Autor Cointelegraph By Rakesh Upadhyay

The United States Consumer Price Index soared to 9.1% in June, exceeding expectations of an 8.8% rise year-on-year. Currently, the Fed funds futures point to an 81 basis points rate hike for July, suggesting that some participants anticipate a 100 basis points hike.Several on-chain indicators have been pointing to a likely bottom in Bitcoin (BTC) but the analysts from market intelligence firm Glassnode are not convinced that the low has been made. In “The Week On-Chain” report on July 11, the analysts said that the market may have to fall further “to fully test investor resolve, and enable the market to establish a resilient bottom.”Daily cryptocurrency market performance. Source: Coin360While the short term remains bearish, strategists are confident about its long-term prospects. CoinShares chief strategy officer Meltem Demirors said on CNBC that Bitcoin may extend its “downward correction” in the near term but it is likely to make a new all-time high “in the next 24 months.”What are the important levels on Bitcoin and the major altcoins that could arrest the decline? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin dropped back to the support line of the symmetrical triangle on July 12, indicating that the break above the triangle on July 7 may have been a bull trap.BTC/USDT daily chart. Source: TradingViewThe buyers are trying to defend the level but the long wick on the July 13 candlestick shows that the bears are selling near the 20-day exponential moving average (EMA) ($20,796). Both moving averages are sloping down and the relative strength index (RSI) is in the negative zone, indicating that bears are in command.If the price breaks below the support line, the BTC/USDT pair could drop to the $18,626 to $17,622 support zone. This is an important zone for the bulls to defend because if it gives way, the pair could decline to $15,000.The first sign of strength will be a break and close above the 20-day EMA. Such a move will suggest strong buying at lower levels. That could increase the possibility of a rally to the 50-day simple moving average (SMA)($24,084).ETH/USDTEther (ETH) broke below the support line of the ascending triangle pattern on July 12, which invalidated the bullish setup. A minor positive is that the bulls are trying to push the price back into the triangle.ETH/USDT daily chart. Source: TradingViewIf they manage to do that, it will suggest that the break below the triangle may have been a bear trap. The bulls will then strive to push the price back above the overhead resistance at $1,280. A break and close above the 50-day SMA ($1,383) could enhance the prospects of the start of a new up-move.Contrary to this assumption, if the price turns down from the support line, it will suggest that bears have flipped the level into resistance. The sellers will then try to sink the ETH/USDT pair below $998 and challenge the pivotal support at $881. If this support cracks, the pair could start the next leg of the downtrend.BNB/USDTThe bulls could not capitalize on BNB’s break above the 20-day EMA ($231). This failure was exploited by the bears who sold aggressively at higher levels and pulled the price back below the 20-day EMA on July 11.BNB/USDT daily chart. Source: TradingViewThe BNB/USDT pair attempted a rebound off the strong support at $211 on July 13 but the long wick on the candlestick shows that the bears are selling near the 20-day EMA. If the price breaks below $211, the selling could intensify and the pair may slide to the vital support at $183. Conversely, if the price rebounds off $211 and rises above the 20-day EMA, it will suggest strong demand at lower levels. The buyers will then make another attempt to clear the overhead hurdle at the 50-day SMA ($253).XRP/USDTRipple (XRP) plunged below the support line of the symmetrical triangle on July 11. This indicates that the uncertainty among the bulls and the bears resolved to the downside.XRP/USDT daily chart. Source: TradingViewThe bulls tried to push the price back into the triangle on July 13 but the long wick on the candlestick suggests that bears are selling on minor intraday rallies. If the price breaks below $0.30, the XRP/USDT pair could drop to the crucial support at $0.28. A break and close below this level could signal the start of the next leg of the downtrend.The first sign of strength will be a break and close above the 20-day EMA ($0.33). Such a move will suggest that the slide below the triangle may have been a bear trap. The pair may