Bitcoin risks a downward move below $31,000 as bears continue to retest the current support. For the past four days, buyers and sellers have been in price tussle as Bitcoin bounces above the $31,000 support. Bitcoin has been trading marginally because of the presence of small body candlesticks called Doji. The altcoins namely Ripple, Polkadot, Litecoin, and Chainlink have reached bearish exhaustion as price falls into the oversold region.
BTC/USD Major Trend: Bearish
For the past week, Bitcoin’s (BTC) price has been trading above $31,000. Since May 19, the king coin has been trading between $31,000 and $41,273. Recently, Bitcoin has been trading in a narrow range between $31,000 and $34,400. However, for the past week, the bears have pushed BTC’s price to the $31,000 support. On July 15 and 16, BTC price retested the $31,000 support as bulls bought the dips. BTC/USD is now consolidating above the $31,000 support for a possible upward movement of the coin. Bitcoin will resume an upward move if price rebounds above the $31,000 support. If such a rebound occurs, the $35,000 resistance level will be breached.
The bullish momentum is likely to extend to the $38,000 high. Conversely, if the bears break the $31,000 support, Bitcoin will decline to $28,000. Later, the bearish momentum will extend to $20,000 low. In the meantime, BTC/USD has fallen below the 20% range of daily stochastic. It indicates that Bitcoin has fallen to the oversold region of the market. The selling pressure is likely to subside on the downside.
XRP/USD Major Trend: Bearish
Ripple’s (XRP) price has reached bearish exhaustion as XRP revisits the previous low above $0.58. Since July 9, the bears have retested the $0.58 support on three occasions as price pulled back. On July 17, the bears broke the $0.58 support as XRP declined to $0.56 low. However, the bulls bought the dips as the crypto resumed upward.
The upward move is facing resistance at the 21-day SMA. XRP/USD is trading below the moving average which indicates that XRP is capable of falling. Meanwhile, on June 30 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that XRP price will fall to level 2.618 Fibonacci extension or level $0.57. From the price action, XRP has retested the 2.618 Fibonacci extension or level $0.57 and pulled back. The upward move will resume if XRP rebounds above the current support and rally above the $0.62 high.
DOT/USD Major Trend: Bearish
Polkadot’s (DOT) price has broken below the previous low at $13.09 to reach the low of $11.75.In the previous price action, the DOT price has been fluctuating between $13.50 and $17 before the eventual breakdown.
The market is correcting upward to retest the previous high. The downtrend is likely to resume if price retests the $13.09 and falls. The selling pressure is assumed to be exhausted if price breaks above the previous low. Meanwhile, on June 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 1.272 Fibonacci extensions or level $9.71 and reverse. From the price action, Polkadot is rising after falling to the oversold region.
LTC /USD Major Trend: Bearish
Today, LTC/USD has fallen to the low of $118.26 which is the previous low of May 23. At this low, the crypto has already fallen to the oversold region of the market. Presently, the LTC price is fluctuating above the $118 support. Buyers are likely to emerge at the oversold to push prices upward.
Besides, the bears have retested the $118 support on May 23 and June 22 as bulls bought the dips. Presently, $118 support is likely to hold as buyers emerge in the oversold region. Meanwhile, on July 5 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Litecoin is likely to fall to level 2.0 Fibonacci extension or level $119.58. From the price action, LTC price is presenting testing 2.0 Fibonacci extension as the altcoin finds support.
LINK /USD Major Trend: Bearish
Chainlink’s (LINK) price has fallen to the low of $15.41. This will be the third time, the market will be retesting the $15 support. On May 23 and June 22, the bears retested this previous low as bulls bought the dips. The candlestick shows long protruding tails above the current support.
This indicates that there is strong buying pressure above the current support. However, the daily stochastic indicates that the LINK price is below the 20% range of the daily stochastic. The crypto has fallen to the oversold region of the market. The selling pressure is likely to subside. Meanwhile, on June 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK is likely to fall to level 1.618 Fibonacci extension or level $12.58. According to the Fibonacci tool, Chainlink is likely to further decline to $12.
