The current bear market Bitcoin (BTC) is one of the worst, according to a report from the chain analysis company Glassnode. This was the first time in history that the Mayer Multiple dropped below the low of the previous round. The fall of Bitcoin to $ 20,000 on June 18 also marked the biggest loss for investors in a single day, or $ 4.23 billion. In view of the above factors and several other events, Glassnode believes that the submission of Bitcoin could have begun.
Bitcoin whales seem to have started their purchases, indicating that the bottom may be close, and on June 25, the analysis program “Game of Trades” showed that demand from whales with 1,000 to 10,000 Bitcoin witnessed a sharp increase in demand.
Another sign that traders are buying comes from Glassnode’s comments, which indicate that the 30-day average change in supply held on stock exchanges fell by 153,849 Bitcoin on June 26, the largest in history.
Could bulls continue to buy dips and form higher minimums? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin declined from $ 22,000 on June 26, indicating that sentiment remains negative and traders are selling on minor rallies. The Bears will try to bring the price up to a psychological level of $ 20,000.
If the price goes back from $ 20,000, it will indicate that bulls are accumulating during dives. It could keep the couple in the range of $ 20,000 to $ 22,000 for a few days.
The first sign of strength will be a break and close over the 20-day exponential moving average (EMA) ($ 22,890). That could open the door for a possible increase to the 50% Fibonacci recovery level at $ 24,693.
This level could again act as a resistance, but if the bulls overcome the barrier, the BTC / USDT pair could rise to a 50-day simple moving average (SMA) ($ 27,150). The bulls must push the price above this level to indicate that the pair may have bottomed out.
ETH / USDT
Ether (ETH) reached a 20-day EMA ($ 1,300) on June 26, but the bulls could not push the price above resistance. This suggests that the bears are not ready to give up their advantage easily.
If the price drops from the current level, the bears will try to pull the ETH / USDT pair up to $ 1,050. This is an important point to watch out for because a break below it could indicate that bears are at the helm.
On the other hand, if the price reverses from the current level or rises from $ 1,050, the bulls will try to force the pair over 20 days of EMA. If they do, the pair could rise to $ 1,700. Fractures and closures above this resistance could indicate the beginning of a new upswing.
BNB / USDT
BNB has been sticking to the 20-day EMA ($ 241) since June 24th. This indicates that the bears are defending the ladder, but the bulls have not yet given up as they expect a higher rise.
If buyers set the price above the 20-day EMA, the BNB / USDT pair could rise to 50-day SMA ($ 277). This level could again act as a stiff barrier, but if crossed, the pair could try to save up to $ 350.
On the other hand, if the price drops from the current level, the pair could fall to $ 211. This is an important point to watch because rebounding from it will indicate that bulls are trying to form higher minimums. But if the stage clicks, the couple could try important support again at $ 183.
XRP / USDT
Ripple (XRP) broke and closed above the cost resistance of $ 0.35 on June 24, but the bulls could not clear the barrier at 50 days SMA ($ 0.38). This suggests that bears are defending the stage aggressively.
A minor positive is that the bulls have not allowed the price to dip back below the 20 day EMA ($ 0.35). This suggests buying on dips. If the price falls back from the current level, the bulls will again try to push the price over 50 days SMA.
If they can achieve this, it will indicate that the downturn may be weakening. The XRP / USDT pair could then rise to $ 0.45.
Another possibility is that bears will reduce the price back below $ 0.35. If that happens then the pair could drop to $ 0.32 and then to $ 0.28.
ADA / USDT
Buyers pushed Cardano (ADA) over a 20-day EMA ($ 0.50) on June 26, but the long wake of the candlestick shows that bears are being sold at a higher level.
A minor positive is that the bulls have not given up and are again trying to get rid of running averages. If successful, the ADA / USDT pair could rise to $ 0.70 as bears could re-establish strong defenses.
