Autor Cointelegraph By Rakesh Upadhyay

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass.It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020.Daily cryptocurrency market performance. Source: Coin360The crypto and equities markets have risen in the expectation that the pace of rate hikes by the Fed will slow down in the future. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes that the Fed will not increase rates further and may eventually return to an accommodative monetary policy and more neutral rates.Could Bitcoin and altcoins extend their recovery over the next few days? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin closed below the 20-day exponential moving average (EMA) ($22,213) on July 25 but the bears could not sustain the lower levels. The bulls bought the dip below $21,000 and propelled the price back above the moving averages on July 27.BTC/USDT daily chart. Source: TradingViewThe moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers drive the price above $24,276, the BTC/USDT pair could pick up momentum and rally toward the pattern target of $28,171. If this level is crossed, the next stop could be $32,000.Alternatively, if the price turns down from the current level or fails to sustain above $24,276, it will suggest that demand dries up at higher levels. In that case, the critical level to watch on the downside is the 20-day EMA. If this support cracks, it will suggest that the bullish momentum has weakened. The pair could then decline to the 50-day simple moving average (SMA) ($21,589).ETH/USDTEther (ETH) rebounded sharply off the 20-day EMA ($1,470) on July 27 and broke above the critical resistance at $1,700 on July 28. However, the bears are not willing to relent and are trying to pull the price back below $1,700 on July 29.ETH/USDT daily chart. Source: TradingViewThe bulls and bears may engage in a tough battle near $1,700 but the upsloping 20-day EMA and the RSI in the positive zone indicate an advantage to buyers. If bulls sustain the price above $1,700, the momentum could pick up and the ETH/USDT pair could rally to $2,000 and later to $2,200.Conversely, if bears pull the price below $1,590, aggressive bulls could get trapped and the pair may drop to the 20-day EMA. A strong rebound off this level will increase the possibility of a break above $1,700 but a break below the 20-day EMA could sink the pair to $1,280.BNB/USDTBNB has been trading inside an ascending channel for the past few days. The price bounced off the 50-day SMA ($239) on July 26 and rose above the downtrend line, indicating a potential change in trend.BNB/USDT daily chart. Source: TradingViewThe bullish momentum continued and the buyers have driven the price above the resistance line of the ascending channel. If bulls sustain the price above the channel, the BNB/USDT pair could rally to the overhead resistance at $350.Alternatively, if bulls fail to sustain the price above the channel, it will suggest that bears are active at higher levels. The pair could then re-enter the channel and drop to the downtrend line. A strong rebound off this level could improve the prospects of a break above the channel. The bears will have to sink the price below the channel to gain the upper hand.XRP/USDTRipple (XRP) is range-bound in a downtrend. The bears pulled the price below the moving averages on July 25 but could not sustain the lower levels and challenge the strong support at $0.30.XRP/USDT daily chart. Source: TradingViewThis suggests strong demand at lower levels. The buyers pushed the price back above the moving averages on July 27 and are attempting to clear the overhead hurdle at $0.39. If they succeed, it will suggest the start of a new up-move. The pair could then rally to the target objective at $0.48.Contrary to this assumption, the price has turned down from $0.39. The bears will try to sink the XRP/USDT pair below the moving averages. If they do that, the pair could consolidate between $0.30 and $0.39 for a few more days.ADA/USDT The bulls pushed Cardano (ADA) above the moving averages on July 27, indicating strong buying near the $0.44 support. The price has reached the overhead resistance at $0.55, which could act as a stiff barrier.ADA/USDT daily chart. Source: TradingViewIf the price turns down from $0.55, the ADA/USDT pair could drop to the moving averages. A break below this support could keep the pair range-bound between $0.44 and $0.55 for a few days. The bears will have to sink the pair below the $0.44 to $0.40 support zone to signal the resumption of the downtrend.Conversely, if bulls thrust the price above $0.55, it will suggest the start of a new up-move. The pair could then rally to $0.63 and later to $0.70. SOL/USDTSolana (SOL) rebounded off the support line on July 26, indicating strong buying at lower levels. The bulls built upon the momentum and pushed the price above the moving averages on July 27.