The price of Bitcoin is been on high and is likely to increase further since several bulls are likely to start buying Bitcoin without waiting for it to breakout. This may also cause a buying stampede as traders fear missing out on the rally.
The weeks ahead will help to determine whether the altcoins will continue to lead the market or if Bitcoin will join in and shift traders’ focus away from altcoins.
BTC/USD
Since the early June, the Bitcoin reached $10,100 level today for the first time which may likely boost sentiment. However, the bears are unlikely to give up without a fight.
Currently, the price has dipped back below the $10,000 levels but the positive thing is that the bulls have not given up much ground. This suggests that minor dips are being purchased.
The change in the prediction increases the possibilities of a break above the $10,400 resistance. If there is an increase in price above $10,400 that may result in short covering and aggressive buying by the bulls. This may carry the price to $11,970.50.
However, this target is likely to be achieved in the medium-term as the bears will aggressively defend the $14,000 levels.
This bullish view will be invalidated if the price turns down from the current levels and breaks below the trendline of the ascending triangle.
If the bulls can again push the price above $10,000 and sustain the higher levels for four hours, a move to $10,400 levels is likely. A break above this level will be a huge positive and could result in a sharp move higher.
ETH/USD
After consolidating for about two months, Ether (ETH) broke above the $253.556–$216.006 range on July 22. This breakout attracted buying by the bulls who had been waiting on the sidelines for the up move to resume.
ADA/USD
Cardano (ADA) broke above the symmetrical triangle and made a new 52-week high, which indicates that the uptrend is strong and the bulls continue to buy at higher levels as they expect the rally to extend further.
CRO/USD
Crypto.com Coin (CRO) is in a strong uptrend as it continues to make higher highs and higher lows. Both moving averages are sloping up and the RSI is in the overbought zone, suggesting that bulls are in command.
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