Price analysis 7/14: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, LTC, MATIC, DOT
Ripple Labs’ victory in the case against the United States Securities and Exchange Commission gives a significant boost to the crypto industry. In addition to benefitting Ripple and XRP (XRP), analysts believe that the ruling will weaken the regulator’s case against Binance and Coinbase.
In another positive event for the crypto space, the U.S. Dollar Index (DXY) completed a bearish head-and-shoulders pattern on July 12 and followed that up with a drop below the psychological level of 100 on July 13. The DXY typically moves in inverse correlation with Bitcoin (BTC); hence its weakness is a positive sign for the crypto bulls.
LookIntoBitcoin creator Philip Swift said that increased on-chain spending volume shows that Bitcoin is in the first stage of a bull market.
The sharp rally in XRP and several other altcoins following Ripple’s victory is a sign that the crypto bulls are making a comeback.
What are the important resistance levels that need to be crossed for Bitcoin and the altcoins to start the next leg of the up move? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin broke and closed above the $31,000 resistance on July 13, but the bulls are struggling to build upon this strength. This suggests that the bears have not yet given up and they continue to sell at higher levels.
Although the upsloping moving averages indicate an advantage to buyers, the relative strength index (RSI) is forming a bearish divergence, signaling that the bullish momentum may be weakening.
The bears will try to pull the price back below the breakout level of $31,000. If they do that, the BTC/USDT pair could drop to the 20-day exponential moving average (EMA) of $30,244. This remains the key level to keep an eye on. A bounce
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