Bitcoin showed strength on Friday and was successfully well above $20,000. Bitcoin showed gains in the north of 5% after the recent bull activity, while Ethereum managed to join just under $1200.
The world’s second-largest cryptocurrency, Ether (ETH), is back in the green after the release of shadow fork 9.
Bitcoin falls under the support trendline of the symmetrical triangle of July 13. But, the bears could not sustain the lower levels for much longer.
Thus this deducts as the buying of the dip has pushed the price to the 20-day EMA at $20,478.
If the price sustains above the 20-day EMA it indicates that the sell side may be losing its grip. Above the 20-day EMA line, the retracement could stretch to the 50-day simple moving or $23,750.
A break and close above this resistance could indicate that the BTC/USDT pair may have bottomed out.
This optimistic view can refute the price from the current level and breaks below the support line. Such a move could raise the chances of a retest of the critical support zone between $18,600 and $17,600.
On the log scale, the percentage gains in Ether were more significant than in Bitcoin, that is the evident impact of the release of the shadow fork.
The news resulted in the Ether reaching the highs of $1,255.06. This high came days after when ETH fell below $1,000.
The demand side will try to fire up the price above the upcoming resistance at $1,280 and the 50-day SMA at $1,350. If everything goes right, the ETH/USDT pair could witness a rally to its price target of $1,680. On the flip side, the bears can put a strong challenge at the significant level of $1,700.
Counting Another possibility, the price could turn down from $1,280. In a similar case, the pair could fall back to the support line of the triangle. The sell-side will have to dump the pair below $1000 to take the lead.
Solana broke under the triangle pattern on July 11th, but the sell side could not take advantage and the price pulled below the $31 support.
The bulls will try to plan and sustain the price above the resistance line of the triangle pattern. If they pass, it will suggest that the pair may have made the low at $25.
While the moving averages lines present a bullish crossover. Even the RSI reading is above 48, indicating that bulls have an upper hand.
Polkadot fell below the critical support of $6.36 on July 12th. But the prices recovered from $6 on July 13. This is suggestive of bulls planning and attempting to cross out raging bears.
The price has achieved the 20-day EMA target of $7, which is acting as a strong resistance. The bulls are forcing the price above this level, and the probability of a rally to the 50-day SMA of $8 has increased. Thus, a break above this resistance can signal that DOT is bottoming out.
ADA rebounded from the critical support of $0.40 on July 13th. This is indicating that buy-side is giving a good fight back to bears. This relief rally has achieved the strong EMA resistance target at $0.46.
If the prices go south of the 20-day EMA, the chances of a fall below $0.40 increases. That could initiate the upcoming phase of the downtrend, bringing ADA to $0.33