Top 5 most notable coins of the week: BTC, ETH, UNI, ICP, AAVE
In one survey CNBC recently reported on a panel of strategists and portfolio managers, with only 6% of respondents expecting Bitcoin (BTC) to come back to $ 60,000 by the end of 2021. A large part, 44% of the participants, predict that Bitcoin will stay below $ 30,000 this year. Of the remainder, 25% expect a recovery to $ 45,000 and the remaining 25% expect a rally to $ 55,000.
This shows that the mood is still negative. However, China’s recent crackdown on crypto miners and regulatory measures did not trigger the next phase of the downtrend. This shows that many investors do not panic, but buy dips after dips.
Analyst Willy Woo said in a recent interview on the What Bitcoin Did podcast that long-term owners who sold their Bitcoin earlier this year are slowly accumulating lower. Woo added that on-chain data shows that Bitcoin is about to recover.
According to sources from The Street, the hedge fund Point72 is the asset management of billionaire Steven Cohen search a “horse of the crypto market” to enter the room. This suggests that institutional investors see the current decline as an entry point.
With the crypto market in a state of recovery, let’s study the charts of five cryptocurrencies that are likely to lead the relief rally.
BTC technical analysis
Bitcoin (BTC) has consolidated between $ 31,000 and $ 42,451 in the past few days. After the bears failed to keep price below range support on June 22nd and 26th, the bulls are currently trying to rebound.
BTC / USDT daily chart | Source: TradingView
The bulls have driven price above the 20-day EMA ($ 34,993) and will now seek to push the price above the 50-day SMA ($ 36,597). The bullish divergence in the relative strength index suggests that bullish momentum may strengthen.
If buyers push the price above the 50-day SMA, the BTC / USDT pair can rebound into the $ 41,330 to $ 42,451 resistance area. The bears will likely defend this zone aggressively. If the price deviates from this resistance, the pair can extend its range-bound action by a few days.
Contrary to this assumption, if the price drops from the 50-day SMA and falls below $ 32,700, the bears will try again to bring the pair below $ 31,000. If successful, the next stop could be critical support at $ 28,000.
BTC / USDT 4-hour chart | Source: TradingView
The 4-hour chart is showing an ascending triangle formation that will complete on a breakout and close above $ 36,670. If the bulls manage to do this, the pair can climb to $ 41,000 and then hit the target of the pattern at $ 44,535.
Conversely, if the price drops from current levels or $ 36.670, the bears will attempt to lower the pair below the triangle’s trendline. In this case, the bullish setup will be invalidated and it may drop to $ 32,700 and then to $ 31,000.
Technical analysis of the ETH
Ether (ETH) broke above the 20-day EMA ($ 2.193) on June 30, but the bulls were unable to hold the higher levels. The bears pulled the price back below the 20-day EMA on July 1st, trying to trap the aggressive bulls.
ETH / USDT daily chart | Source: TradingView
However, the strong rebound from $ 2,018.50 on July 2 shows that sentiment has turned positive and traders are building up on the downside. The bulls pushed the price back above the 20-day EMA on July 3rd.
The 20-day EMA has flattened and the RSI is trying to move above 52, showing that momentum is turning positive. The ETH / USDT pair could hit the downtrend line where the bears can try to halt the upward momentum.
But if momentum persists and the bulls push the price above the downtrend line, the pair can climb to $ 2,990. That positive view will be invalidated if the pair deviates from the 50-day SMA ($ 2.437) and breaks the $ 2,000 support.
ETH / USDT 4-hour chart | Source: TradingView
The 4 hour chart shows that an inverse head and shoulders pattern completed on a breakout and closed above $ 2,280. This bullish setup has a target of $ 2,860. The rising moving averages and the RSI near the overbought zone suggest buyers are in control.
If, contrary to this assumption, the pair falls back below $ 2,280, it shows that the bears have not given up and are trying to trap aggressive bulls. A break below $ 2,000 could bring the advantage back to the bears again. The pair can then retest the critical support at $ 1,728.
