Bitcoin rebounded to resume an upward trend, and the next resistance would be $12,500

Bitcoin rebounded to resume an upward trend, and the next resistance would be $12,500

Galaxy Digital founder Mike Novogratz said it will not sell at the next bitcoin of $14,000 and is expected to soar to $20,000. However, he believes that prices will not soar in a short period of time and is expected to reach $20,000 in the “mid-term or final period of the fourth quarter”.

A recent Jefferies survey found that most respondents are less likely to use their cryptocurrency Libra because of the lack of trust in social media giant Facebook. Nobel laureate and economist Joseph Eugene Stiglitz also expressed a similar view, saying that Facebook received "the degree of distrust that banks take a long time to obtain." Therefore, he believes that only a fool can believe in Libra. Contrary to these two views, BitMEX CEO Arthur Hayes believes that Libra "will destroy business and central banks."

In this wave of rising prices, Bitcoin futures attracted a lot of trading activity. The Chicago Mercantile Exchange (CME) Group said on Twitter that the trading volume of bitcoin futures reached a new high of $1.7 billion on June 26.

Bitcoin

BTC tried to resume an upward trend after a short period of time. It fell below the 20-day moving average on July 1 and 2, but the final closing price was above the moving average. The current BTC price rebounded from $9977.33, which is the 61.80% Fibonacci retracement of the recent rally.

Both moving averages are moving up slowly, and the RSI is in the positive zone, indicating that the bulls are once again dominant. The BTC is now likely to rise to $12,500 and suffer strong resistance here. If it breaks the price, the bulls will try to rise to $14,000 and resume an upward trend.

A few days of consolidation will benefit BTC's upward trend. This will help it climb to a higher altitude and it will be a strong support. Downside, if the BTC falls back from the resistance level and falls below the 50-day moving average, the bullish view will be ineffective.

Ethereum

ETH rebounded sharply from the 50-day moving average on July 2 and is currently facing resistance near the 20-day moving average. If the bulls can push the price breakout and stay above the 20-day moving average, it could rise to $320.84. The 20-day moving average has tended to be flat, and the RSI is slightly above 50, which means that consolidation will occur in the short term. Downside, if ETH falls from the 20-day moving average and falls below the 50-day moving average, it could fall to the next support at $225.

ETH has performed well in recent corrections, which is a positive sign. This indicates that there is a demand below.

Ripple

The bulls have held a support of $0.37835 in the past two days, but the rebound is not satisfactory. The 20-day moving average is down, and the moving average is on the verge of a bearish cross, indicating that the bears are currently dominant. If it falls below $0.37835, the XRP may fall back to $0.35660. If you continue to fall, you may come to $0.27795.

In the up direction, if the XRP rebounds from the current price level above the moving average, the bearish view will be invalid. This may rise to $0.45 and is likely to come to the recent high of $0.5050.

Bitcoin cash

BCH has been hitting the 50-day moving average for the past two days. The bulls are trying to push prices above this level, which is a negative sign. Failure to break through the 50-day moving average in the next few days will attract selling, which will lower the price to the support line of the rising channel.

The 20-day moving average began to fall, and the two moving averages were on the verge of a bearish cross. This shows that airdrops have the upper hand. If BCH falls below the support line, the overall trend will weaken. Its next support is below $280.

In the upstream direction, if the support line of the ascending channel forms a support, the BCH may try to break the moving average again.

Litecoin

The bulls formed support at $111.8994 but failed to push LTC to break the 20-day moving average. This is a negative signal. The bears are expected to try to pull the price below the support level. If successful, it may fall to $100.

The area between the $100 and the support line for the ascending channel may become a strong support. At this point LTC may continue to trade in the uptrend channel for a period of time.

If LTC falls below the support line of the uptrend channel, the trend will turn bearish, which could fall to $84 and $71 below. In the upside, if the LTC rebounds from the current level, the bulls will try again to push the price to $140.3450.

EOS

Although the bulls have maintained their support at $5.550 for the past two days, they have failed to rebound. This is a negative sign because it shows that buyers are not eager to buy EOS at the current price.

The moving average has completed the bearish cross and the RSI is in the negative zone. This shows that the bears have the upper hand. If EOS falls below $5.550, it can fall back to a strong support of $4.4930. If the EOS rebounds from $5.550 and breaks the moving average, the bearish view will be ineffective.

Coin

Both long and short sides competed fiercely near the 50-day moving average. If the BNB breaks down and closes at the 50-day moving average, it could fall to $28.7168. Continued decline may fall to the uptrend line. The 20-day moving average went down, and the RSI fell to the negative zone, indicating that the bears were dominant.

If the BNB rebounds from the current price level and stays above the 20-day moving average, the bearish view will be ineffective. At this point, the bulls will try to break through $40 again and resume the upward trend. BNB has been outstanding in the past few months, and traders should pay close attention to it.

Bitcoin SV

The BSV is currently trading between $172.910 and $255.620. The 20-day moving average is flat and the RSI is close to the center, indicating that both long and short sides are evenly matched. The consolidation after a sharp rebound is a positive sign.

The best way to trade during range volatility is to buy at the support level and sell at the resistance level. If the BSV falls below the support level, it may fall back to $152.015 and below $134.360.

Tron

TRX continues to trade within the uptrend channel. Bulls have held $0.030 in the past two days, but are still trying to push prices up to the moving average. This indicates that the demand for higher prices is insufficient.

The bears are now trying to pull the TRX price below $0.0290177. If successful, TRX will fall to the support line of the uptrend channel, which may attract buyers to buy.

If it falls below the support line of the uptrend channel, the trend will turn bearish and may fall to $0.021, which is a key support. At present, both moving averages tend to be flat, and the RSI is slightly lower than the midpoint, indicating that there will be range volatility in the short term.

Cardano

The ADA has fallen back to a strong support range of $0.077 to $0.073. The bulls are currently trying to hold the zone. Since this zone has never been destroyed since mid-May, it is not expected to fall below. If you can rebound from this support, you may come near the moving average, where there will be resistance. If the bulls push the price to break the price, they may rebound to $0.10.

Downstream, if the ADA falls below the support range, it may fall to the next support level of $0.060. The two moving averages complete the bearish cross and the RSI is in the negative zone. This shows that the bears have the upper hand. (than push)