Bitcoin (
BTC
) once again tested the $60,000 support on July 3, indicating that selling pressure from bears remains strong. Breaking the support zone between $60,000 and $56,552 may prove difficult as bulls are expected to defend it, leading to Bitcoin remaining within a wide range for some time.
The selling pressure from Mt. Gox creditors, who may be looking to book profits after receiving their repayments in early July, poses a risk to Bitcoin’s sideways movement.
Daily view of crypto market data. Source:
Coin360
However, lower levels are likely to see buying activity from US-based spot Bitcoin exchange-traded funds, which have accumulated $14.8 billion in net inflows since their launch in January.
It is difficult to predict how much Bitcoin the Mt. Gox creditors will sell in the open market, as some of it may go through over-the-counter trading desks. This uncertainty could result in volatility in the coming days. Let’s analyze the charts of the top 10 cryptocurrencies to identify important support and resistance levels for Bitcoin and altcoins.
Bitcoin price analysis
On July 1, Bitcoin faced rejection from the 20-day exponential moving average ($63,212), indicating negative sentiment and selling near resistance levels.
BTC/USDT daily chart. Source:
TradingView
Bears will attempt to push the price below the immediate support at $60,000. If they succeed, the BTC/USDT pair could decline to the crucial support at $56,552. Buyers are expected to strongly defend this level, as a failure to do so may trigger a downtrend. The next support level is at $50,000.
If the price bounces off $56,552, bulls will aim to push the pair towards the 20-day EMA. Overcoming this barrier will signal that the pair remains within the $56,552 to $73,777 range for a few more days.
Ether price analysis
Ether (
ETH
) failed to sustain above the 20-day EMA ($3,451) on July 1, indicating bearish activity at higher levels.
ETH/USDT daily chart. Source:
TradingView
The downward-sloping 20-day EMA and negative RSI suggest that bears have the upper hand. Sellers will aim to push the price to $3,240, which is likely to act as strong support. If this level breaks, the next support is at $3,000.
On the upside, a break and close above the 50-day SMA will indicate the end of the short-term correction. The ETH/USDT pair could then rally to $3,730 and subsequently to $3,887.
BNB price analysis
BNB (
BNB
) faced rejection from the 20-day EMA ($585) on July 1, indicating strong defense by bears at this level.
BNB/USDT daily chart. Source:
TradingView
Bears will aim to push and maintain the price below the immediate support at $551. If successful, selling pressure could increase, leading the BNB/USDT pair to drop to $536 and eventually to the solid support at $495.
However, if the price bounces off $551, it will indicate strong demand at lower levels. Bulls will need to push the price above the 50-day SMA ($604) to suggest the end of the correction. The pair may then rise to $635.
Solana price analysis
Buyers pushed Solana (
SOL
) above the resistance line on July 2, but the price faced strong rejection from the 50-day SMA ($156) on July 3.
SOL/USDT daily chart. Source:
TradingView
The 20-day EMA ($145) has flattened, and the RSI is near the midpoint, indicating a balance between supply and demand. If the price stays below the 20-day EMA, it suggests that the SOL/USDT pair may trade between $116 and the 50-day SMA for a while.
However, if the price turns up and breaks above the 50-day SMA, it will indicate bullish control. The pair could rally to $175 and subsequently to $189. Sellers are expected to strongly defend the zone between $189 and $205.
XRP price analysis
Bulls are attempting to push XRP (
XRP
) above the 20-day EMA ($0.48), but bears are putting up resistance.
XRP/USDT daily chart. Source:
TradingView
If the price continues to decline from the current level, bears will make another attempt to push the XRP/USDT pair below $0.46. If successful, the pair may gradually decline towards $0.41. Bulls are expected to aggressively defend the zone between $0.41 and $0.46.
On the upside, buyers will need to surpass the 20-day EMA hurdle to clear the path for a rally to the 50-day SMA ($0.50). This resistance level is crucial, as a break above it will suggest the start of a strong recovery towards $0.57.
Dogecoin price analysis
Bulls failed to push Dogecoin (
DOGE
) above the 20-day EMA ($0.13) in recent days, indicating a lack of demand at higher levels.
DOGE/USDT daily chart. Source:
TradingView
The consolidation near the $0.12 support increases the risk of a breakdown. If the price closes below $0.12, the DOGE/USDT pair could decline to $0.10 and eventually to the strong support at $0.08.
To prevent further downside, bears will need to quickly push the price above $0.13. This will keep the pair within the range and could lead to a recovery towards the 50-day SMA ($0.14).
Toncoin price analysis
Toncoin (TON) broke above the $7.87 resistance on July 2, indicating that buyers are in control.
TON/USDT daily chart. Source:
TradingView
If buyers push the price above $8.29, the TON/USDT pair will resume its uptrend. The pair could then attempt a rally towards the psychologically significant level of $10, which may attract strong selling pressure from bears.
On the downside, the first support to watch is the 20-day EMA ($7.55). If this level is breached, the pair may slide towards the 50-day SMA ($7.08). Bulls will need to defend this level, as a break below it will favor bears.
Related:
Why is Ethereum (ETH) price down today?
Cardano price analysis
Cardano (
ADA
) broke out of its range between $0.40 and $0.35 on July 1, indicating that buyers have gained control.
ADA/USDT daily chart. Source:
TradingView
While the up move is facing resistance at the 50-day SMA ($0.43), if bulls can prevent the price from falling below $0.40, it will signal a change in sentiment from selling on rallies to buying on dips. This will improve the chances of a rally above the 50-day SMA, with the ADA/USDT pair potentially reaching $0.50.
On the other hand, a break below $0.40 could trap aggressive bulls and pull the pair towards the crucial support at $0.35.
Avalanche price analysis
Avalanche (
AVAX
) briefly closed above the overhead resistance at $29 on June 30, but the higher levels could not be sustained.
AVAX/USDT daily chart. Source:
TradingView
Bears pulled the price back below $29 on July 1, suggesting that the breakout may have been a bull trap. The AVAX/USDT pair could drop to the strong support at $23.51, where buyers are expected to step in. This could lead to the pair trading within a range for some time.
To stage a comeback, bulls will need to push and maintain the price above $30.12. If they succeed, the pair may start a relief rally towards the 50-day SMA ($32.55) and later to $37.20.
Shiba Inu price analysis
Bulls have managed to hold the $0.000016 support in Shiba Inu (
SHIB
) for the past few days, but the lack of a strong rebound could increase selling pressure from bears.
SHIB/USDT daily chart. Source:
TradingView
The downward-sloping 20-day EMA ($0.000018) and near oversold RSI indicate that bears are in control. If the $0.000016 support breaks, the SHIB/USDT pair could decline to $0.000014 and subsequently to $0.000010.
Bulls are running out of time. To stage a comeback, they will need to quickly push the price above the 20-day EMA and the breakdown level of $0.000020. If successful, the pair may start a recovery towards $0.000025.
This article does not provide investment advice or recommendations. Every investment and trading move carries risk, and readers should conduct their own research before making a decision.
Market Analysis on July 3rd Bitcoin Ethereum Binance Coin Solana Ripple Dogecoin TON Cardano Avalanche and Shiba Inu Prices scrutinized