Autor Cointelegraph By Rakesh Upadhyay

In a downtrend, when markets do not respond negatively to bearish news, it is a sign that the selling may have reached exhaustion. Reports of electric vehicle maker Tesla dumping 75% of its Bitcoin (BTC) holdings in the second quarter only caused a minor blip as lower levels attracted strong buying from the bulls.Tesla was not the only institution that sold its Bitcoin. Arcane Research analyst Vetle Lunde highlighted in a Twitter thread that large institutions have sold 236,237 BTC since May 10. It is encouraging to note that even after huge selling by institutions and the unfavorable macro environment, Bitcoin has held up quite well.Daily cryptocurrency market performance. Source: Coin360The current bear market allows an opportunity for new traders to enter at lower levels. A report published by Boston Consulting Group, Bitget and Foresight Ventures shows that only 0.3% of individual wealth is parked in crypto compared to 25% in equities. This shows that crypto is still in the early stages of adoption compared to legacy markets.Could Bitcoin and major altcoins extend their recovery over the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin slipped below the 50-day simple moving average (SMA) ($22,683) on July 21 but the bulls aggressively bought the dip as seen from the long tail on the day’s candlestick. The buyers are currently attempting to sustain the price above the overhead resistance at $23,363.BTC/USDT daily chart. Source: TradingViewThe upsloping 20-day exponential moving average (EMA) ($21,729) and the relative strength index (RSI) in positive territory indicate the path of least resistance is to the upside. If bulls thrust the price above the $23,363 to $24,276 resistance zone, bullish momentum may pick up and the BTC/USDT pair could rally to $28,171 and then to $30,000.Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bears have not yet given up. The sellers will then strive to sink the pair to the support line. A break and close below this support could tilt the advantage in favor of the bears.ETH/USDTEther’s (ETH) pullback ended at $1,605 on July 21. This shallow correction indicates that traders are not hurrying to close their positions as they expect the up-move to continue. ETH/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($1,345) and the RSI near overbought territory indicate an advantage to buyers. The bulls will strive to propel the price above the overhead resistance at $1,700. If they succeed, the ETH/USDT pair could pick up momentum and rally to the psychological level of $2,000.Alternatively, if the price turns down from $1,700, it will suggest that bears are defending this level aggressively. The pair could then consolidate between $1,600 and $1,700 for a few days. A break below this support could pull the pair to the 20-day EMA.BNB/USDTBinance Coin’s (BNB) correction took support near the 20-day EMA ($247) on July 21, indicating that bulls are accumulating on dips. The buyers will attempt to push the price above the downtrend line and resume the up-move.BNB/USDT daily chart. Source: TradingViewThe bullish crossover on the moving averages and the RSI in positive territory indicates that bulls have the upper hand. If the price breaks above the downtrend line, the BNB/USDT pair could rise to $300 and then to $325. Conversely, if the price turns down from the downtrend line, it will suggest that bears are defending the level with vigor. However, if bulls do not give up much ground from this level, the likelihood of a breakout increases. This bullish view could be negated on a break below the 50-day SMA ($243).XRP/USDTRipple’s (XRP) long tail on the July 21 candlestick shows that bulls are buying on dips to the moving averages. This suggests that the sentiment has shifted from selling on rallies to buying on dips.XRP/USDT daily chart. Source: TradingViewThe gradually upsloping 20-day EMA ($0.35) and the RSI in positive territory indicate an advantage to buyers. The bulls will attempt to push the price above the immediate resistance at $0.39.If they succeed, the XRP/USDT pair could extend its rally to the stiff overhead resistance at $0.45. The bears may pose a strong challenge at this level.A break below the moving averages will invalidate the bullish view. The pair could then consolidate in a large range between $0.30 and $0.39 for a few days.ADA/USDT Cardano (ADA) dipped below the 50-day SMA ($0.49) on July 20 but the bears could not pull the price below the 20-day EMA ($0.47). This suggests that lower levels are attracting buyers.ADA/USDT daily chart. Source: TradingViewThe gradually upsloping 20-day EMA and the RSI in positive territory indicate that the bulls have a slight edge. The buyers will make one more attempt to clear the overhead resistance at $0.55.If they succeed, the ADA/USDT pair could pick up momentum and start its northward march toward $0.70. Conversely, if the price turns down and breaks below the 20-day EMA, the pair may consolidate between $0.44 and $0.55 for a few days.SOL/USDTSolana’s (SOL) pullback from the $48 level took support at the 20-day EMA ($39). The buyers tried to push the price above the overhead resistance on July 22 but met with heavy selling pressure at higher levels.SOL/USDT daily chart. Source: TradingViewif the price turns down from the current level or the overhead