Autor Cointelegraph By Rakesh Upadhyay

The United States equities markets and the cryptocurrency markets have started the week on a strong note, indicating that traders are not nervous about buying ahead of the important Consumer Price Index (CPI) data for July which will be released on Aug. 10.Another positive sign is that the recent recovery in Bitcoin (BTC) has not tempted investors to exit their positions in fear of another leg down. Glassnode data shows that the percentage of supply that has stayed dormant for three or more years rose to a new all-time high of 38.426% on Aug. 8.Daily cryptocurrency market performance. Source: Coin360BlackRock CEO Larry Fink sold 44,000 BlackRock shares in August, the biggest sale since the COVID-19 crash. This has some analysts speculating whether the current recovery in the equities markets is only a bear market rally. If that is the case, then a downturn in the equities markets could also increase the selling in crypto prices as both remain closely correlated. Could Bitcoin and select altcoins climb above their respective overhead resistance levels and extend the recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin bounced off the 20-day exponential moving average ($22,846) on Aug. 7 and the momentum picked up on Aug. 8. The buyers pushed the price above $24,000 and could challenge the overhead resistance at $24,668.BTC/USDT daily chart. Source: TradingViewThe 20-day EMA is sloping up and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers propel the price above the overhead resistance, the BTC/USDT pair could pick up momentum and rally to $28,000 as there is no significant resistance in between. The bears may try to stall the recovery at this level but if bulls overcome this barrier, the up-move could reach $32,000.Contrary to this assumption, if the price turns down from $24,668, the pair could drop to the 20-day EMA. This is an important level to watch out for because a break below it could drag the price to the 50-day simple moving average ($21,594). A break below this level could put the bears back on top.ETH/USDTBuyers pushed Ether (ETH) above the overhead resistance at $1,700 on Aug. 5 and the bulls successfully defended the breakout level on Aug. 6 and Aug. 7. Buying resumed on Aug. 8 and the bulls pushed the price above the overhead resistance at $1,785.ETH/USDT daily chart. Source: TradingViewIf bulls sustain the price above $1,785, the ETH/USDT pair could pick up momentum and rally to the psychological level at $2,000. This level may attract selling by the bears but if bulls arrest the next decline above $1,700, the likelihood of a break above $2,000 increases. If that happens, the pair could rally to the downtrend line.This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA ($1,606). The pair could then slide to the 50-day SMA ($1,362).BNB/USDTBinance Coin’s (BNB) recovery has reached the strong overhead resistance zone between $338 and $350 where the bears are expected to mount a strong defense.BNB/USDT daily chart. Source: TradingViewIf the price turns down from the current level, the BNB/USDT pair could decline to the 20-day EMA ($289). This is an important level to keep an eye on because a strong bounce off it will suggest that the positive sentiment remains intact and traders are viewing dips as a buying opportunity.The bulls will then make one more attempt to clear the overhead zone. If they succeed, the BNB/USDT pair could further pick up momentum and rally toward $414. This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA.XRP/USDTXRP’s price has been squeezed between the 20-day EMA ($0.36) and the overhead resistance at $0.39 for the past few days. Usually, such tight ranges lead to a range expansion.XRP/USDT daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive area indicate advantage to buyers. If bulls push and sustain the price above $0.39, it will suggest the start of a new up-move. The XRP/USDT pair could then rise to $0.48 and later to $0.54.This positive view will invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then drop to the 50-day SMA ($0.35). Such a move will suggest that the pair may spend some more time inside the range.ADA/USDT Cardano (ADA) bounced off the 20-day EMA ($0.50) on Aug. 5 and has reached the strong overhead resistance at $0.55. ADA/USDT daily chart. Source: TradingViewThe 20-day EMA is sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If buyers thrust the price above $0.55, the ADA/USDT pair could start its northward march toward $0.63 and then to $0.70. The bears may pose a strong challenge at this level.To invalidate this positive view, the bears will have to sink and sustain the price below the 50-day SMA. That could extend the stay of the pair inside the range between $0.40 and $0.55 for a few more days.SOL/USDTSolana (SOL) rose above the 20-day EMA ($40) on Aug. 5 and the bulls thwarted attempts by the bears to sink the price back below the level. The buying resumed on Aug. 8 and the bulls will attempt to push the price to the overhead resistance at $48.