The price of BTC is once again inside its range, which may present prospects for the rise of UNI, ARB, AAVE, and MKR.
Following Ripple’s court victory over the US Securities and Exchange Commission on July 13, Bitcoin BTC tickers down $30,351 tried to break out of its monotonous sideways price motion, but the attempt failed. Indicating that they are still active at higher levels, sellers brought the price back within the range on July 14. A good indication, though, is that the bulls have managed to keep Bitcoin’s price over $30,000.
Market watchers should pay special attention to how the many exchange-traded fund (ETF) proposals for a spot Bitcoin ETF, one of the most notable of which is BlackRock’s proposal, are being evaluated. According to Eric Balchunas and James Seyffart of Bloomberg Intelligence, out of 550 ETF applications submitted by BlackRock, just one has been denied.
Many other cryptocurrencies are seeing strong buying even as Bitcoin consolidates while it waits for its next trigger. The market dominance of Bitcoin has fallen below 50% as a result, indicating that in the near future, attention may be turning to alternative cryptocurrencies.
In the near future, may Bitcoin begin to trend upward, or will it continue to trade in a range? Which cryptocurrencies are doing well on the charts?
Price Analysis of Bitcoin
The price of Bitcoin dropped back below $31,000 on July 14 after the market closed over $31,000 on July 13. This bull trap was exposed by the bears. The zone between $31,000 and $32,400 is being zealously protected by the bears, as seen by this.
A negative divergence has developed on the relative strength index (RSI) as a result of the price movement over the last several days. Bullish momentum is waning as a result of this. By bringing the price below the 20-day exponential moving average ($30,187), the bears will aim to increase their advantage. In the event that they are successful in doing so, the BTC/USDT pair may drop to the 50-day SMA ($28,631).
Bulls must swiftly push the price over $31,000 and hold it there in order to stop the fall. The two might eventually reach $32,400. Since there are no significant obstacles between it and $40,000, a break and a closing above this level will open the way.
On the four-hour chart, the pair has fallen below the moving averages, indicating that greater levels of demand are no longer being met. To begin a deeper drop, the bears must force the price to fall and hold below $29,500. A $27,500 price cut for the duo is thus possible.
Alternatively, in order to begin an upward movement above $32,400, the bulls must push and maintain the price over $31,000. If the price declines from $32,400 but then rises off $31,000, the bulls may have turned the level into support. After then, the pair may begin to climb to $40,000.
Price Analysis of Uniswap
Uniswap UNI tickers are down $5.73 and have been finding support at the 20-day EMA ($5.41) throughout pullbacks, which suggests that traders are now buying the dips and sentiment has turned positive.
In an effort to raise the price over the immediate resistance level at $6.16, the bulls will try to purchase the present drop. If they succeed, the UNI/USDT pair may increase to $6.50. The pair may hit $6.70 if bulls do not give up much ground, but this level may once again serve as a powerful obstacle.
On the downside, the 20-day EMA is a crucial support to keep an eye on. The bears may be making a comeback if they break and close below this level. The 50-day SMA ($5) and eventually the significant support at $4.72 might be reached if the pair continues to decline.
The 20-day EMA has been achieved by the four-hour chart’s correction. This is the first crucial support to be on the lookout for. The pair may retest the overhead barrier at $6.17 if the price moves higher from this point. Above this point, the pair could advance to the ascending channel’s resistance line.
The short-term traders could be taking gains, though, if the price drops below the 20-day EMA. That might push the price all the way down to the channel’s support line. The pair might drop to $5.08 if this level fails.
Price Analysis of Arbitrum
On July 15, Arbitrum (ARB) broke and closed above the symmetrical triangle pattern, showing that the bulls had prevailed over the bears.
The RSI has come close to the overbought zone and the 20-day EMA ($1.16) has turned up, indicating that the upward movement is the one with the least amount of resistance. The ARB/USDT pair might climb to $1.50 if $1.36, a little resistance level, is broken. This level could once more present a formidable obstacle, but if bulls pass it, the rally might go all the way to $1.70.
If the price declines and breaks below the triangle’s support line, this optimistic outlook will become worthless in the near future. A strong drop to $0.90 may ensue from that trapping some aggressive bulls.
Lower levels are drawing buyers, as seen by the bulls’ successful holding of the retest of the breakout level from the symmetrical triangle. By pushing the price over $1.36, the bulls will attempt to capitalize on this strength. The pair can gain momentum if they are successful.
In contrast, the bulls will try to redraw the pair into the triangle if the price drops from the present level, or $1.36. If they proceed in that manner, it will imply that the most recent breakout could have been a bull trap.
The pair might then fall to the 50-day SMA before eventually reaching the triangle’s support line.
Price Analysis of Aave
On July 3, the descending channel pattern was broken and the AAVE tickers down $77.27 closed above it. On July 6 and July 10, the bulls were able to hold the retest of the breakthrough level. The resistance line was turned into support by the bulls, as seen by this.
The 20-day EMA is increasing ($72) and the RSI is in the green, which shows that the bulls are in control. It will improve the chances of a rally over $84.50 if the price moves higher from its present level or rebounds off the 20-day EMA. The AAVE/USDT pair might possibly surge to $95 at that point.
The price turning down and breaking below the 20-day EMA would indicate, in contrast to this premise, that the bulls may be losing control of the market. The price will subsequently once more be pulled into the downward channel by the bears.
The bulls attempted to break over the overhead resistance of $84.50 on the four-hour chart, but they were unable to do so. The price was driven down below the 20-day EMA by the bears’ higher level sales.
A balance between supply and demand is indicated by the flattening of both moving averages and the fact that the RSI is close to the middle.
The balance of power may move in favor of the bears if the price closes below the 50-day SMA. The price for the pair may then drop to $68.
If the bulls manage to keep the price over $84.50, the edge will flip in their favor.
Price Analysis of Maker
Maker MKR tickers down $975 successfully retested the level on July 14 after breaking over the downward trend line on July 2. The fact that this support bounced back off of it indicates that there is significant demand at lower levels.
Bulls are in charge according to the upsloping 20-day EMA ($878) and the positive RSI zone. Buyers are seeking to restart the upward movement, but they may encounter strong resistance at $1,100. The MKR/USDT pair might reach $1,200 if bulls are able to overcome this obstacle.
On the other hand, if the price declines from $1,080, it will indicate that bears are still selling throughout rallies. Once there, the pair may fall to the 20-day EMA. The bears may be attempting a return if they break below this level.
The price has crossed the resistance line on the four-hour chart, indicating that the short-term correction may have ended. The resistance line is a crucial level to monitor in case the price dips there.
Bulls may have turned the resistance line into support if there is a significant bounce off of this level. This will raise the likelihood of a break over $1,080.
In the short run, if the price falls below the moving averages, this optimistic outlook may become incorrect. That may bring the pair down to $831.