resistance, the SOL/USDT pair could drop to the moving averages and spend some more time inside the ascending triangle pattern. A break below the support line will invalidate the bullish setup and put the bears back in the driver’s seat.Conversely, if the price rebounds off the 20-day EMA, the buyers will make one more attempt to clear the overhead hurdle at $48. If they manage to do that, the triangle pattern will complete. The pair could then start an up-move to $60. If this barrier is overcome, the next stop could be the pattern target of $71.DOGE/USDTThe bears tried to pull Dogecoin (DOGE) below the 20-day EMA ($0.07) on July 21 but the bulls purchased the dip aggressively as seen from the long tail on the candlestick.DOGE/USDT daily chart. Source: TradingViewThis improves the prospects of a break above the overhead resistance at $0.08. If that happens, the DOGE/USDT pair could rally to $0.09 and then to $0.10. The flattish 20-day EMA and the RSI in the positive territory indicate a minor advantage for the buyers. Contrary to this assumption, if the price turns down from $0.08, it will suggest that bears continue to sell at higher levels. That could keep the pair stuck between $0.08 and $0.06 for some time.Related: Bitcoin wobbles on Wall Street open as Ethereum hits $1.6K in 6-week highDOT/USDTPolkadot (DOT) pulled back to the 20-day EMA ($7.25) on July 21 but the long tail on the day’s candlestick shows that bulls purchased at lower levels.DOT/USDT daily chart. Source: TradingViewThe bounce off the 20-day EMA is a positive sign and it increases the likelihood of a break above $8.08. If that happens, the DOT/USDT pair could resume its recovery and rally to $8.79 and later to the psychological level of $10. Contrary to this assumption, if the price turns down from the current level or $8.08, it will suggest that demand dries up at higher levels. The bears will then try to sink the price below the 20-day EMA and challenge the crucial support at $6.MATIC/USDTPolygon (MATIC) remains in an uptrend. The pullback that started at $0.98 on July 19 rebounded off the 38.2% Fibonacci retracement level of $0.80. This suggests that sentiment remains positive and traders are buying on dips.MATIC/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($0.72) and the RSI in positive territory indicate that buyers have the upper hand. The MATIC/USDT pair could rise to $0.98, where the bears may try to stall the recovery. If the price turns down from this level, the pair may remain range-bound between $0.80 and $0.98 for a few days.Alternatively, if buyers thrust the price above $0.98, bullish momentum could pick up and the pair could soar to $1.26. The bears will have to sink the price below the 20-day EMA to gain the upper hand.AVAX/USDTAvalanche (AVAX) turned down from $26 on July 20 but the bears could not pull the price to the breakout level at $21.35. This suggests that bulls are buying on minor dips.AVAX/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($21.19) and the RSI in the positive zone indicate an advantage to buyers. If bulls drive the price above $26.50, the bullish momentum could pick up and the AVAX/USDT pair could rise to $29 and later to $33.To invalidate this bullish view, sellers will have to pull the price back below $21.35. If they manage to do that, the pair could slide to the support line which may attract buyers. A break and close below this level could indicate that bears are back in control.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) briefly extended its recovery above $24,000 and the altcoins continued to make smart gains on July 20, but the bullish momentum of the week experienced a brief setback after Tesla’s earnings report showed the company had sold 75% of its BTC position. Although the sharp breakout of this week is a positive sign, analysts were quick to point out that a sustained recovery depends on a strong performance from Wall Street. Analyst Venturefounder pointed out that the rally was largely macro-driven and Bitcoin’s correlation with NASDAQ remained at a historical high of 91%.Bitcoin’s sharp rally in the past few days has awakened hibernating bulls who are dishing out lofty targets. Analyst TechDev projected a target of $120,000 in 2023, while Galaxy Digital CEO Mike Novogratz told a Bloomberg conference on July 19 that Bitcoin could soar above $500,000 within the next five years.Daily cryptocurrency market performance. Source: Coin360Nevertheless, analysts remain divided in their near-term expectations and some are unconvinced that the trend has turned. These traders believe that the current rise is a bear market rally. On the other hand, some analysts expect the up-move to continue in the short term. On-chain data firm Whalemap suggests that the rally could extend to $27,100.Could Bitcoin and major altcoins continue their rise or will bears trap the bulls and sink the price lower? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin broke and closed above the 50-day simple moving average (SM($22,966) and the overhead resistance at $23,363 on July 19. This indicates a potential trend change. BTC/USDT daily chart. Source: TradingViewIf buyers sustain the price above $23,363, the bullish momentum could pick up further and the BTC/USDT pair could rally to the pattern target of $28,171. This level may witness profit-booking from short-term traders.The 20-day exponential moving average (EMA)($21,461) has started to turn up and the relative strength index (RSI) has risen into the positive territory. This indicates an advantage to buyers.To invalidate this positive view, the bears will have to pull the price below the 20-day EMA. If they do that, it will indicate that the recent breakout may have been a bull trap.ETH/USDTEther’s (ETH) recovery has reached near the strong overhead resistance at $1,700. The bears tried to pull the price down on July 19 but the bulls did not give up much ground. This suggests that traders are not booking profits aggressively as they anticipate a move higher.ETH/USDT daily chart. Source: TradingViewThe moving averages have completed a bullish crossover and the RSI is near the overbought zone. This suggests that the path of least resistance is to the upside. If buyers drive the price above $1,700, the ETH/USDT pair could rise to the psychological level at $2,000 and then to $2,200.Contrary to this assumption, if the price turns down from $1,700 and breaks below $1,493, the bears will attempt to pull the price toward $1,280. BNB/USDTTheBNB relief rally is nearing the downtrend line, which could act as minor resistance. The moving averages have completed a bullish crossover and the RSI is near the overbought territory, indicating an advantage to buyers.BNB/USDT daily chart. Source: TradingViewIf the price turns down from the current level or the downtrend line, the BNB/USDT pair could drop to the 20-day EMA ($244). This is an important level to keep an eye on because a strong bounce off it will suggest that bulls are buying on dips. That increases the likelihood of a breakout of the downtrend line. If that happens, the pair could rise to $300 and then to $350.Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that the sentiment remains bearish and traders are selling on rallies. XRP/USDTThe relief rally in Ripple (XRP) could face resistance at the overhead resistance at $0.39 as bears attempt to pull the price back below the moving averages.XRP/USDT daily chart. Source: TradingViewIf the XRP/USDT pair rebounds off the moving averages, it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then make another attempt to clear the overhead hurdle and push the price to $0.45. This level could again attract strong selling by the bears.The positive view could invalidate in the short term if the price plummets below the moving averages. If that happens, the pair could again drop to the vital support at $0.30.ADA/USDT The bears tried to stall Cardano’s (ADA) recovery near the 50-day SMA ($0.50) on July 19 but the bulls had other plans. They purchased the dip to the 20-day EMA ($0.47) and pushed the price above the overhead resistance.ADA/USDT daily chart. Source: TradingViewThe up-move is facing resistance at $0.55, which could pull the ADA/USDT pair to the 20-day EMA. The gradually rising 20-day EMA and the RSI in the positive territory indicate advantage to buyers.If the price rebounds off the 20-day EMA, the bulls will again attempt to clear the overhead hurdle. If they succeed, the rally could reach $0.62. Another possibility is that the price turns down from the current level and remains stuck between the $0.44 to $0.55 range for a few days.SOL/USDTSolana’s (SOL) recovery is facing resistance at $48 as seen from the long wick on the July 19 candlestick. This suggests that bears continue to sell at higher levels.SOL/USDT daily chart. Source: TradingViewIf bulls do not cede much ground to the bears, it will improve the prospects of a break above the overhead resistance. The gradually upsloping 20-day EMA ($38) and the RSI in the positive zone indicate advantage to buyers. A break and close above $48 could open the doors for a possible rally to $60.Contrary to this assumption, if the price turns down sharply from the current level, the SOL/USDT pair could drop to the moving averages. The bears will have to sink the pair below the support line to gain the upper hand.DOGE/USDTDogecoin (DOGE) broke and closed above the 50-day SMA ($0.07) on July 19 but the rally is facing resistance near $0.08 as seen from the long wick on July 20 candlestick.DOGE/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI is in positive territory, indicating that bulls have the upper hand. If the price rebounds off the 20-day EMA ($0.06), the bulls will again try to clear the overhead hurdle at $0.08 and push the DOGE/USDT pair toward $0.10.Alternatively, if the price breaks below the moving averages, the pair could drop to $0.06. A bounce off this level could keep the pair range-bound between $0.06 and $0.08 for a few days.Related: Solana price enters correction territory after 80% monthly gainsDOT/USDTPolkadot’s (DOT) recovery reached the 50-day SMA ($7.73) on July 18 but the bulls are struggling to overcome this barrier. This suggests that the bears are defending this level aggressively.