Last week, a disappointing shift in BTC price direction occurred, as it plunged below the noteworthy $30,000 mark to close at $28,874. Contrasting expectations, the Federal Reserve’s decision to raise rates by 25 bps on July 26 didn’t stir significant tremors within the Bitcoin market. This, along with lackluster figures from the US Personal Consumption Expenditures Index, set a tame tone for the crypto sphere over the weekend.
Despite the price dip and daily trade volumes spiking by 56.08%, Bitcoin managed to hold firmly above the critical Fib 0.382 level at $29,137, signaling that this particular price point could act as immediate support. However, there’s also the pressure applied by the 50-day EMA, acting as a ceiling resistance at $29,357, which may lead to increased downward pressure. Hence, careful surveillance of Bitcoin’s price versus the 50-day EMA resistance is advised.
An RSI lingering around 43.53 suggests a slight tilt towards seller dominance. Although the market isn’t drastically bearish, potential risks of a downward spiral leading to Bitcoin revisiting Fib 0.382 support, or even falling towards the 100-day EMA, cannot be ignored.
Contrarily, a breach of the 50-day EMA could signal a bullish reversal, pushing the price towards the 20-day EMA. Interestingly, Bitcoin is showing signs of unprecedented stability. Crypto enthusiasts hope that this foreshadows the highly anticipated Bitcoin halving event, a significant disruptor expected in the market.
Amidst this, Optimism (OP), Wall Street Memes, Compound, IOTA20, and Bitcoin Cash emerge as good investments due to their solid fundamentals and optimistic technical indicators. For instance, Optimism’s rising trajectory on the price chart and moderate buying pressure reflecting an optimistic outlook.
Conversely, the recent selling pressure that pulled the price from its two-month high suggests the need for caution in investment. Even though immediate support at the 100-day EMA offers potential steadiness, OP might need to consolidate first.
On the other side, Wall Street Memes presale sets the market abuzz. With growing popularity and significant funds raised, this meme coin has a symbolic value in the crypto world, offering potential significant returns during bull runs. This factor, along with a devoted community, lays a strong foundation for this token.
However, a different perspective prevails for COMP’s trend. Despite an intraday high of $79.76, COMP’s inability to break past the resistance at the Fib 0.786 level at $72.58 shows strong resistance. This along with key technical indicators such as EMA, RSI, and MACD narrate a possibly bearish outlook for the short term for COMP.
Contrarily, token prices of IOTA20 being more than 100 times lower than IOTA offer high growth potential. Simultaneously, BCH’s testing of the 20-day EMA as potential support reveals a possible new bullish sentiment. However, BCH’s future hinges on overcoming an immediate hurdle at the Fib 0.236 level at $272.6.
Crypto, being a high-risk asset class, warrants careful monitoring of market developments and changes for making informed investment decisions.
Source: Cryptonews
