BTC, ETH, BCH, XLM, LINK

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Daily view of the cryptocurrency market. Source: Coin360

Earlier this week, Bloomberg analyst Mike McGlone said the drop in Bitcoin (BTC) volatility has resulted in a tightening of the Bollinger Bands, a popular technical analysis indicator used by many traders.McGlone hopes that the top-ranked cryptocurrency on CoinMarketCap will eventually recover to $ 13,000, if it stays above the $ 6,500 support.

Most of the major cryptocurrencies have entered a consolidation phase and trading in a limited market can be difficult as price action is volatile. Traders might consider reducing their risk by reducing the size of their usual position, the normal size of positions can be restored when cryptocurrency markets start to gain relevance again.

BTC / USD

After failing to climb above the $ 10,000 – $ 10,500 zone in the past few days, Bitcoin is witnessing the record of gains by short-term bulls. On June 27, the price fell below the trend line and also the critical support at $ 8,910.04.

Daily chart for the BTC / USD pair. Source: Tradingview

The 10-day exponential moving average ($ 9,277) has started to decline and the RSI is in the negative zone, lor suggesting that bears have the short-term advantage. However, the medium term points to a consolidation since the 50-day simple moving average ($ 9,399) is flat.

The failure of the bears to capitalize on the drop below $ 8,910.04 on June 27 suggests a lack of sellers at lower levels.

Currently, the bulls are attempting a recovery, if they can bring the price above the trend line and hold it, it is possible to pass the downtrend line of the descending channel.

On the other hand, If the BTC / USD pair falls below the moving averages and breaks below $ 8,910.04, a deeper drop in the channel’s support line is possible. Bulls are likely to defend the area between $ 8,130.58 and the channel’s support line aggressively.

4-hour chart for the BTC / USD pair. Source: Tradingview

The recovery trend currently underway may face opposition at the previous support now turned resistance at the trend line.

If the bulls can take the price above this resistance, the possibility of a rebound in the channel’s downtrend line increases, a break in the canal will be the first sign of strength that will indicate a possible move to $ 10,000.

Conversely, if the price falls below the upper resistance level, the bears will try again to resume the downside move. A break below $ 8,825 will indicate weaknessBelow this support, the decline may extend to $ 8,628 and then to $ 8,400.

There is no clear trend, therefore price behavior is likely to remain volatile, which can benefit the short-term trader who enters and exits trades quickly, without expecting a big move.

ETH / USD

Ether (ETH) is consolidating in an uptrend. Although the price fell below the critical support of $ 217.67 on June 27, the bears were unable to sustain the lower levels, this suggests that the bulls continue to buy during declines.

Daily chart for the ETH / USD pair. Source: Tradingview

Bulls are currently trying to keep the price above the 50-day SMA ($ 223), which is stabilizing, if they succeed, lA cryptocurrency ranked second on CoinMarketCap can rise to the 10-day EMA ($ 230).

Conversely, if the price drops from current levels, bears will again attempt to sink the price below the support zone of $ 217.67 – $ 216,006, if this happens a drop to $ 200 is likely.

4-hour chart for the ETH / USD pair. Source: Tradingview

The ETH / USD pair has broken out of the 10-EMA, which is the first sign that the bulls are buying aggressively at the lower levels, if the price remains above 10-EMA, the 50-SMA resistance zone is likely to increase – $ 236.

Conversely, if the pair fails to hold above 10-EMA, bears will make another attempt to sink the price below $ 216, if successful they are likely to start a new downtrend.

Thus, Traders should watch $ 216 closely, and if this support level breaks, long positions should be avoided as a more pronounced correction is possible.

BCH/USD

Bitcoin Cash (BCH) has been stuck in a wide range of $ 200 – $ 280 for over two months. POr generally, when the price spends so much time in the range, it needs a strong momentum to break or fall out of the range.