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA is rising up gradually and the RSI is in the positive zone, indicating that the bulls have the upper hand. If buyers drive the price above $48, the bullish ascending triangle pattern will complete. The pair could then start a rally to $60 and thereafter to the pattern target at $71.Alternatively, if the price turns down from $48 like the previous two occasions, it will suggest that bears are defending the level aggressively. That could keep the pair stuck inside the triangle for a few more days. The bullish setup will invalidate on a break below the support line. DOGE/USDTDogecoin (DOGE) bounced off the 20-day EMA ($0.07) on Aug. 7, indicating that bulls are defending the moving averages with vigor. However, the long wick on the Aug. 8 candlestick suggests that bears are selling at higher levels.DOGE/USDT daily chart. Source: TradingViewThe flattish moving averages indicate a balance between supply and demand but the RSI in the positive territory suggests a minor advantage to the buyers. If bulls push the price above the overhead resistance at $0.08, it will complete the ascending triangle pattern. The pair could then start a rally to the psychological resistance at $0.10.Conversely, if the price turns down from the overhead resistance, the DOGE/USDT pair could stay inside the triangle for a few more days. The bears will have to sink the price below the trendline to invalidate the bullish setup. Related: Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning interestDOT/USDTPolkadot (DOT) turned down from the overhead resistance at $9 on Aug. 6 but the bulls did not cede ground to the bears. They resumed their purchase on Aug. 7 and pushed the price above the overhead resistance on Aug. 8.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA is sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand. If buyers sustain the price above $9, the bullish momentum could pick up and the DOT/USDT pair could rise to $10.80 and later to $12.Contrary to this assumption, if the price turns down and breaks back below $9, it will suggest that the breakout may have been a bull trap. The pair could then decline to the 20-day EMA ($8.07) and later to the 50-day SMA ($7.49).MATIC/USDTPolygon (MATIC) formed a Doji candlestick pattern on Aug. 7 which resolved to the upside on Aug. 8. This suggests that bulls are buying the dips to the 20-day EMA ($0.86).MATIC/USDT daily chart. Source: TradingViewThe upsloping moving averages and the RSI in the positive territory indicate advantage to buyers. The MATIC/USDT pair could rise to the overhead resistance at $1.02 where the bears may mount a strong defense. If bulls do not give up much ground from $1.02, the likelihood of a break above it increases. The pair could then rally to $1.26 and then to $1.50. The first sign of weakness will be a break and close below the 20-day EMA. That could open the doors for a possible drop to $0.75.AVAX/USDTAvalanche (AVAX) broke and closed above the strong overhead resistance at $26.38 on Aug. 6, indicating the completion of the bullish ascending triangle pattern.AVAX/USDT daily chart. Source: TradingViewThe AVAX/USDT pair could rise to $33 and later to the pattern target of $39.05. While the upsloping moving averages indicate advantage to buyers, the RSI has risen into the overbought zone, suggesting a minor correction in the near term.If bulls flip the $26.38 level into support during the next correction, it will signal a potential trend change. This positive view could be invalidated in the near term if the price turns down and breaks below the moving averages.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

The United States Labor market added 528,000 jobs in July, much better than the 258,000 estimate. Wages saw growth of 5.2% year-over-year and 0.5% over the month. This suggests that inflation remains high and the U.S. Federal Reserve may continue with its rate hikes in the near future. After staying in close correlation with the U.S. equities markets for the past several months, the crypto space could be ready to chalk out a new course.Bloomberg Intelligence senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts said in a recent report that Bitcoin (BTC) has started base building similar to the one seen near $5,000 in 2018–2019. They expect the recovery to decouple from stocks and behave more like U.S. “Treasury bonds or gold.”Daily cryptocurrency market performance. Source: Coin360Although crypto prices have plunged sharply during the ongoing bear market, it has not dented investors’ appetite. A report by crypto analytics firm Messari and Dove Metrics showed that the crypto space raised $30.3 billion in funds in 