signal a potential trend change on a break above the resistance line of the triangle. ADA/USDT Cardano (ADA) slipped below the immediate support at $0.44 on July 11, indicating that bears are in command. The selling continued and the bears pulled the price to the important support at $0.40.ADA/USDT daily chart. Source: TradingViewThe buyers attempted to start a recovery on July 13 but the long wick on the day’s candlestick shows that bears are trying to flip the $0.44 level into resistance. If the price breaks below $0.40, the selling could pick up momentum and the ADA/USDT pair could resume the downtrend. The pair could then decline to $0.33.To invalidate this negative view, buyers will have to push and sustain the price above the moving averages. If that happens, the pair could attempt a rally to $0.60.SOL/USDTSolana (SOL) broke below the support line of the symmetrical triangle on July 11 and attempts by the bulls to push the price back into the triangle failed on July 12.SOL/USDT daily chart. Source: TradingViewHowever, the bulls have not given up and are again trying to push the price back into the triangle on July 13. If they succeed, it will suggest that the breakdown on July 11 may have been a bear trap. The buyers will then try to overcome the barrier at the resistance line and start a new up-move toward $50.Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below $31, the selling could intensify and the SOL/USDT pair could drop to $26.DOGE/USDTDogecoin (DOGE) slipped below the 20-day EMA ($0.07) on July 10. The bears made use of this opportunity and pulled the price below the strong support at $0.06 on July 12.DOGE/USDT daily chart. Source: TradingViewIf the price sustains below $0.06, the selling could pick up momentum and the DOGE/USDT pair could retest the critical support at $0.05. This is an important level to keep an eye on because a break below it could signal the resumption of the downtrend. The pair could then drop to $0.04.Alternatively, if the price rises from the current level, the buyers will try to push the pair above the moving averages. If they succeed, the pair could rise to $0.08 and next to $0.10.Related: Dogecoin misses bullish target after Elon Musk snubs Twitter — what’s next for DOGE price?DOT/USDTPolkadot (DOT) broke and closed below the crucial support of $6.36 on July 12, indicating aggressive selling by the bears. A minor positive is that the RSI has maintained the positive divergence, indicating that the bearish momentum may be ending.DOT/USDT daily chart. Source: TradingViewThe buyers are trying to push the price back above $6.36 and trap the aggressive bears. If that happens, the DOT/USDT pair could rally to the overhead resistance at $7.30. The buyers will have to clear this hurdle and the 50-day SMA ($8.04) to indicate that the downtrend may be over.Conversely, if the price fails to sustain above $6.36, it will suggest that bears remain in control. The sellers will then try to resume the downtrend and sink the pair to $5.SHIB/USDTShiba Inu (SHIB) dropped below the psychological level at $0.000010 on July 12, indicating strong selling by the bears. A minor positive is that the bulls purchased the dip and are attempting to sustain the price back above $0.000010.SHIB/USDT daily chart. Source: TradingViewBoth moving averages have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. In a range, traders generally buy near the support and sell close to the resistance.If buyers drive the price above the moving averages, the SHIB/USDT pair could attempt a rally to $0.000012. The bulls will have to clear this resistance to open the doors for a possible rally to $0.000014. This view could invalidate on a break below $0.000009.LEO/USDThe repeated failure of the buyers to sustain UNUS SED LEO (LEO) above $6 suggests a lack of demand at higher levels. That may have attracted selling from the aggressive bears.LEO/USD daily chart. Source: TradingViewThe price turned down from $5.91 on July 10 and plunged below the 20-day EMA ($5.60). This was followed by further selling, which pulled the price below the 50-day SMA ($5.42) on July 12. If bears sustain the price below the 50-day SMA, the LEO/USD pair could drop toward the support line of the descending channel.Conversely, if the price rebounds off the current level, the bulls will make another attempt to clear the overhead hurdle at the resistance line and challenge the crucial level at $6. A break and close above this level could signal the start of a new up-move.