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair could reach the overhead resistance at $48, which is an important level to keep an eye on. If bulls overcome this barrier, the pair will complete an ascending triangle pattern. The pair could then start an up-move toward the pattern target at $71.On the contrary, if the price turns down from $48, the pair may extend its stay inside the triangle for a few more days. A break and close below the support line could tilt the advantage in favor of the bears.DOGE/USDTDogecoin (DOGE) bounced off the trendline of the ascending triangle pattern on July 27 and rose above the moving averages. This indicates strong demand at lower levels.DOGE/USDT daily chart. Source: TradingViewThe bulls will now try to push the price toward the overhead resistance at $0.08. The moving averages have completed a bullish crossover and the RSI has jumped into the positive territory indicating advantage to buyers.If bulls drive the price above $0.08, the bullish setup will complete and the DOGE/USDT pair could rally to the pattern target of $0.11. The bears will have to sink the price below the trendline of the triangle to invalidate the bullish view.Related: Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year lowDOT/USDTPolkadot (DOT) turned up and broke above the moving averages on July 27, indicating that lower levels are attracting buyers. The price has reached the strong overhead resistance at $8.50 where the bears may mount a strong defense.DOT/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the bears may be losing their grip. If bulls push and sustain the price above $8.50, it will suggest the start of a new up-move to $10 and later to $10.80.Contrary to this assumption, if the price turns down from $8.50 and slips below the moving averages, it will suggest that the DOT/USDT pair may oscillate inside a range for a few more days. The bears will have to sink the pair below $6 to start the next leg of the downtrend. MATIC/USDTPolygon (MATIC) bounced off the 20-day EMA ($0.79) on July 26 and rose above the downtrend line on July 27. This indicated that the minor corrective phase was over.MATIC/USDT daily chart. Source: TradingViewThe bulls pushed the price to $0.98 on July 28 and 29 but the long wick on the candlesticks suggests that the bears are defending the level with vigor. The upsloping 20-day EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If bulls push the price above the psychological level of $1, the MATIC/USDT pair could extend its rally to $1.26. This bullish view could be invalidated in the near term if the price turns down and breaks below the 20-day EMA.AVAX/USDTAvalanche (AVAX) rebounded off the 50-day SMA ($19.48) on July 26 and is nearing the overhead resistance at $26.38 on July 29. The bears will try to stall the recovery at this level.AVAX/USDT daily chart. Source: TradingViewThe gradually upsloping 20-day EMA ($22.10) and the RSI in the positive territory indicate an advantage to buyers. If bulls drive the price above $26.38, the bullish momentum could pick up and the AVAX/USDT pair could rally to $33 and then to $38.Contrary to this assumption, if the price turns down from $26.38 and breaks below the 20-day EMA, the bears will make one more attempt to sink the pair below the 50-day SMA and challenge the support line. 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.

United States equities and cryptocurrency markets are heading into the Federal Reserve’s interest rate decision on July 27 on a positive note. This suggests that the market participants believe the Fed will deliver a 75 basis point rate hike, which is in line with market expectations. Some economists expect the Fed to calm the markets by indicating less aggressive rate hikes in the future. Trading firm QCP Capital said that the market reaction has been positive to all the Federal Open Market Committee meetings this year and they expect the same with the latest one as well.Daily cryptocurrency market performance. Source: Coin360Analysts are divided on the next directional move for Bitcoin (BTC). After the event has passed, some expect Bitcoin to turn down from the current level and drop to a new year-to-date low while others expect the recovery to pick up steam.Do the charts support a relief rally or a further fall? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke below the 20-day exponential moving average (EMA) ($21,738) on July 25 and re-entered the symmetrical triangle pattern. This suggests that the recent breakout from the triangle may have been a bull trap. BTC/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the relative strength index (RSI) is just below the midpoint, indicating a range-bound action in the near term. The price may remain stuck between the support line and $24,276 for a few days. If buyers drive the price above the moving averages, the BTC/USDT pair could rise to the overhead resistance at $24,276. The bulls will have to clear this hurdle to signal the start of a new up-move.Conversely, if the price turns down from the moving averages, the bears will try to pull the pair to the support line. A break below this level could open the doors for a possible drop to $18,626 and then to $17,622.ETH/USDTEther (ETH) turned down from the overhead resistance and dropped to the 20-day EMA ($1,406) on July 26. The long tail on the candlestick shows strong buying at lower levels.ETH/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price to the overhead resistance at $1,700. This is an important level to watch out for because a break and close above it will signal a potential change in trend. The ETH/USDT pair could then rise to $2,000.On the contrary, if bulls fail to achieve a strong rebound off the 20-day EMA, it will suggest a lack of aggressive buying. That could increase the possibility of a drop to $1,280. A strong rebound off this level could indicate a range-bound action in the near term but a break below it may sink the pair to $1,000.BNB/USDTBNB rebounded off the 50-day simple moving average (SMA) ($239) on July 26, indicating that the bulls are attempting to flip this level into support. The buyers have pushed the price above the 20-day EMA ($250) and will try to challenge the downtrend line.BNB/USDT daily chart. Source: TradingViewIf bulls propel the price above the downtrend line, it will suggest a potential change in trend. The BNB/USDT pair could then climb to