2022, surpassing the total amount raised in 2021.Could Bitcoin continue its recovery or will bears pose a strong challenge at higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bears pulled the price below the 20-day exponential moving average (EMA) ($22,630) on Aug. 4 but could not sustain the lower levels. This indicates that the bulls are defending the level aggressively.BTC/USDT daily chart. Source: TradingViewThe gradually up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate a minor advantage to buyers. If the price rises off the 20-day EMA, the bulls will attempt to push the BTC/USDT pair to the overhead resistance at $24,668. This is an important level to keep an eye on because if the price breaks above $24,668, the pair could pick up momentum and rally toward $28,000 and then on to $32,000. Such a move will suggest that the pair may have bottomed out.Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that bears continue to sell on minor rallies. That could open the doors for a drop to the 50-day simple moving average (SMA) ($21,388).ETH/USDTEther (ETH) has been trading between the 20-day EMA ($1,560) and the $1,700 resistance for the past four days. Usually, tight range trading is followed by a range expansion.ETH/USDT daily chart. Source: TradingViewThe up-sloping 20-day EMA and the RSI in the positive zone indicate advantage to buyers. A break and close above the overhead resistance zone between $1,700 and $1,785 could open the doors for a possible rally to $2,000 and later to $2,200.Alternatively, if the ETH/USDT pair turns down from the current level and breaks below the 20-day EMA, it will suggest that bears continue to defend the overhead zone with all their might. That could result in a decline to the strong support at $1,280.BNB/USDTBNB bounced off the $275 support on Aug. 2 and broke above the immediate resistance at $302 on Aug. 3. This indicates the resumption of the up-move.BNB/USDT daily chart. Source: TradingViewThe up-sloping 20-day EMA ($277) and the RSI in the overbought zone indicate that bulls are in command. The BNB/USDT pair could rally to the stiff overhead resistance at $350. This level is likely to attract strong selling from the bears. To invalidate this bullish view, the bears will have to sink and sustain the price below the 20-day EMA. If that happens, short-term traders may rush to the exit and that could pull the pair down to the 50-day SMA ($246).XRP/USDTThe buyers have successfully held the 20-day EMA ($0.36) support in the past few days but have failed to achieve a strong rebound in XRP. This suggests that bears are selling on rallies.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair could remain stuck between the 20-day EMA and the overhead resistance zone between $0.39 and $0.41. If bulls clear the overhead hurdle, the positive momentum could pick up and the pair could rally to $0.48 and then to $0.54.Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that the demand has dried up. That could sink the pair to the 50-day SMA ($0.34) and keep the pair range-bound between $0.30 and $0.39 for a few more days.ADA/USDT The bears repeatedly tried to sink Cardano (ADA) below the 20-day EMA ($0.50) in the past three days but the bulls held their ground. ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair has rebounded off the 20-day EMA and the buyers will attempt to push the price above the overhead resistance at $0.55. If they manage to do that, the bullish momentum could pick up and the pair could rise to $0.63 and later toward $0.70.Alternatively, if the price turns down from the overhead resistance, it will suggest that bears are active at higher levels. The sellers will then again attempt to sink the price below the moving averages and retain the pair inside the range between $0.40 and $0.55 for some more time.SOL/USDTThe bears tried to sink the price below the support line on Aug. 3 but the bulls defended the level successfully. Solana (SOL) formed an inside-day candlestick pattern on Aug. 4, which resolved to the upside on Aug. 5.SOL/USDT daily chart. Source: TradingViewIf buyers sustain the price above the 20-day EMA ($40), the SOL/USDT pair could climb to $44 and then retest the stiff overhead resistance at $48. The bulls will have to clear this hurdle to signal the formation of an ascending triangle pattern. This bullish setup has a target objective of $71.Contrary to this assumption, if the price turns down and breaks below the support line, the bullish setup will be invalidated. The pair could then slide toward the strong support at $31.DOGE/USDTDogecoin (DOGE) bounced off the 50-day SMA ($0.07) on Aug. 4 and the bulls extended the up-move above the 20-day EMA ($0.07) on Aug. 5.DOGE/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price toward the overhead resistance at $0.08. This is an important level for the bears to defend because a break and