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($7.21) is flattish and the RSI is in the positive territory, indicating a minor advantage to buyers. If the price turns down from the current level but rebounds off the 20-day EMA, it will suggest that dips are being bought. The bulls will then strive to push the price toward $10.This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA. The DOT/USDT pair could then drop to the crucial support at $6.36.MATIC/USDTPolygon’s (MATIC) up-move in the past few days pushed the RSI deep into the overbought zone, indicating that the rally may have been overheated in the short term. That may have attracted profit-booking near the psychological level of $1. MATIC/USDT daily chart. Source: TradingViewThe price could drop to the 20-day EMA ($0.68), which is likely to act as strong support. The rising 20-day EMA and the RSI in the positive zone suggest that bulls have the upper hand. If the price rebounds off the 20-day EMA, it will indicate that the sentiment has turned positive and the bulls are buying on dips. The bulls will then attempt to push the price above $1. If they succeed, the MATIC/USDT pair could rally to the overhead resistance at $1.20.Conversely, a break and close below the 20-day EMA could tilt the advantage in favor of the bears.AVAX/USDTAvalanche (AVAX) broke out of the ascending triangle pattern on July 18 indicating the start of a new up-move. However, the long wick on the July 19 and 20 candlestick shows that bears are selling at higher levels and will try to pull the price to the breakout level at $21.35.AVAX/USDT daily chart. Source: TradingViewThe moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating advantage to buyers. If the price rebounds off $21.35, it will suggest that bulls have flipped the level into support. That could resume the uptrend toward the pattern target of $29.This positive view could invalidate if the price turns down and plummets below $21.35. Such a move will suggest that bears continue to sell on rallies. The pair could then drop to 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.

Bitcoin (BTC) rose above $22,000 and Ether (ETH) traded above $1,500 on July 18, indicating that bulls are gradually returning to the cryptocurrency markets. This pushed the total crypto market capitalization above $1 trillion for the first time since June 13, raising hopes that the worst of the bear market may be behind us.In another positive sign, more than 80% of the total Bitcoin supply denominated in the United States dollar has been dormant for at least three months, according to crypto intelligence firm Glassnode. During previous bear markets, such an occurrence preceded the end of the bear phase.Daily cryptocurrency market performance. Source: Coin360However, a report by Grayscale Investments voices a different opinion. It suggests that the current bear market in Bitcoin started in June 2022 and if history repeats itself, the bear phase could continue for 250 more days.Can buyers maintain their momentum at higher levels or will bears continue to sell on rallies? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTAfter hesitating near the 20-day exponential moving average (EMA) ($20,986) for two days, Bitcoin made a decisive move higher on July 18. This up-move has broken above the resistance line of the symmetrical triangle, indicating a possible trend reversal.BTC/USDT daily chart. Source: TradingViewThe 20-day EMA is flat but the relative strength index (RSI) has risen into the positive territory, indicating that the momentum favors the buyers. The bulls will now attempt to overcome the barrier at $23,363. If the price turns down from this level but rebounds off the breakout level from the triangle, it will suggest buying at lower levels. That could increase the possibility of a break above $23,363. The pair could then rally to the pattern target of $28,171.Conversely, if the price fails to sustain above the triangle, it will indicate that the bears are aggressively defending the overhead zone between the resistance line of the triangle and $23,363. That could keep the pair inside the triangle for a few more days.ETH/USDTEther broke and closed above the overhead resistance at $1,280 on July 16, which completed the ascending triangle pattern The bears tried to stall the up-move at the 50-day simple moving average (SMA) ($1,336) on July 17 but the bulls did not relent.ETH/USDT daily chart. Source: TradingViewThe buyers resumed their purchase on July 18 and pushed the price above $1,500. This suggests the start of a new uptrend. The ETH/USDT pair could rally to the overhead resistance at $1,700 where the bears may pose a strong challenge. If the next correction gets arrested at the 20-day EMA ($1,234), it will suggest that the sentiment has shifted from selling on rallies to buying on dips. That could enhance the prospects of a break above $1,700.This positive view could invalidate in the short term if the price turns down and slips below the 20-day EMA. That could pull the pair to the support line of the triangle.BNB/USDTBNB rose above the 20-day EMA ($238) on July 14 and cleared the overhead hurdle at the 50-day EMA ($247) on July 16. The bears tried to pull the price back below the 50-day SMA on July 17 but the bulls held their ground.BNB/USDT daily chart. Source: TradingViewThe BNB/USDT pair resumed its up-move on July 18, suggesting that the low may have been made at $183. The 20-day EMA has started to turn up and the RSI is in the positive zone, indicating that bulls are in control.If the price sustains above the 50-day SMA, the pair could rally to $300 and then attempt an up-move to $350. This level is likely to act as a stiff resistance. This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA. That could pull the pair