Price analysis 8/4: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT
Bitcoin continues to frustrate traders who have been predicting a breakout on either side, but investors should keep a close watch because the longer the time spent inside the range, the stronger the eventual breakout from it.
The July jobs report released on Aug. 4 was a mixed bag. Hence, it could not shake Bitcoin (BTC) from its range. The report showed the addition of 187,000 jobs, fewer than the 200,000 expected by economists. But average hourly wages remained strong, showing an increase of 0.4% for the month against expectations of a 0.3% rise.
Although the price remains stuck inside a range, analysts are putting out bullish projections for the second half of the year. A recent report from Matrixport projected a target of $45,000 by the end of this year and $125,000 by the end of 2024.
Bitcoin’s long-term story remains intact, but traders should keep a close eye on any possible shocks from regulators, as that could cause a knee-jerk reaction to the downside. What are the important support and resistance levels to watch out for in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s price is getting squeezed between the 20-day exponential moving average (EMA) of $29,523 and the horizontal support at $28,861.
The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate that bears have a slight edge. If the price plummets and sustains below $28,861, the BTC/USDT pair may collapse to $27,500 and then to $26,000.
On the contrary, if the price bounces off $28,861, it will indicate that the bulls are protecting this level with all their might. A break and close above $30,000 will signal a comeback by the bulls. The pair may then climb to the overhead
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