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) is attempting to rise above the psychological level of $20,000 on July 6, a sign that bulls are trying to stall the brutal bear market. The retail traders are making the most of the current fall and are on a buying spree. Proof of this comes from Glassnode data showing that wallets holding less than one Bitcoin scooped up 60,460 Bitcoin in June, at “the most aggressive rate in history.”In a recent report, Glassnode analysts said that the activity on the Bitcoin network shows that “all speculative entities, and market tourists have been completely purged from the asset.” This means that mostly long-term investors are left holding Bitcoin. Daily cryptocurrency market performance. Source: Coin360However, not everyone is bullish about Bitcoin’s prospects in the short term. According to Arcane Research, the ProShares Short Bitcoin Strategy ETF (BITI), the first exchange-traded fund (ETF) to be “short” Bitcoin, has increased its short exposure “by more than 300% last week.”Could the rush into the first inverse Bitcoin ETF act as a contrarian signal that indicates a possible bottom formation? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin is trading inside a symmetrical triangle pattern. The buyers tried to push the price above the resistance line of the triangle on July 5 but the bears held their ground.BTC/USDT daily chart. Source: TradingViewThe Doji candlestick pattern on July 5 shows indecision among the buyers and sellers. This uncertainty could tilt in favor of the bulls if the price breaks above the triangle. If that happens, it will suggest that the triangle may have acted as a reversal pattern. The BTC/USDT pair could then rally toward the 50-day simple moving average ($25,324) and then to the pattern target of $26,490.This hypothesis could prove to be incorrect if the price turns down from the current level and plummets below the support line of the triangle. That could pull the price to the critical support at $17,622. If this support collapses, the next stop could be $15,000.ETH/USDTEther (ETH) attempted a rally above the 20-day exponential moving average ($1,186) on July 5 but the bears had other plans. The price action of the past few days has formed an ascending triangle pattern which will complete on a break and close above $1,280.ETH/USDT daily chart. Source: TradingViewIf buyers push the price above the 20-day EMA, the possibility of a break above $1,280 increases. If that happens, the ETH/USDT pair could rally to the 50-day SMA ($1,500) and then to the pattern target of $1,679.Conversely, if the price turns down from the 20-day EMA and breaks below the support line, it will suggest that bears remain in command. That could pull the pair to the crucial support at $881. A break and close below this support could signal the start of the next leg of the downtrend.BNB/USDTThe bulls pushed Binance Coin (BNB) above the 20-day EMA ($232) on July 5 but the bears posed a strong challenge at higher levels. A positive sign is that the bulls did not give up much ground and have again propelled the price above the 20-day EMA on July 6.BNB/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, indicating that bears may be losing their grip.If buyers sustain the price above the 20-day EMA, the BNB/USDT pair could start its rally to the 50-day SMA ($264). This level may again act as a resistance but if bulls overcome this barrier, it will suggest that the pair may have bottomed out at $183.Contrary to this assumption, if the price turns down from the current level or the 50-day SMA, it will indicate that bears continue to sell at higher levels. The bears will then try to pull the price to $211.XRP/USDTRipple (XRP) has been stuck between the 20-day EMA ($0.33) and the support line of the symmetrical triangle pattern. Although the price rebounded off the support line on July 5, the bulls are struggling to clear the overhead resistance at the 20-day EMA. XRP/USDT daily chart. Source: TradingViewThe 20-day EMA continues to slope down gradually and the RSI is in the negative zone, indicating that bears have the upper hand. The sellers will attempt to sink the price below the support line. If they manage to do that, the XRP/USDT pair could slide to the critical support at $0.28. Contrary to this assumption, if the price rises off the current level or the support line and breaks above the 20-day EMA, the pair could rally to the resistance line of the triangle. A break and close above this level could signal the start of a rally to $0.48.ADA/USDT