If the price drops significantly from this level, it will indicate that the pair may be in the range of $ 0.40 to $ 0.70 for some time to come.
This positive opinion could be of no use in the short term if the price drops from the current level and breaks below $ 0.44. That could pull the pair up to $ 0.40.
SOL / USDT
Solana (SOL) has been stuck between moving averages since June 24th. This suggests that bears are selling at a rally for 50 days SMA ($ 43) and bulls are buying at dips for 20 days EMA ($ 38).
Moving averages are close to the bullish crossover and the relative strength index (RSI) is close to the center, indicating that bulls are trying to turn around. If buyers push the price above 50 days SMA, the SOL / USDT pair could rise to $ 60.
This level could again act as a rigid resistance, but if the bulls get rid of this obstacle, the momentum could increase. On the contrary, if the price drops and falls below the 20-day EMA, it will indicate that the bears have overpowered the bulls. The pair could then drop to $ 33.
DOGE / USDT
Dogecoin (DOGE) broke and closed above the 20 day EMA ($ 0.07) on June 25th. Buyers extended the recovery on June 26 and pushed the price to 50 days SMA ($ 0.08), but the long wake of the candlestick indicates that the bears are defending the level of power.
Buyers are again trying to push the price over 50 days SMA. If they do, the DOT / USDT pair could rise to $ 0.09 and then to a psychological level of $ 0.10. This stage could again act as a resistance, but if the bulls overcome this obstacle, the momentum is likely to take over.
Otherwise, if the price does not manage to stay above 50 days SMA, it will indicate that bears will continue to sell on rallies. The Bears will then try to bring the price back down below the 20 day EMA.
Connected: Dogecoin prices could rise by 20% in July with this bullish spin pattern
DOT / USDT
The bears have been hard at work defending 20 days of EMA ($ 8.11) in Polkadot (DOT) since June 24, but a positive sign is that bulls have not given up much land. Narrow compression near resistance usually dissolves upside down.
If buyers run the price over 20 days EMA, the DOT / USDT pair could rise to 50 days SMA ($ 9.13). This level could again act as an obstacle but the chances of a break above it are high. If that happens, the pair could rise to $ 10.75.
Contrary to this assumption, if the price falls from the 20-day EMA, it will indicate that the bears are active at a higher level. Sellers will then try to pull the pair down for $ 7.30 and challenge for significant support at $ 6.36.
SHIB / USDT
Shiba Inu (SHIB) broke a 50-day SMA ($ 0.000011) on June 25, but the bulls could not continue their recovery. The bears sold for close to $ 0.000012 on June 26 and are trying to bring the price back down to 50 days SMA.
The 20-day EMA ($ 0.000010) has started to rise gradually and the RSI is in the positive area. This suggests that buyers have a slight advantage. If the price goes back from the current level or 20 days EMA, the bulls will again try to keep rising.
If the price rises above $ 0.000012, the SHIB / USDT pair could rise in cost resistance to $ 0.000014. This positive view could be of no use in the short term if prices fall and fall below the 20-day EMA.
AVAX / USDT
Avalanches (AVAX) have been stuck in the tight range between the 20-day EMA ($ 20) and cost $ 21.35 since June 25th. This indicates indecision among the bulls and bears.
The 20-day EMA has flattened out and the RSI is just below the midpoint, indicating a balance between buyers and sellers. If the bulls push the price above $ 21.35, the AVAX / USDT pair could rise to 50 days SMA ($ 25). This level may act as a minor barrier, but if exceeded, the pair could rise to $ 30.
This positive view could be invalidated in the short term if the price falls from the current level or 50 days SMA and falls below 20 days EMA. That could open the door for a possible reduction to $ 16.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and business involves risk. You should do your own research when making a decision.
Marketing data is provided by HitBTC exchange.
Mail Bonus – #Price #analysis #BTC #ETH #BNB #XRP #ADA #SOL #DOGE #DOT #SHIB #AVAX