UNI Technical Analysis technical
Uniswap (UNI) rebounded from $ 13 on June 22nd, rising above the 20-day EMA ($ 19.50) for the first time since June 4th, which is a positive sign. The 20-day EMA has flattened and the RSI has risen to the middle, showing that sellers are losing control.
UNI / USDT daily chart | Source: TradingView
The UNI / USDT pair can now rebound to the 50-day SMA ($ 22.99) where the bears are likely to create stiff resistance again. However, if the bulls can catch the next drop in the 20-day EMA, it will point to a shift in sentiment from rising selling to buying on the downside.
This should increase the likelihood of a breakout above the 50-day SMA. When that happens, the pair can begin its journey towards the $ 30 resistance; conversely, if the price goes down below $ 16.93, the bears can pull the pair back up to $ 13.
UNI / USDT 4-hour chart | Source: TradingView
The moving averages have created a bullish cross and the RSI is close to the overbought zone, which means that the bulls have the upper hand in the short term. If buyers push the price above the $ 21 resistance, the pair may gain momentum and rebound to $ 25 and then to $ 27.
On the flip side, if the price falls below the EMA of 20, the next major support to watch is $ 17. A break below that would mean traders continue to sell short at higher levels. After that, the pair can drop to $ 15.
ICP technical analysis
After a sharp drop from $ 497.19 to $ 28.31, Internet Computer (ICP) is trying to bottom out. The 20-day EMA ($ 53) is flat and the RSI is trying to rebound from the heavily oversold zone, showing that selling pressures are easing.
Daily ICP / USDT Chart | Source: TradingView
If the bulls push the price above $ 60, the ICP / USDT pair will complete a 1-2-3 bottom formation. After that, the pair can rebound to $ 72.61. Then, when the bulls hit the next drop above the 20-day EMA, it indicates that a new uptrend has begun.
Contrary to this assumption, the bears will seek to push the pair to the all-time low of $ 28.31 if the price drops off current levels and falls below $ 41.44. Breaking below this support could prolong the downtrend.
ICP / USDT 4-hour chart | Source: TradingView
The moving averages have created a bullish cross and the RSI is in positive territory on the 4 hour chart, indicating that the bulls are back in the game. However, the bears are unlikely to give up easily and defend $ 52.
If the price is falling down from the current level but bouncing off the moving averages, it will indicate accumulation at lower levels. The bulls will then try again to push the price above $ 52 and up to $ 60.
If successful, the pair could start a new uptrend. Contrary to this assumption, the pair could retest the all-time low if the price falls below $ 40.
Technical analysis by AAVE
Aave broke the downtrendline on June 29th, indicating that bearish momentum is wearing off. The bears tried to stop a rally on the 20-day EMA ($ 252) but failed to push the price below the downtrend line. This suggests that you should buy on the lower levels.
Daily AAVE / USDT Chart | Source: TradingView
The bulls pushed price above the 20-day EMA on July 3rd, indicating a possible turnaround. The bears may attempt to flip previous support at $ 280 for resistance, but if the bulls do not allow the price to drop below $ 215.62, a break above that resistance is likely.
That opens the door to a rally to the 50-day SMA ($ 321) and then to $ 400. The flat 20-day EMA and the RSI near the middle suggest that the bulls are trying to make a return. This positive view will be invalidated if the AAVE / USDT pair breaks down from current levels and drops below USD 215.62. This could re-test the June 22nd low at $ 170.10.
AAVE / USDT 4-hour chart | Source: TradingView
The 4 hour chart is showing a round bottom formation and will complete on a breakout and close above the $ 280 resistance. This reversal setup has a target of $ 389.90 but it may not be. Easy ride as the bears will try to stop the uptrend momentum at $ 340.
