Price analysis 7/29: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOT
The 25 basis point rate hike by the Federal Reserve on July 26 and the subsequent commentary by Fed Chair Jerome Powell failed to catapult Bitcoin (BTC) out of its range. This suggests that the event did not have any surprises and the outcome was already priced in by the markets.
The crypto markets continued their lackluster performance on July 28 after the United States Personal Consumption Expenditures (PCE) Index print came in lower than analysts’ expectations. The PCE is the Fed’s preferred inflation metric hence it is watched closely by market observers.
Although the near-term price action has kept the traders guessing, it is important to keep an eye on the long-term crypto story. Standard Chartered head of crypto research Geoff Kendrick said while speaking with CNBC that he expects Bitcoin to end 2024 in the range of $100,000 to $120,000. He believes that Bitcoin is likely to witness price patterns seen during previous halving cycles.
Even as Bitcoin consolidates, could select altcoins break out of their slumber?
Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin’s bounce off the 50-day simple moving average ($29,250) is fizzling out near the 20-day exponential moving average ($29,743), indicating that higher levels are attracting sellers.
The 20-day EMA has started to turn down and the relative strength index (RSI) is in the negative territory indicating that bears have a slight edge.
If bears sink the price below the immediate support at $28,861, the BTC/USDT pair may start a downward move to $27,500 and then to $26,000. Such a move will suggest that the pair may extend its stay inside the $24,800 to $31,000 zone for some time.
The important level to watch on the upside is the 20-day EMA. If
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