Key Points:
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Bitcoin is looking to receive nearly $112,000 in support, but a higher level could attract sales by bears.
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A deep pullback on some Altcoins suggests that the next leg of the UP move may not be rushed.
The Bitcoin (BTC) Bulls are trying to keep their prices above $115,000, but face harsh resistance from the bears. In a comment on X’s post, Arthur Hayes, chief investment officer at Maelstrom Fund, said that the slower credit market and slower job creation could potentially sink BTC to $100,000 and Ether (ETH) to $3,000.
The flow of US Spot BTC Exchange-Traded Funds (ETFs) and ETH ETFS funds also showed prudence among traders. Bitcoin ETF recorded a net flow of $812.25 million on Friday, and ended its 20-day inflow streak for each sosovolu data, seeing a $152.26 million outflow at Ethereum ETF.
However, short-term uncertainty has not stopped public companies from purchasing more BTC and ETH. Japanese investment firm Metaplanet said it had acquired 463 BTC on Monday for an average price of around $115,895, raising its holdings to 17,595 BTC.
On a similar line, Sharplink purchased 30,755 ETH for an average price of $3,530, increasing its total holding to 480,031 ETH.
Is BTC possible to exceed overhead resistance? Does it start recovering altcoin? Analyze and explore the charts of the top 10 cryptocurrencies.
S&P 500 Index Price Forecast
The S&P 500 Index (SPX) rose again on Thursday, but witnessed a higher level of profit booking.
Sales continued on Friday, drawing prices below the 20-day simple moving average (6,306). The Bulls are about to return to the driver’s seat by pushing prices back beyond the 20-day SMA on Monday. If they are successful, the index can retest an all-time high of 6,427.
Conversely, if prices drop from the 20-day SMA, it suggests that the gathering is on sale. The index can descend to a 50-day SMA (6,139), which could attract buyers.
US Dollar Index Price Forecast
The US Dollar Index (DXY) surpassed the 50-day SMA (98.29) on July 28th, but fell from an overhead resistance of 100.54 on Friday.
The Bulls are trying to arrest pullbacks near the moving average, indicating sales pressure is falling. If the price rises from the current level and breaks above 100.54, the recovery can reach 102 levels. Over 102 rests and closures suggest that the short term bottom is in place.
Sellers need to subtract below moving average prices to maintain their advantage. Doing that could result in the index dropping to 97.10.
Bitcoin price forecast
BTC went below the neckline with its reverse head and shoulder pattern on Friday, but found support in a 50-day SMA ($112,262).
The 20-day SMA ($117,237) begins to fall, with the RSI just below the midpoint indicating that the bear is about to make a comeback. The relief rally is expected to face sales in the zone between the neckline and the 20-day SMA.
Related: Have you bought the $112K dip? 5 Sign Bitcoin Bull Runs are back
A lower price from the resistance zone increases the risk of falling below the critical support at $110,530. In this case, the BTC/USDT pair collapses to $105,000, then $100,000.
Buyers must push and maintain prices above the 20-day SMA to seize controls. That way, the pair can retest the resistance zone between $120,000 and $123,218.
Ether Price Prediction
ETH receives support in the zone between a 50% Fibonacci retracement level of $3,422 and a 61.8% retracement level of $3,300.
The relief rally is expected to face sales at 20 days at SMA ($3,652), but if the Bulls win, the ETH/USDT pair will rise to $3,941, ultimately at $4,094. Sellers are expected to provide a strong defense at $4,094.
Conversely, when prices drop from the 20-day SMA and fall below $3,354, it shows the Bulls are losing grip. This increases the risk of a 50-day SMA ($3,013).
XRP Price Forecast
XRP (XRP) fell below $2.95 on Saturday, but rebounded on Sunday’s 50-day SMA ($2.66) showing a lower level of purchase.
The XRP/USDT pair could rise to 20-day SMA ($3.19), with bears expected to intervene. If prices drop from the 20-day SMA, the pair could remain stuck between more days of moving averages.
A break and closure beyond the 20-day SMA could clear the rally pass to $3.33 and then to $3.66. On the contrary, a slide under the SMA for 50 days signals the start of a deeper correction to $2.40.
BNB Price Prediction
BNB (BNB) fell below the 20-day SMA ($769) on Friday and reached solid support of $732 on Saturday.
The BNB/USDT pair recovered to $732 on Sunday, but the recovery could face strong sales at the 20-day SMA. As prices drop significantly from the 20-day SMA, the Bears try to sink a pair that is under $732. If they can pull it apart, the pair could fall into a 50-day SMA ($702).
Conversely, breaks and closures beyond the 20-day SMA suggest a solid purchase at the dip. The pair will rise to $794 and then can climb to $815.
Solana price forecast
Sellers pulled Solana (SOL) under the 50-day SMA ($161) on Saturday, but were unable to maintain a lower level.
The flat moving average and RSI of the negative zone do not give any clear advantages to bulls and bears. Sol/USDT pairs can trade with moving averages for a while.
Breaks and closes beyond the 20-day SMA ($179) tilt the advantages of bulls. The pair can then attempt a gathering up to $195. Meanwhile, if it falls below $155, the Bears give an edge. The pair will go up to $144 and then $137.
Dogecoin price forecast
Dogecoin (Doge) has been trading in large ranges between $0.14 and $0.29 for several months.
Flat moving averages and RSI in negative regions indicate that range-bound actions may last a little longer. A break and closure below the 50-day SMA ($0.19) could potentially sink the price into key support at $0.14.
The first sign of strength is above the SMA for 20 days. The Doge/USDT pair rose to $0.26, eventually reaching $0.29. Sellers are expected to defend the $0.29 level vigorously.
Cardano price forecast
Cardano (ADA) has emerged from the 50-day SMA ($0.68) on Sunday, showing demand at a lower level.
Both moving averages are flattened, with the RSI at the midpoint indicating the balance between supply and demand. This allows the ADA/USDT pair to stay stuck between the moving average for a while.
The seller may have other plans. They will end up subtracting prices below the 50-day SMA. If they can do that, the pair can extend the pullback towards solid support for $0.50. Buyers must push and maintain prices above the 20-day SMA to gain an advantage.
Star price prediction
Stellar (XLM) is about to bounce back from the 61.8% Fibonacci retracement level of $0.34, but the relief rally is expected to face sales at a 20-day SMA ($0.43).
A significant drop in prices from the 20-day SMA leads to negative emotions, suggesting that traders are selling at the rally. This allows you to pull the price into a 50-day SMA ($0.33). This is an important support to be aware of. If your 50-day SMA breaks, the XLM/USDT pair could plummet to $0.29.
Buyers must drive and maintain prices above the 20-day SMA to inform you of a comeback. The pair then rises to $0.46 and then may rise to $0.49.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