Both moving averages have risen and the RSI is in positive territory, giving the bulls an advantage. If the price is falling down from current levels but bouncing off the moving averages, it shows that sentiment has turned positive and buyers are gathering on the downside. This assumption will be void if the price breaks and closes below $ 215.62.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Analysis
Top 5 most notable coins of the week: BTC, ETH, UNI, ICP, AAVE
In one survey CNBC recently reported on a panel of strategists and portfolio managers, with only 6% of respondents expecting Bitcoin (BTC) to come back to $ 60,000 by the end of 2021. A large part, 44% of the participants, predict that Bitcoin will stay below $ 30,000 this year. Of the remainder, 25% expect a recovery to $ 45,000 and the remaining 25% expect a rally to $ 55,000.
This shows that the mood is still negative. However, China’s recent crackdown on crypto miners and regulatory measures did not trigger the next phase of the downtrend. This shows that many investors do not panic, but buy dips after dips.
Analyst Willy Woo said in a recent interview on the What Bitcoin Did podcast that long-term owners who sold their Bitcoin earlier this year are slowly accumulating lower. Woo added that on-chain data shows that Bitcoin is about to recover.
According to sources from The Street, the hedge fund Point72 is the asset management of billionaire Steven Cohen search a “horse of the crypto market” to enter the room. This suggests that institutional investors see the current decline as an entry point.
With the crypto market in a state of recovery, let’s study the charts of five cryptocurrencies that are likely to lead the relief rally.
BTC technical analysis
Bitcoin (BTC) has consolidated between $ 31,000 and $ 42,451 in the past few days. After the bears failed to keep price below range support on June 22nd and 26th, the bulls are currently trying to rebound.
BTC / USDT daily chart | Source: TradingView
The bulls have driven price above the 20-day EMA ($ 34,993) and will now seek to push the price above the 50-day SMA ($ 36,597). The bullish divergence in the relative strength index suggests that bullish momentum may strengthen.
If buyers push the price above the 50-day SMA, the BTC / USDT pair can rebound into the $ 41,330 to $ 42,451 resistance area. The bears will likely defend this zone aggressively. If the price deviates from this resistance, the pair can extend its range-bound action by a few days.
Contrary to this assumption, if the price drops from the 50-day SMA and falls below $ 32,700, the bears will try again to bring the pair below $ 31,000. If successful, the next stop could be critical support at $ 28,000.
BTC / USDT 4-hour chart | Source: TradingView
The 4-hour chart is showing an ascending triangle formation that will complete on a breakout and close above $ 36,670. If the bulls manage to do this, the pair can climb to $ 41,000 and then hit the target of the pattern at $ 44,535.
Conversely, if the price drops from current levels or $ 36.670, the bears will attempt to lower the pair below the triangle’s trendline. In this case, the bullish setup will be invalidated and it may drop to $ 32,700 and then to $ 31,000.
Technical analysis of the ETH
Ether (ETH) broke above the 20-day EMA ($ 2.193) on June 30, but the bulls were unable to hold the higher levels. The bears pulled the price back below the 20-day EMA on July 1st, trying to trap the aggressive bulls.
ETH / USDT daily chart | Source: TradingView
However, the strong rebound from $ 2,018.50 on July 2 shows that sentiment has turned positive and traders are building up on the downside. The bulls pushed the price back above the 20-day EMA on July 3rd.
The 20-day EMA has flattened and the RSI is trying to move above 52, showing that momentum is turning positive. The ETH / USDT pair could hit the downtrend line where the bears can try to halt the upward momentum.
But if momentum persists and the bulls push the price above the downtrend line, the pair can climb to $ 2,990. That positive view will be invalidated if the pair deviates from the 50-day SMA ($ 2.437) and breaks the $ 2,000 support.
ETH / USDT 4-hour chart | Source: TradingView
The 4 hour chart shows that an inverse head and shoulders pattern completed on a breakout and closed above $ 2,280. This bullish setup has a target of $ 2,860. The rising moving averages and the RSI near the overbought zone suggest buyers are in control.
If, contrary to this assumption, the pair falls back below $ 2,280, it shows that the bears have not given up and are trying to trap aggressive bulls. A break below $ 2,000 could bring the advantage back to the bears again. The pair can then retest the critical support at $ 1,728.