close above it will complete an ascending triangle pattern. The DOGE/USDT pair could then start an up-move to $0.10 and then to the pattern target at $0.11.On the other hand, if the price turns down from the current level and breaks below the 50-day SMA, it will suggest that bears are selling on rallies. The pair could then drop to the support line of the triangle. A break below this level could negate the bullish setup.Related: Bitcoin fails to beat $23.4K sellers as US payrolls upend inflation debateDOT/USDTPolkadot (DOT) bounced off the 20-day EMA ($7.78) on Aug. 3, indicating demand at lower levels. The buyers will attempt to push the price to the overhead resistance zone between $9 and $9.21.DOT/USDT daily chart. Source: TradingViewIf bulls clear this overhead hurdle, the DOT/USDT pair could pick up momentum and start its northward march toward $10.80 and then $12. The up-sloping 20-day EMA and the RSI in the positive zone indicate that buyers are in control.To invalidate this bullish view, the bears will have to sell aggressively and sink the pair below the moving averages. If that happens, the pair may remain stuck inside the range between $6 and $9 for some more time.MATIC/USDTThe buyers have successfully held Polygon (MATIC) above the 20-day EMA ($0.85) during the correction, which suggests a change in sentiment from selling on rallies to buying on dips.MATIC/USDT daily chart. Source: TradingViewBoth moving averages are sloping up and the RSI is in the positive territory, indicating advantage to buyers. If bulls thrust the price above the overhead resistance at $1.02, the MATIC/USDT pair could rally to $1.26 and then to $1.50.Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that the pair may extend its stay inside the range between $0.75 and $1 for some more time. The sellers will gain the upper hand on a break below $0.75.AVAX/USDTAvalanche (AVAX) has bounced off the 20-day EMA ($22.86), indicating that bulls are buying the dips to this support.AVAX/USDT daily chart. Source: TradingViewThe buyers will drive the price to the stiff overhead resistance at $26.38. The gradually up-sloping 20-day EMA and the RSI in the positive territory indicate advantage to buyers. If bulls push the price above $26.38, the AVAX/USDT pair will complete a bullish ascending triangle pattern. The pair could then rally to $33 and later to $38.Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 20-day EMA, the pair could drop to the support line. Market data is provided by HitBTC exchange.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) and altcoins are tracking the United States equities markets higher on Aug. 3 as traders buy the dip. Smaller investors seem to be making the most of the bear market in Bitcoin as the number of wholecoiners has soared by 40,000 since the sharp fall in June. In comparison, wallet addresses with more than 1,000 Bitcoin have declined by 113 since May.Some analysts believe that Bitcoin has not yet formed a macro bottom, however. Trading firm QCP Capital expects Bitcoin to gradually rise for most of the third quarter amid high volatility. They believe Bitcoin’s rally could hit a roof around $28,700. For the long-term, the firm did not rule out a final capitulation in Bitcoin to around $10,000, which may mark a bottom for the bear market. Daily cryptocurrency market performance. Source: Coin360Nevertheless, Bitcoin miners seem to be in an upbeat mode as they increased their Bitcoin holdings in July following the capitulation in June. According to data from on-chain analytics firm CryptoQuant, Bitcoin held by the miners hit the highest levels since.Could Bitcoin and altcoins resume their up-move or will the recovery falter at higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin dropped to the 20-day exponential moving average (EMA) ($22,632) on Aug. 2, which is acting as strong support. The gradually up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory suggest that bulls have a slight edge.BTC/USDT daily chart. Source: TradingViewThe buyers will now attempt to push the price above the overhead resistance at $24,668. If they succeed, the BTC/USDT pair could rally to $28,000 where the bears may mount a stiff resistance. If bulls clear this hurdle, the rally could extend to $32,000.Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that higher levels continue to attract selling from the bears. A break and close below the 20-day EMA could sink the pair to the 50-day simple moving average (SMA) ($21,344) and then to the support line.ETH/USDTEther (ETH) turned down and dropped to the 20-day EMA ($1,545) on Aug. 2 but the long tail on the candlestick suggests that the bulls aggressively purchased the dip.ETH/USDT daily chart. Source: TradingViewThe bulls will once again attempt to clear the overhead resistance zone between $1,700 and $1,785. If they succeed, it will indicate a potential trend change. The ETH/USDT pair could then rally to $2,000 and later to $2,200. To invalidate this bullish view, the bears will have to sink and sustain the price below the 20-day EMA. That could open the doors for a decline to the strong support at $1,280. A bounce off this level could keep the pair stuck between $1,280 and $1,700 for a few days.BNB/USDTBinance Coin (BNB) bounced off the $275 support on Aug. 2, indicating that the sentiment has turned positive and traders are buying on dips.BNB/USDT daily chart. Source: TradingViewThe bulls will now make one more attempt to push the price above the overhead resistance at $300. If they succeed, the BNB/USDT pair could pick up momentum and rally toward the stiff overhead resistance at $350.The rising 20-day EMA ($268) and the RSI in the positive territory indicate that the path of least resistance is to the upside. This bullish view could invalidate in the near term if the price turns down and breaks below the 20-day EMA.XRP/USDTThe long tail on XRP’s Aug. 3 candlestick indicates that bulls are attempting to defend the 20-day EMA ($0.36). The gradually up-sloping 20-day EMA and the RSI in the positive territory indicate a slight advantage to buyers.XRP/USDT daily chart. Source: TradingViewIf bulls push the price above the $0.39 to $0.41 resistance zone, the XRP/USDT pair could signal the start of a new up-move. The pair could then rally to $0.48 where the bears may again mount a strong defense.Contrary to this assumption, if the price turns down from the current level or the overhead resistance, the possibility of a break below the 20-day EMA increases. If that happens, the pair may continue its range-bound action for a few more days.ADA/USDT Cardano (ADA) has been stuck in a large range between $0.40 and $0.55 for the past few days. The bulls are currently attempting to defend the moving averages.ADA/USDT daily chart. Source: TradingViewIf they succeed, the ADA/USDT pair could climb to the overhead resistance at $0.55. This remains an important level to watch out for. If bulls overcome this barrier, the pair could rally to $0.63 and later on to $0.70.Alternatively, if the price breaks below the moving averages, the pair could slide to the immediate support at $0.45. A bounce off this level could form a new tighter range between $0.45 and $0.55 while a break below $0.45 could clear the path for a drop to $0.40.SOL/USDTSolana (SOL) dipped below the 20-day EMA ($40) on Aug. 2 and dropped to the 50-day SMA ($37) on Aug. 3. The long tail on the candlestick suggests that traders are defending the support line.SOL/USDT daily chart. Source: TradingViewIf bulls push and sustain the price above the 20-day EMA, the SOL/USDT pair could gradually climb up to $48. This is an important level to keep an eye on because a break and close above it could complete the ascending triangle pattern that has a target objective of $71.Conversely, if the rebound lacks strength, the bears will attempt to sink the pair below the support line. If they manage to do that, the bullish setup will be negated and the pair may slide to $31.DOGE/USDTThe bulls are attempting to arrest Dogecoin’s (DOGE) pullback at the 50-day SMA ($0.07). If the rebound sustains above the 20-day EMA ($0.07), a retest of $0.08 is possible.DOGE/USDT daily chart. Source: TradingViewThe bulls will have to push and sustain the price above $0.08 to signal the completion of an ascending triangle pattern. If that happens, the DOGE/USDT pair could rally to $0.10 and then to the pattern target at $0.11.On the contrary, if the rebound lacks strength, it will suggest that demand dries up at higher levels. That could pull the price down to the trendline support. A break and close below this level could invalidate the bullish setup.Related: Lido DAO: Ethereum’s biggest Merge staker just jumped 30% — will LDO rally into September?DOT/USDTPolkadot (DOT) turned down from the overhead resistance and dipped to the 20-day EMA ($7.70) where the bulls are trying to stall the pullback.DOT/USDT daily chart. Source: TradingViewThe gradually up-sloping 20-day EMA and the RSI in the positive territory indicate that bulls have a slight edge. If bulls propel the price above the overhead resistance at $9, the DOT/USDT pair could rally to $10.80 and then to $12.Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that the pair may extend its stay inside the range between $6 and $9 for a few more days.MATIC/USDTPolygon (MATIC) bounced off the 20-day EMA ($0.84) on Aug. 2, indicating that bulls are buying on dips. The price could next retest the $0.98 to $1.01 overhead resistance zone.MATIC/USDT daily chart. Source: TradingViewAlthough the developing negative divergence on the RSI warrants caution, the up-sloping moving averages indicate advantage to buyers. If bulls clear the overhead resistance zone, the MATIC/USDT pair could rally to $1.26.On the contrary, if the price turns down and breaks below the 20-day EMA, the pair could drop to the strong support at $0.75. A sharp rebound off this level could keep the pair range-bound between $0.75 and $1 for a few days.AVAX/USDTThe bears tried to sink Avalanche (AVAX) below the 20-day EMA ($22.71) on Aug. 2 but the bulls held their ground. This indicates that traders are viewing the dips as a buying opportunity.AVAX/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price above the overhead resistance at $26.38. If they succeed, the AVAX/USDT pair could complete a bullish ascending triangle pattern, which has a target objective at $33 and then $38.Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could slide to the support line. This is an important level for the bulls to defend because a break and close below it could tilt the advantage in favor of the bears.Market data is provided by HitBTC exchange.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

After strong monthly gains in July, Bitcoin (BTC) and the altcoins have started the new month on a tentative note. Even the United States equities markets have started August on a soft note. Is the bottom in?BofA Securities head of U.S. equity and quantitative strategy Savita Subramanian said in a recent note that the stock market usually bottoms after earnings estimates are revised lower but that has not yet happened during the current downturn. Analysts in the crypto space also remain divided on whether the current rise is a bear market rally or the start of a new bull phase.Daily cryptocurrency market performance. Source: Coin360However, a minor positive is that the world’s first Bitcoin spot price exchange-traded fund (ETF), the Purpose Bitcoin ETF, has added 2,600 Bitcoin to its holdings. Although the total assets under management remain well below the all-time high, the recent addition is a sign that some institutional investors may have started bottom fishing.Could Bitcoin and altcoins find buyers at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls repeatedly failed to sustain Bitcoin above the overhead resistance at $24,276 in the past few days, indicating that the bears are defending the level with all their might.BTC/USDT daily chart. Source: TradingViewThe price has pulled back to the 20-day exponential moving average (EMA) ($22,515), which is likely to act as strong support. If the price rises from the 20-day EMA, the bulls will again try to clear the overhead hurdle. If they succeed, the BTC/USDT pair could pick up momentum and a rally to $28,171 is possible. The up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate advantage to buyers.This positive view could invalidate in the near term if the price turns down and breaks below the 50-day simple moving average (SMA) ($21,310). The pair could then decline to the support line, which is an important level for the bulls to defend.ETH/USDTEther (ETH) is witnessing a tough battle between the bulls and the bears near the important level at $1,700. Although the bulls repeatedly pushed the price above this level in the past four days, they could not continue the up-move. ETH/USDT daily chart. Source: TradingViewThe bears will try to pull the price to the 20-day EMA ($1,525) which is an important level to watch out for. If the price rebounds here, it will suggest that the sentiment has turned positive and traders are buying on dips. That could increase the likelihood of a break above the $1,700 to $1,785 resistance zone. If that happens, the ETH/USDT pair could rise to $2,000 and later to $2,200.Conversely, if the price breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $1,280 and $1,785 for a few days.BNB/USDTBNB’s recovery is facing strong resistance at $300 but the shallow pullback shows that the bulls are not closing their positions in a hurry as they expect the up-move to continue.BNB/USDT daily chart. Source: TradingViewThe bulls will attempt to defend the zone between $275 and the 20-day EMA ($264). If the price rebounds off this zone, the bulls will again try to drive the BNB/USDT pair above $300. If they manage to do that, the pair could start its northward march toward the stiff overhead resistance at $350.This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. If that happens, the pair could decline to the 50-day SMA ($240).XRP/USDTXRP price rose above the overhead resistance of $0.39 on July 30 and 31 but the bulls could not sustain the higher levels. This suggests that the bears have not yet given up and continue to defend the $0.39 level aggressively.XRP/USDT daily chart. Source: TradingViewThe gradually up-sloping 20-day EMA ($0.36) and the RSI in the positive territory indicate a slight advantage to buyers. If the price rebounds off the 20-day EMA, it will improve the prospects of a rally above the overhead zone between $0.39 and $0.41. If that happens, the XRP/USDT pair could rally