Rakesh Upadhyay6 hours agoPrice analysis 7/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin’s recovery faces selling near $60,000, indicating that bears remain active at higher price levels.2594 Total views1 Total sharesListen to article 0:00Price AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe bears tried to resume the downtrend in Bitcoin (BTC) on July 8, but the bulls bought the dip. According to Farside Investors data, United States-listed spot Bitcoin exchange-traded funds (ETFs) witnessed inflows of more than $650 million since July 5, indicating solid demand at lower levels.
However, the selling pressure is unlikely to end in a hurry. According to Arkham Intelligence data, the German government wallet seems to be preparing to sell 6,000 more Bitcoin. Additionally, markets will keenly watch the extent of selling by the creditors of the defunct crypto exchange Mt. Gox after they receive their repayments.Crypto market data daily view. Source:Coin360
Uncertainty about the extent of Bitcoin’s additional supply in the markets has hurt sentiment. According to Glassnode data, the Crypto Fear & Greed Index has plunged to 27, its lowest level since January 23.
Could Bitcoin start a rebound in the next few days, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysis
Bitcoin’s bounce on July 8 shows that the bulls are fiercely defending the $56,552 to $53,485 support zone. Buyers pushed the price to the 20-day exponential moving average ($60,217) on July 10.BTC/USDT daily chart. Source:TradingView
If the price turns down sharply from the 20-day EMA, it will indicate that the sentiment remains negative and traders are selling on rallies. The bears will then try to sink the BTC/USDT pair below the support zone. If they succeed, the pair may tumble to the psychological support at $50,000.
The first sign of strength will be a break and close above the 20-day EMA. That will pave the way for a potential rise to the 50-day simple moving average ($64,970). Such a move will signal that the range-bound action between $53,485 and $73,777 may continue for a while.Ether price analysis
The bulls successfully held the retest of the $2,850 support in Ether (ETH) on July 8, signaling that the range remains intact.ETH/USDT daily chart. Source:TradingView
The relief rally could reach the 20-day EMA ($3,245), which is the key resistance to watch out for. If the price turns down sharply from the 20-day EMA, the bears will try to tug the ETH/USDT pair below $2,850. If they manage to do that, the pair may plummet to $2,200.
Contrary to this assumption, if the price rises above the 20-day EMA, it will signal that the pair may continue to swing inside the large range between $2,850 and $4,094 for a few more days.BNB price analysis
The bears pulled BNB (BNB) below the $495 support on July 8, but the bulls successfully defended the $460 support.BNB/USDT daily chart. Source:TradingView
The BNB/USDT pair could reach the 20-day EMA ($548), which is likely to act as a stiff resistance. If the price turns down from the 20-day EMA, the bears will attempt to sink the BNB/USDT pair below $460.
Contrarily, a break and close above the 20-day EMA will signal that the corrective phase may be over. The pair could rise to the 50-day SMA ($593) and subsequently to the stiff resistance at $635.Solana price analysis
The bulls pushed Solana (SOL) above the 20-day EMA ($141) on July 10, indicating that the bears are losing their grip.SOL/USDT daily chart. Source:TradingView
The SOL/USDT pair could rise to the 50-day SMA ($151), where the bears are expected to mount a strong defense. If the price turns down from the 50-day SMA, the bears will try to pull the pair to $116.
On the contrary, a break and close above the 50-day SMA will suggest demand at higher levels. The pair may then climb to the downtrend line. Buyers will have to propel the price above the downtrend line to invalidate the developing descending triangle pattern.XRP price analysis
The bears again tried to sink XRP (XRP) below the $0.41 support on July 8, but the bulls held their ground.XRP/USDT daily chart. Source:TradingView
The XRP/USDT pair could rise to $0.46, where the bears are likely to sell aggressively. If the price turns down from the overhead resistance, the pair may consolidate between $0.41 and $0.46 for some time.
The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand. If the price turns down and breaks below $0.41, it will suggest the start of a downward move to $0.38 and eventually to $0.30.Dogecoin price analysis
Dogecoin (DOGE) has been trading below the breakdown level of $0.12, but the bears have not been able to start a downtrend.DOGE/USDT daily chart. Source:TradingView
The DOGE/USDT pair could rise to $0.12, where the bulls and the bears are likely to witness a tough battle. If the price turns down sharply from $0.12, the pair could again drop toward $0.09 and swing between these two levels for some time.
Instead, if buyers shove the price above $0.12, it will suggest that the markets have rejected the breakdown. The pair could then attempt a rally to the 50-day SMA ($0.14), which could act as a hurdle.Toncoin price analysis
Toncoin (TON) rebounded off the $6.77 support on July 8, indicating that the bulls are buying the dips to the support of the range.TON/USDT daily chart. Source:TradingView
A break and close above the 20-day EMA ($7.39) will open the doors for a possible rise to $7.72 and then to the resistance of the range at $8.29. Sellers are expected to defend this level with vigor as a break above it will start the next leg of the uptrend.
On the downside, the $6.77 level remains the key level for the bulls to protect. If this level cracks, the selling could intensify as the TON/USDT pair will complete a double top pattern. That could yank the price down to $6 and later to $5.50.
Related:Why is XRP price up today?Cardano price analysis
Cardano (ADA) bounced off the support line of the descending channel on July 5 and will try to reach the resistance line.ADA/USDT daily chart. Source:TradingView
The bears will try to defend the resistance line, but if the bulls prevail, the ADA/USDT pair could start a robust recovery toward $0.50. The positive divergence on the RSI points to a possible relief rally in the near term.
This optimistic view will be invalidated in the near term if the price turns down sharply from the 20-day EMA or the resistance line. That will keep the price inside the descending channel for some more time.Avalanche price analysis
The bears have not allowed Avalanche (AVAX) to rise above the 20-day EMA ($27.14), but a positive sign is that the bulls have not ceded much ground to the sellers.AVAX/USDT daily chart. Source:TradingView
The AVAX/USDT pair could rise to the 50-day SMA ($30.96), where the bears will try to stall the recovery. If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it will suggest that the sentiment is turning positive and traders are buying on dips.
Contrary to this assumption, if the price turns down from the current level, it will signal that the bears remain in control. A break and close below $21.80 will signal the resumption of the downtrend. The next support is at $19.Shiba Inu price analysis
Shiba Inu (SHIB) has been clinging to the 20-day EMA ($0.000017) for the past few days, indicating that the bulls are trying to comeback.SHIB/USDT daily chart. Source:TradingView
A break and close above the 20-day EMA could push the price to the breakdown level of $0.000020. If bears flip this level into resistance, the SHIB/USDT pair may retest the July 5 low of $0.000012. If this level cracks, the next stop is likely to be $0.000010.
On the contrary, if buyers drive and maintain the price above the 50-day SMA ($0.000020), it will suggest that the correction may be over. The bulls will then attempt to push the pair toward $0.000026.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Dogecoin# Cryptocurrencies# Altcoin# Ethereum# Bitcoin Price# XRP# Markets# Cryptocurrency Exchange# Cardano# TON# Price Analysis# Binance Coin# Ether Price# Solana# Avalanche# Shiba InuAdd reaction