the resistance line of the ascending channel where the bears may mount a strong defense. Alternatively, if the price turns down from the current level or the downtrend line, it will suggest that bears are active at higher levels. The sellers will then make another attempt to sink the pair below the support line of the channel. If they do that, the pair could slide to the strong support at $211.XRP/USDTRipple (XRP) dropped below the moving averages on July 25, opening the doors for a possible drop to the strong support at $0.30. In a range, traders usually buy near the support and sell at the resistance.XRP/USDT daily chart. Source: TradingViewTherefore, the bulls are likely to defend the $0.30 level aggressively. A strong rebound off this level could keep the XRP/USDT range-bound between $0.30 and $0.39 for a few days. The flattish moving averages and the RSI just below the midpoint signal a consolidation in the near term.The next trending move could begin after bears sink the price below $0.30 or bulls drive the pair above $0.39. Until then, volatile range-bound action is likely to continue.ADA/USDT Cardano (ADA) dropped and closed below the moving averages on July 25. The bears tried to sink the price below the strong support at $0.44 but the bulls held their ground.ADA/USDT daily chart. Source: TradingViewThe buyers are attempting to push the price above the moving averages. If they do that, the ADA/USDT pair could rise to the overhead resistance at $0.55. The bears are expected to mount a strong defense at this level but if bulls overcome this barrier, the pair could climb to $0.63 and then to $0.70.Conversely, if the price turns down from the moving averages and breaks below $0.44, the next stop could be $0.40. A break below this level could indicate the resumption of the downtrend.SOL/USDTSolana (SOL) dipped below the moving averages and reached the support line on July 26. The bulls are attempting to defend the level but are struggling to push the price above the moving averages.SOL/USDT daily chart. Source: TradingViewThis suggests that demand dries up at higher levels. The 20-day EMA ($38) is flattish and the RSI is just below the midpoint, indicating equilibrium between buyers and sellers. This advantage could tilt in favor of the bears if the price breaks and closes below the support line. If that happens, the SOL/USDT pair could slide to $30.To invalidate this bearish view, the buyers will have to push the price above the 20-day EMA. If they do that, the pair could climb to the overhead resistance at $48. A break and close above this level will complete the ascending triangle pattern, which has a target objective at $71.DOGE/USDTDogecoin (DOGE) slipped below the trendline on July 26 but the bears could not sustain the lower levels. The bulls bought the dip and pushed the price back into the ascending triangle.The moving averages have started to slope down and the RSI is in the negative territory, indicating that bears have the upper hand. If the price turns down and closes below the trendline, the likelihood of a drop to $0.05 increases.Contrary to this assumption, if the price turns up from the current level and breaks above the moving averages, the DOGE/USDT pair could rise to the overhead resistance at $0.08. The bulls will have to clear this hurdle to complete the ascending triangle pattern. The pair could then rally to the pattern target at $0.11.Related: Coinbase stock (COIN) in danger of another 60% crash by September — Here’s whyDOT/USDTPolkadot (DOT) has been trading between the critical support at $6 and the 50-day SMA ($7.36) for the past few days. Although the 20-day EMA ($7.13) is flat, the RSI in the negative territory indicates a slight advantage to sellers.DOT/USDT daily chart. Source: TradingViewIf the price turns down from the current level or the 50-day SMA, the bears will make another attempt to sink the DOT/USDT pair below $6. If they succeed, the pair could start the next leg of the downtrend.On the other hand, if the price rises and breaks above the 50-day SMA, it will signal demand at lower levels. The pair could then rise to $8.79 where the bears may again offer a stiff resistance. A break and close above this level could open the doors for a rally to $10.MATIC/USDTPolygon (MATIC) slipped below the 20-day EMA ($0.75) on July 26 but the bulls purchased the dip as seen from the long tail on the day’s candlestick. MATIC/USDT daily chart. Source: TradingViewThe buyers are attempting to resume the up-move which could face strong selling at the resistance line. If bulls clear this overhead hurdle, the momentum could pick up and the MATIC/USDT pair could rally to the psychological level at $1. A close above this level could open the doors for a rally to $1.26.Contrary to this assumption, if the price turns down from the resistance line, it will increase the possibility of a break below $0.75. If that happens, the index could slide to $0.63.AVAX/USDTAvalanche (AVAX) dropped below the breakout level of $21.35 on July 25, indicating that bears are aggressively selling on rallies. A minor positive is that the bulls are attempting to defend the 50-day SMA ($19.45).AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA ($21.43) has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. This advantage could tilt in favor of the sellers if the price breaks below the support line.On the contrary, if the index sustains above the 20-day EMA, the AVAX/USDT pair could rally to $26.50. The bulls will have to clear this overhead hurdle to signal the resumption of the up-move. The pair could then rally toward $33. 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.