Cardano (ADA) remains sandwiched between the 20-day EMA ($0.47) and $0.44 but this tight range trading is unlikely to continue for long. Usually, tight ranges lead to range expansions.ADA/USDT daily chart. Source: TradingViewThe first sign of strength will be a break and close above the 20-day EMA. That could open the doors for a break above the important resistance at the 50-day SMA ($0.51). If that happens, the ADA/USDT pair could rally to $0.60.Another possibility is that the price turns down and plummets below $0.44. That will indicate an advantage to bears. The pair could then slide to the critical support at $0.40. If this level gives way, the pair could resume its downtrend.SOL/USDTSolana (SOL) climbed above the 20-day EMA ($36) on July 4 but the bulls could not sustain the momentum. The bears pulled the price back below the 20-day EMA on July 5.SOL/USDT daily chart. Source: TradingViewThe long tail on the July 5 candlestick shows strong buying at lower levels. This increases the likelihood of a break above the moving averages. If that happens, the SOL/USDT pair could rise to $43. A break and close above this level could clear the path for a possible rally to the psychological resistance at $50.This positive view could be negated in the short term if the price turns down from the current level or the 50-day SMA ($39) and breaks below $30. That could pull the pair down to $26.DOGE/USDTDogecoin (DOGE) has been oscillating near the 20-day EMA ($0.07) for the past few days. This indicates uncertainty among the buyers and sellers.DOGE/USDT daily chart. Source: TradingViewThe flat 20-day EMA and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. A break and close above the 50-day SMA ($0.07) could be the first indication that buyers have the upper hand. The bullish momentum could pick up on a break above $0.08. The DOGE/USDT pair could then rally toward the psychological level of $0.10.Another possibility is that the price turns down from the current level and breaks below $0.06. That will indicate advantage to bears and the pair may slide to $0.05.Related: Bitcoin mining stocks rebound sharply despite a 70% drop in BTC miners’ revenueDOT/USDTThe bulls could not push Polkadot (DOT) above the immediate resistance at $7.30 on July 4. This suggests that the price remains stuck inside the range between $7.30 and $6.36.DOT/USDT daily chart. Source: TradingViewThe failure of the bears to pull the price down to the support of the range at $6.36 shows that bulls are not waiting for a deeper fall to buy. This increases the possibility of a break above the overhead resistance. If that happens, the DOT/USDT pair could rally to the 50-day SMA ($8.48). The bears are likely to defend this level aggressively.Alternatively, if the price turns down and breaks below $6.36, it will signal the resumption of the downtrend. The pair could then slide to the psychological support at $5.SHIB/USDTShiba Inu (SHIB) broke above the 50-day SMA ($0.000010) on July 5 but the long wick on the candlestick shows that bears are selling at higher levels. A minor positive is that the bulls are not allowing the price to dip back below $0.000010.SHIB/USDT daily chart. Source: TradingViewBoth moving averages have flattened out and the RSI is near the midpoint. This does not give a clear advantage either to the bulls or the bears.If the price rises and breaks above $0.000011, the SHIB/USDT pair could rally to $0.000012 where the bears may again mount a strong defense. The bulls will have to clear this hurdle to open the doors for a possible rally to $0.000014.Alternatively, if the price turns down and breaks below $0.000009, it will suggest that the bears are back in control. That could enhance the prospects of a retest of the critical support at $0.000007.LEO/USDUNUS SED LEO (LEO) continues to oscillate near the resistance line of the descending channel as both the bulls and the bears try to gain the upper hand.LEO/USD daily chart. Source: TradingViewThe price once again rebounded off the 20-day EMA ($5.66) on July 5, indicating that the bulls continue to defend the level aggressively. The bullish momentum could pick up if bulls push and close the LEO/USD pair above $6. If that happens, the pair could rally to $6.50 and then to the pattern target of $6.90.On the contrary, if the price turns down and closes below the 20-day EMA, it will indicate that the bears have overpowered the buyers. That could pull the pair down to the 50-day SMA ($5.33).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.