pattern, indicating solid demand. The 20-day SMA has started to rise, and the RSI is positive, suggesting bullish dominance. A sustained move above the downtrend line could drive SOL to $180 and eventually $210. Conversely, a plunge below the moving averages might keep the pair within the triangle for a longer period.
XRP Price Analysis
XRP faced a sharp decline from $0.64 on July 18 but saw aggressive buying at lower levels, indicated by the long tail on the July 19 candlestick. The moving averages are on the verge of a bullish crossover, with the RSI in positive territory. If XRP stays above $0.57, it could challenge $0.64 again. However, a drop below $0.51 might push the price to the 20-day SMA at $0.49.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) failed to break above the 50-day SMA of $0.13 but found support at the 20-day SMA of $0.11. A successful move above the 50-day SMA could push DOGE to $0.15 and eventually $0.18. Conversely, a fall below the 20-day SMA might lead to a drop to $0.10.
Toncoin (TON) Price Analysis
Toncoin (TON) has been consolidating between $6.77 and $8.29. The price slipped below the 50-day SMA of $7.34 but found support, indicating a lack of aggressive selling. A move above the moving averages could push TON to $7.72, with potential to reach $8.29.
Cardano (ADA) Price Analysis
Cardano (ADA) bounced off its moving averages on July 19, showing strong demand. The flat 20-day SMA and RSI near the midpoint suggest a possible range-bound action between $29 and $24. A break above $29 could signal a rally to $34 and subsequently $37.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) experienced a price rebound, with the potential to reach $29. If the price breaks and sustains above $29, it could start a relief rally to $34 and subsequently $37.
Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) turned down from the breakdown level of $0.000020 on July 17 and reached the 20-day SMA of $0.000017 on July 18. A rebound off this level could lead to a rally to $0.000020. A failure to sustain above the 20-day SMA might result in a range-bound action between $0.000020 and $0.000012.
Overall, the cryptocurrency market is showing signs of recovery with bullish momentum in several top coins. Investors should watch key support and resistance levels to gauge the sustainability of these upmoves.
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