Bitcoin (BTC) and most major altcoins are witnessing profit-booking on July 25 as the bulls scale back their positions before the Federal Open Market Committee meeting on July 26 through July 27. This indicates that the sentiment remains fragile and that bulls are not confident about carrying long positions into the event.Several analysts have retained their bearish view after Bitcoin failed to sustain above the 200-week moving average at $22,780. CryptoQuant contributor Venturefounder expects the selling to resume and Bitcoin to fall as low as $14,000 before a macro bottom is confirmed.Daily cryptocurrency market performance. Source: Coin360The institutional investors seem to be absent from the markets and the recovery is being driven by the retail investors. Data from on-chain analytics firm Glassnode showed that investors holding one Bitcoin or less have been accumulating aggressively “more now than ever.” Could retail investors continue their frantic pace of purchasing and put a floor below Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin rebounded off the 20-day exponential moving average (EMA) ($21,857) on July 23 but the bulls could not clear the hurdle at $23,363 on July 24. This suggests that bears are aggressively defending the overhead resistance.BTC/USDT daily chart. Source: TradingViewThe price has returned to the 20-day EMA, which is an important level to keep an eye on. If this level cracks, the BTC/USDT pair could drop to $20,750. Such a move will invalidate the breakout from the symmetrical triangle.The 20-day EMA is flattening out and the relative strength index (RSI) has dropped to the midpoint, indicating a balance between supply and demand.This advantage could tilt in favor of buyers if the price breaks above $23,363. If that happens, the pair could rally to $28,171 and then to $30,000. The bears will have to sink the price below the support line to gain the upper hand.ETH/USDTThe bears have successfully defended the overhead resistance at $1,700 in the past few days. However, a minor positive is that the bulls have not allowed Ether (ETH) to drop below $1,464, indicating buying at lower levels.ETH/USDT daily chart. Source: TradingViewIf the price once again rebounds off $1,464, the ETH/USDT pair could continue its tight range-bound action for a few more days. The rising 20-day EMA ($1,397) and the RSI in the positive zone indicate that the path of least resistance is to the upside.A break and close above $1,700 could signal the resumption of the up-move. The pair could then rally to $2,000. This positive view could invalidate if the price slips below the 20-day EMA. If that happens, the pair may drop to $1,280. A strong rebound off this level could keep the pair range-bound between $1,280 and $1,700 for a few days.BNB/USDTBNB turned down from the downtrend line on July 23, indicating that the bears continue to defend the level with vigor. The bears will now attempt to sink the price below the moving averages. BNB/USDT daily chart. Source: TradingViewIf they succeed, the BNB/USDT pair could test the support line of the ascending channel. If the price rebounds off this level, the bulls will again try to push the pair above the downtrend line and challenge the resistance line of the channel.Another possibility is that the bears sink the price below the support line of the channel. If that happens, the advantage will tilt in favor of the bears and the pair could decline to the strong support at $211.XRP/USDTRipple (XRP) has been consolidating between $0.30 and $0.39 for the past few days. Although the price bounced off the moving averages on July 23, the rally could not reach the overhead resistance at $0.39. This suggests that demand dries up at higher levels.XRP/USDT daily chart. Source: TradingViewThe bears are trying to sink the price below the moving averages. If they manage to do that, the XRP/USDT pair could gradually decline toward $0.30. The buyers are likely to defend this level with all their might because if the support cracks, the pair could resume the downtrend.Alternatively, if the price rebounds off the current level, the bulls will again try to clear the overhead hurdle at $0.39 and start a new up-move. The pair could then rally to $0.50.ADA/USDT Cardano (ADA) attempted to rise above the overhead resistance at $0.55 on July 24 but the bears successfully defended the level. That may have attracted