Bitcoin (BTC) price remains range-bound, and traders are looking for clues about the next directional move. Philip Swift, the creator of the analytics resource LookIntoBitcoin, noted that the Puell Multiple had only rebounded out of the green zone of this week for the fifth time in history. Swift predicted that if the indicator continues to rise, Bitcoin’s price will increase.
Capital International, a financial services firm, has purchased 953,242 shares of MicroStrategy stock in the second quarter of 2021.
Because of its significant Bitcoin holdings, MicroStrategy’s stock price closely tracks Bitcoin’s. As a result, Capital International’s purchase suggests that institutional investors may be preparing for a bullish move in Bitcoin.
BTC/USDT
For the past few days, Bitcoin has been trading in a narrow range between $31,000 and $36,670, indicating that traders are undecided about the next directional move. Typically, a tight range breakout results in a sharp action. The BTC/USDT pair may then rise to $41,330 and then to $42,451.67.
If the price decrease, the bears will attempt to drag the pair down to $31,000 and then to $28,000. A break below this support zone increases the likelihood of the downtrend resuming.
However, if bulls push the price above the downtrend line, the bearish setup will be rendered invalid. Failure of a negative pattern is a bullish sign because it traps aggressive bears who sold ahead of a breakdown. The pair’s price could then rise to $36,670.
LUNA/USDT
Since the end of May, the terra protocol’s LUNA token had been trading in the $7.96 to $3.91 range. On July 9, however, the bulls pushed the price above the range’s resistance, indicating that demand outnumbers supply.
If the price falls below the downtrend line but rises above the 20-day exponential moving average, or $7.96, it indicates a higher low. Buyers will then try to restore the uptrend by pushing the price above the downtrend line.
On the different side, the bears have not given up and are attempting to halt the uptrend near $8.50. If bulls push the price above $8.75, the pair could enter a new uptrend that could take it to $10 and then $12.
ATOM/USDT
Cosmos (ATOM) has been trading in a range of $17.56 to $8.51 over the last few days. On July 5, the bulls pushed the price above the 50-day simple moving average ($12.66), signaling the start of a rally.
The moving averages are approaching a bullish crossover, and the RSI is in positive territory, indicating that the correction may have ended. Bulls will try to push the price up to the range’s resistance level of $17.56.
If the price bounces off the 20-EMA, the bulls will attempt to break the pair above the resistance line of the channel. If they are successful, the couple could gain momentum and rally to $17.56.
CAKE/USDT
For the past five days, PancakeSwap (CAKE) trapped between the moving averages. Bears defend the 50-day SMA ($15.67), while bulls buy dips to the 20-day EMA.
If buyers push the price above the 50-day simple moving average, the CAKE/USDT pair could rise to $18.62 and then to $21.52.
Alternatively, if the price falls below the 20-day moving average, the bears may drive the price down to $12.39. A break below this support level could lead to a retest of the critical support level of $10.
The bulls are going to try to push the price into the channel’s upper half. If they succeed, the pair could up to the channel’s resistance line near $17. In contrast to this assumption, if the price falls and breaks below the channel’s trendline, it indicates the end of the short-term uptrend.
FTT/USDT
On July 6, FTX Token (FTT) broke above the downtrend line, indicating that the correction may have ended. On July 8, the bears attempted to halt the recovery at the 50-day SMA ($30.26) but could not lower the price below the 20-day EMA ($28.68).
Bulls are attempting to push the FTT/USDT pair above the 50-day SMA after the price bounced off the 20-day EMA on July 9. The 20-day EMA has begun to rise slightly, and the RSI has entered the positive zone, indicating that bulls are attempting to make a comeback.
COMMENTS