to $211.XRP/USDTRipple (XRP) broke above the downtrend line on July 16 but the bears stalled the relief rally at the 50-day SMA ($0.35). The sellers tried to pull the price below the 20-day EMA ($0.34) on July 17 but the bulls did not budge and bought the dip.XRP/USDT daily chart. Source: TradingViewThe 20-day EMA has started to turn up gradually and the RSI has jumped into the positive zone, indicating advantage to the bulls.The XRP/USDT pair cleared the overhead hurdle at the 50-day SMA on July 18, invalidating the bearish descending triangle pattern. If bulls sustain the price above the 50-day SMA, the pair could pick up momentum and rally to $0.45. To invalidate this bullish view, the bears will have to pull the pair back into the triangle. Such a move could trap the aggressive bulls and sink the pair to the important support at $0.30.ADA/USDT After struggling to push Cardano (ADA) above the 20-day EMA ($0.46), the bulls finally managed the feat on July 18. The price has reached the 50-day SMA ($0.50) which could act as a strong resistance. ADA/USDT daily chart. Source: TradingViewThe RSI in the positive territory indicates that the momentum favors the buyers. If bulls push the price above the 50-day SMA, the ADA/USDT pair could rise to $0.60 and then make a dash toward the stiff overhead resistance at $0.70.Alternatively, if bulls fail to sustain the price above the 50-day SMA, it will suggest that bears continue to sell aggressively on rallies. The pair could then drop back toward the critical support zone between $0.44 and $0.40.SOL/USDTSolana (SOL) broke above the symmetrical triangle pattern on July 16, indicating that the uncertainty resolved in favor of the buyers. The bears attempted to pull the price back into the triangle on July 17 but the bulls held their ground.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair is attempting to rise above the immediate resistance at $43. If that happens, the pair could rally to the psychological level at $50. This level may act as a hurdle but if crossed, the up-move could reach $60.Conversely, if the price turns down from $43 and breaks below the moving averages, the pair could drop to the support line. A break and close below this level could suggest that bears are back in the game.DOGE/USDTDogecoin (DOGE) is trying to form a higher low at $0.06 and the bulls are attempting to push the price above the stiff overhead resistance at the 50-day SMA ($0.07).DOGE/USDT daily chart. Source: TradingViewIf they manage to do that, the DOGE/USDT pair could rally to $0.08. This is an important level to keep an eye on because a break and close above it could clear the path for a rally to $0.09 and then to $0.10.This positive view could invalidate in the short term if the price turns down from the current level and slides below the intraday low made on July 13. That could sink the pair to the critical level at $0.05.Related: Bitcoin price nears critical 200-week moving average as Ethereum touches $1.5KDOT/USDTPolkadot (DOT) broke and closed above the 20-day EMA ($7.08) on July 16 but the bears pulled the price back below the level on July 17. This tough tussle between the bulls and the bears was resolved in favor of the buyers on July 18. DOT/USDT daily chart. Source: TradingViewThe 20-day EMA is flattening out and the RSI is just above the midpoint, indicating that the selling pressure may be reducing. The bulls will have to push and sustain the price above the 50-day SMA ($7.79) to gain the upper hand. If they manage to do that, the DOT/USDT pair could rally to $10.On the contrary, if the price turns down from the current level, it will suggest that the bears are defending the 50-day SMA aggressively. The pair could then remain stuck between $6.36 and the 50-day SMA for a few days.MATIC/USDTPolygon (MATIC) bounced off the 50-day SMA ($0.55) on July 13 and rose above the overhead resistance at $0.63. This completed the bullish ascending triangle pattern.MATIC/USDT daily chart. Source: TradingViewThe MATIC/USDT pair picked up momentum and reached the pattern target of $0.95 on July 18. The sharp rally of the past few days has pushed the RSI into the overbought territory and the pair is near the psychological level of $1. This points to a possible consolidation or correction in the near term.The first support on the downside is the 20-day EMA ($0.63). If the price rebounds off this level, it will suggest that bulls continue to buy on dips. The pair could then attempt a rally to the 200-day SMA ($1.25). This bullish view could invalidate on a break below $0.63.AVAX/USDTAvalanche (AVAX) has broken above the overhead resistance at $21.35, indicating the completion of the ascending triangle pattern. This increases the likelihood of a trend reversal. AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA ($19.56) and the 50-day SMA ($19.79) are close to completing a bullish crossover and the RSI is in the positive territory indicating advantage to buyers. If bulls sustain the price above $21.35, the AVAX/USDT pair could start a new up-move. The pattern target of the breakout from the triangle is $29.Contrary to this assumption, if the price turns down and breaks below the 50-day SMA, it will suggest that bears continue to sell aggressively at higher levels. That could pull the pair down to 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.