to $0.48.Conversely, if the price slips below the 20-day EMA, it will suggest that traders are booking profits as they expect the pair to remain range-bound for a few more days. A break below the 50-day SMA ($0.34) could open the doors for a drop to $0.30.ADA/USDT Cardano (ADA) turned down from the overhead resistance at $0.55 on July 30, indicating that the bears are in no mood to allow the bulls to have their way.ADA/USDT daily chart. Source: TradingViewIf the price breaks below the moving averages, the ADA/USDT pair could drop to $0.45. Such a move will suggest that the pair may remain stuck inside the large range between $0.40 and $0.55 for a few more days.On the other hand, if the price rebounds off the moving averages, it will suggest that bulls are buying on dips. The bulls will then once again try to push the pair above $0.55. If they succeed, the pair could rise to $0.63, and later to $0.70.SOL/USDTThe bears thwarted an attempt by the bulls to push Solana (SOL) above the overhead resistance at $48 on July 30. This may have attracted profit-booking from the short-term traders and that has pulled the price to the 20-day EMA ($40).SOL/USDT daily chart. Source: TradingViewIf the price rebounds off the 20-day EMA, the bulls will make one more attempt to push the SOL/USDT pair above the overhead resistance. If they succeed, the pair will complete an ascending triangle pattern that has a target objective of $71.Alternatively, if the price breaks below the 20-day EMA, the pair could challenge the support line of the triangle. If this level gives way, the bullish setup will be negated. That could open the doors for a decline to $30. DOGE/USDTThe bulls tried to push Dogecoin (DOGE) above the overhead resistance at $0.08 but the bears had other plans. They sold at higher levels and have pulled the price back toward the moving averages.DOGE/USDT daily chart. Source: TradingViewIf the price continues lower and breaks below the moving averages, the trendline may be in danger of collapsing. If that happens, the developing bullish ascending triangle pattern will be invalidated. That could tilt the advantage in favor of the bears.Conversely, if the price rebounds off the moving averages, it will suggest that bulls continue to buy at lower levels. The bulls will then again attempt to push the DOGE/USDT pair above $0.08 and start a new up-move to $0.10.Related: The rise of fake cryptocurrency apps and how to avoid themDOT/USDTPolkadot (DOT) broke and closed above the overhead resistance of $8.50 on July 31 but the long wick on the candlestick shows selling at higher levels. The bears are attempting to trap the aggressive bulls by pulling the price back below the breakout level.DOT/USDT daily chart. Source: TradingViewIf they succeed, the DOT/USDT pair could decline to the 20-day EMA ($7.64). This is an important level to keep an eye on because a break and close below it will suggest that the pair may extend its stay inside the range between $6 and $8.50 for a few more days.Alternatively, if the price rises from the current level or the 20-day EMA, it will suggest that bulls are buying on dips. That could improve the prospects of a rally to the psychological level of $10 and then to $10.80.MATIC/USDTThe buyers pushed Polygon (MATIC) above the psychological resistance at $1 on July 31 but the long wick on the day’s candlestick shows aggressive selling at higher levels.MATIC/USDT daily chart. Source: TradingViewThe bears will try to pull the price to the 20-day EMA ($0.82), which is likely to act as a strong support. If the price rebounds off this level, it will suggest that bulls continue to buy on dips. That may increase the possibility of a break above $1. If that happens, the MATIC/USDT pair could rally to $1.26.The RSI is showing the first signs of forming a negative divergence, indicating that the bullish momentum may be weakening. If bears sink the price below the 20-day EMA, the pair could drop to $0.75. A bounce off this level could suggest that the pair may remain range-bound between $0.75 and $1 for a few days.AVAX/USDTAvalanche (AVAX) turned down from the overhead resistance at $26.38 on July 30, indicating that bears continue to defend the level with vigor.AVAX/USDT daily chart. Source: TradingViewThe bears will attempt to sink the price below the 20-day EMA ($22.55). If they manage to do that, the AVAX/USDT pair could decline to the 50-day SMA ($19.73), which is placed just above the support line. A break and close below this support could suggest that bears are back in control.On the contrary, if the price rebounds off the moving averages, it will suggest that bulls continue to buy on dips. The bulls will then make another attempt to clear the overhead hurdle at $26.38 and start the new up-move to $33, and then to $38.Market data is provided by HitBTC exchange.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.