UNI Technical Analysis technical
Uniswap (UNI) rebounded from $ 13 on June 22nd, rising above the 20-day EMA ($ 19.50) for the first time since June 4th, which is a positive sign. The 20-day EMA has flattened and the RSI has risen to the middle, showing that sellers are losing control.
UNI / USDT daily chart | Source: TradingView
The UNI / USDT pair can now rebound to the 50-day SMA ($ 22.99) where the bears are likely to create stiff resistance again. However, if the bulls can catch the next drop in the 20-day EMA, it will point to a shift in sentiment from rising selling to buying on the downside.
This should increase the likelihood of a breakout above the 50-day SMA. When that happens, the pair can begin its journey towards the $ 30 resistance; conversely, if the price goes down below $ 16.93, the bears can pull the pair back up to $ 13.
UNI / USDT 4-hour chart | Source: TradingView
The moving averages have created a bullish cross and the RSI is close to the overbought zone, which means that the bulls have the upper hand in the short term. If buyers push the price above the $ 21 resistance, the pair may gain momentum and rebound to $ 25 and then to $ 27.
On the flip side, if the price falls below the EMA of 20, the next major support to watch is $ 17. A break below that would mean traders continue to sell short at higher levels. After that, the pair can drop to $ 15.
ICP technical analysis
After a sharp drop from $ 497.19 to $ 28.31, Internet Computer (ICP) is trying to bottom out. The 20-day EMA ($ 53) is flat and the RSI is trying to rebound from the heavily oversold zone, showing that selling pressures are easing.
Daily ICP / USDT Chart | Source: TradingView
If the bulls push the price above $ 60, the ICP / USDT pair will complete a 1-2-3 bottom formation. After that, the pair can rebound to $ 72.61. Then, when the bulls hit the next drop above the 20-day EMA, it indicates that a new uptrend has begun.
Contrary to this assumption, the bears will seek to push the pair to the all-time low of $ 28.31 if the price drops off current levels and falls below $ 41.44. Breaking below this support could prolong the downtrend.
ICP / USDT 4-hour chart | Source: TradingView
The moving averages have created a bullish cross and the RSI is in positive territory on the 4 hour chart, indicating that the bulls are back in the game. However, the bears are unlikely to give up easily and defend $ 52.
If the price is falling down from the current level but bouncing off the moving averages, it will indicate accumulation at lower levels. The bulls will then try again to push the price above $ 52 and up to $ 60.
If successful, the pair could start a new uptrend. Contrary to this assumption, the pair could retest the all-time low if the price falls below $ 40.
Technical analysis by AAVE
Aave broke the downtrendline on June 29th, indicating that bearish momentum is wearing off. The bears tried to stop a rally on the 20-day EMA ($ 252) but failed to push the price below the downtrend line. This suggests that you should buy on the lower levels.
Daily AAVE / USDT Chart | Source: TradingView
The bulls pushed price above the 20-day EMA on July 3rd, indicating a possible turnaround. The bears may attempt to flip previous support at $ 280 for resistance, but if the bulls do not allow the price to drop below $ 215.62, a break above that resistance is likely.
That opens the door to a rally to the 50-day SMA ($ 321) and then to $ 400. The flat 20-day EMA and the RSI near the middle suggest that the bulls are trying to make a return. This positive view will be invalidated if the AAVE / USDT pair breaks down from current levels and drops below USD 215.62. This could re-test the June 22nd low at $ 170.10.
AAVE / USDT 4-hour chart | Source: TradingView
The 4 hour chart is showing a round bottom formation and will complete on a breakout and close above the $ 280 resistance. This reversal setup has a target of $ 389.90 but it may not be. Easy ride as the bears will try to stop the uptrend momentum at $ 340.
Both moving averages have risen and the RSI is in positive territory, giving the bulls an advantage. If the price is falling down from current levels but bouncing off the moving averages, it shows that sentiment has turned positive and buyers are gathering on the downside. This assumption will be void if the price breaks and closes below $ 215.62.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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