The price of SOL, AVAX is starting to look attractive, especially if Bitcoin starts the week with a new entry at $31,000.
The report did not change expectations of a 25 basis point rate hike by the US Federal Reserve at its next meeting, according to the FedWatch tool. This keeps pressure on US stock markets, where all three major indexes fell during the week. The S&P 500 fell 1.16% and the Nasdaq fell 0.92%.
Another small negative moment for the cryptocurrency markets was a report from JPMorgan department head Nikolaos Panigirtzoglou, which suggests that an exchange-traded fund (ETF) based on spot Bitcoin may not be a major factor in changing the crypto market.
Will the bulls be able to rally and break Bitcoin above resistance? If this happens, selected altcoins may join the upward movement.
Let's analyze the charts of the top cryptocurrencies that are showing signs of upward movement.
Bitcoin Price Analysis Bitcoin remains between the 20-day exponential moving average ($29,854) and overhead resistance at $31,000. This indicates uncertainty among bulls and bears regarding the next direction of movement.
The BTC/USDT pair bounced off the 20-day EMA on July 7, indicating that bulls continue to defend this level with aggression. Buyers will again try to overcome the resistance at $31,500. If they succeed, the pair could begin the next stage of the uptrend. Ahead, the pair could move towards the $32,400 level and further towards $40,000.
The bears probably have other plans. They will try to protect the resistance from above and pull the price below the $29,500 support level. If this level is broken, it could trigger the short-term bulls' stops and cause the pair to decline to the 50-day simple moving average ($28,101).
The 4-hour chart shows the pair trading in a range between $29,500 and $31,500. Usually a narrow trading range is followed by an expansion, but it is difficult to predict the direction of a breakout with certainty. Therefore, it is better to wait until the price breaks out of the range before making large bets.
If the price breaks above the 50 moving average on the 4-hour chart, the bulls will try to push the pair above $31,500. If they succeed, the pair could begin another upward move. Otherwise, a fall below $29,500 could begin a correction towards $27,500.
Solana price analysis
We have been trading in a wide range between $15.28 and $27.12 for several months now. An unsuccessful attempt to keep the price below the support level of this range triggered an upward movement that exceeded the decline line. This indicates that the bulls are trying to make a comeback.
The moving averages have completed a bullish cross and the RSI is close to the overbought zone, indicating an advantage for the bulls. There is slight resistance at $22, but if this level is broken, SOL/USDT could rise to $24 and then strong resistance at $27.12.
It is worth paying attention to the important support at $18.70. A break and close below this level could open the door for a possible decline towards the strong support zone between $16.18 and $15.28.
The 4-hour chart shows that both moving averages have a positive slope and the RSI is in the positive zone. This indicates an advantage for the bulls. However, the bears are not giving up yet and have moved the price to the 20-EMA.
If the price rebounds strongly from the 20-EMA, the bulls will make another attempt to overcome the $22 hurdle. If they manage to do this, the pair could rise to $24.
Avalanche (AVAX) Price Analysis
After struggling for a long time with the 50-day SMA ($12.99), Avalanche successfully broke through it on July 8th.
The moving averages have almost completed a bullish cross, and the RSI has moved into positive territory. This indicates an advantage for the bulls. The AVAX/USDT pair could rise to $16, where the bears could resist again.
If subsequent corrections find support at the 20-day EMA ($13), this will indicate the beginning of an upward movement towards $18. An important support to watch from below is $12. A break of this level could take the price towards the important support zone between $10.52 and $10.52.
The 4-hour chart shows that price has broken out of a symmetrical triangle pattern, indicating that the bulls are trying to take control. The upside move may face selling at tough overhead resistance at $15, but bulls are expected to buy dips up to the 20-EMA. If this support holds, the likelihood of a move above $15 increases.
If the bears want to prevent a rally, they will have to quickly push the price below the moving averages. This can confuse aggressive bulls and lead to the liquidation of long positions. Then the pair may fall to the support line
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