profit-booking from the short-term traders.ADA/USDT daily chart. Source: TradingViewThe bears are attempting to sink the price below the moving averages. If they manage to do that, the ADA/USDT pair could drop to $0.44. If the price rebounds off this level, the pair may oscillate between $0.44 and $0.55 for a few days. Another possibility is that the price rebounds off the moving averages. If that happens, the bulls will again try to push the pair above the overhead resistance. If they succeed, the pair could pick up momentum and rally to $0.63 and then to $0.70.SOL/USDTSolana’s (SOL) failure to rebound off the 20-day EMA ($39) indicates that the bullish momentum may be weakening. The bears will attempt to sink the price to the support line, which is an important level to keep an eye on.SOL/USDT daily chart. Source: TradingViewIf the price rebounds off the support line, the buyers will make another attempt to push the SOL/USDT pair toward the overhead resistance at $48. The bulls will have to clear this hurdle to signal the completion of the ascending triangle pattern. This bullish setup has a target objective of $71.Conversely, if bears sink the price below the support line, the bullish pattern will be negated. The pair could then decline to $30. A break below this level will indicate that the bears are back in control.DOGE/USDTThe bears have pulled Dogecoin (DOGE) below the moving averages on July 25, which opens the doors for a decline in the trendline. The bulls are likely to defend this level aggressively.DOGE/USDT daily chart. Source: TradingViewIf the price rebounds off the trendline, the bulls will attempt to push the DOGE/USDT pair above the moving averages. If that happens, the pair could rise to the overhead resistance at $0.08. A break and close above this level will complete an ascending triangle pattern that has a target objective of $0.11.Conversely, if the price breaks below the trendline, the bullish setup will be negated. That could sink the pair to $0.06 and later to the crucial support at $0.05.Related: Ethereum’s bearish U-turn? ETH price momentum fades after $1.6K rejectionDOT/USDTThe bulls repeatedly failed to push Polkadot (DOT) above the 50-day simple moving average (SMA) ($7.47) in the past few days, indicating that bears are defending the level aggressively.DOT/USDT daily chart. Source: TradingViewThe DOT/USDT pair slipped below the 20-day EMA ($7.23) on July 25. If bears sustain the price below this level, the pair could slide toward the strong support at $6. This is an important level to keep an eye on because a break and close below it could signal the resumption of the downtrend.Another possibility is that the price turns up from the current level and breaks above the 50-day SMA. If that happens, it will suggest demand at lower levels. The pair could then rise to $8.79 and later to the psychological level of $10.MATIC/USDTPolygon (MATIC) turned down from the resistance line on July 25, indicating that bears are selling on minor rallies. The bears will attempt to sink the price to the next support at $0.75.MATIC/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($0.75) and the RSI in the positive territory indicate that buyers have a slight edge. If the price rebounds off $0.75, the bulls will again attempt to push the MATIC/USDT pair above the resistance line. If they succeed, the pair could rally to the psychological level of $1. The bulls will have to clear this hurdle to start an up-move to $1.26. On the contrary, if the price breaks below $0.75, it will suggest that the bullish momentum has weakened. The pair could then slide to $0.63.AVAX/USDTAvalanche (AVAX) formed a Doji candlestick pattern on July 23 and an inside-day candlestick pattern on July 24, indicating indecision among the bulls and the bears.AVAX/USDT daily chart. Source: TradingViewThis uncertainty resolved to the downside on July 25 and the AVAX/USDT pair declined to the breakout level at $21.35. If the price rebounds off this level with strength, it will suggest that bulls are buying on dips. That could increase the possibility of a retest at $26.50. A break above this resistance could clear the path for a rally to $29 and then to $33.Contrary to this assumption, if the price breaks below $21.35, the pair could drop to the support line. The bulls are likely to defend this level aggressively.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.