Daily chart for the BCH / USD pair. Source: Tradingview

Although the 10-day EMA ($ 230) is going down and the RSI is in negative territory, bears were unable to sink the price below $ 200 on June 27, this suggests bullish buying close to range support.

If the bulls can sustain the rebound and drive the cryptocurrency ranked fifth in CoinMarketCap above the 10-day EMA, a move to $ 240 and then to $ 260 is possible.

Conversely, if the price falls below the 10-day EMA, bears will make another attempt to break below the $ 200 support, if successful they are likely to start a new downtrend.

4-hour chart for the BCH / USD pair. Source: Tradingview

The bulls have pushed the price above the previous support making it a resistance at $ 220, which is a positive sign, this suggests massive buying at the lower levels.

If the BCH / USD pair breaks out of the downtrend line, momentum is likely to pick up, The next level to see a rise is $ 235 and then $ 244.

However, if the pair rejects the downtrend line, there will be a further attempt to sink the price into the critical $ 200 support, if this support breaks convincingly, a new downtrend is likely to start.

Conversely, if the pair bounces back from $ 200 once again, it is likely to attract more buying as it will consolidate the level as strong support.

XLM/USD

Stellar Lumens (XLM) is traded within a descending channel. On June 27, the bulls aggressively bought the dip near the channel’s support line, as seen from the long candle wick.

Daily chart for the XLM / USD pair. Source: Tradingview

The current recovery is likely to face opposition at the 10-day EMA ($ 0.067) and above it on the channel’s downtrend line, a break in the channel will be the first sign that the downtrend may have ended.

However, if the fourteenth-ranked cryptocurrency on CoinMarketCap rejects the 10-day EMA, it will increase the chance of a break below the $ 0.060 support, below this level, the decline may extend to $ 0.055.

The 10-day EMA is tilting down and the RSI is in the negative zone, suggesting that the bears have the advantage. In a downtrend, generally, selling offers more potential for profit rather than buying in dips.

4-hour chart for the XLM / USD pair. Source: Tradingview

The current pullback attempt is likely to face opposition in the area between the 10-EMA and the downtrend line.

If the price falls below this resistance zone, bears will again attempt to sink the XLM / USD pair below $ 0.060, if they succeed, the downtrend is likely to continue.

Conversely, if the bulls push the price above the downtrend line, the trend of a recovery may extend to the resistance line of the canal. if the price falls below this resistance, the bears will try to resume the negative trend.

This bearish view will be invalidated if the bulls can bring the price above the channel resistance line, such movement will indicate a probable change in the trend.

LINK/USD

Chainlink (LINK) had reached near the highs of $ 4.9762 between June 23-24, but the bulls were unable to overcome this resistance, this led to short-term gains recording by traders, resulting in a correction.

Daily chart for the LINK / USD pair. Source: Tradingview

Although the price fell below the immediate support of $ 4.50 on June 27, bears have been unable to maintain the lower levels, this suggests that the bulls continue to buy on the dips as they anticipate that the positive trend will resume soon.

If the price stays above $ 4.50, The bulls are likely to make one more attempt to push the thirteenth-ranked cryptocurrency on CoinMarketCap above $ 4,962. if they are successful, a rally to $ 6 is possible.

This bullish view will be invalidated if buyers fail to keep the price above $ 4.50, then a 50-day SMA drop ($ 4.13) is likely.

4-hour chart for the LINK / USD pair. Source: Tradingview

The four-hour chart shows that the LINK / USD pair found support at $ 4.30, which is just above the 50% retracement Fibonacci level of the most recent stage of the recovery, this is a positive sign as it suggests that the bulls are buying on the dips.

The current recovery could reach a minor resistance on the downtrend line, this level may result in less consolidation or retracement, but is likely to cross. above this level, a new test of the highs will be in the wilds.

Repeated testing of resistance weakens it and increases the possibility of a breakout above it, contrary to assumption, if the price falls below current levels or general resistance and breaks below $ 4.30, a deeper correction is likely.

The views and opinions expressed here are solely those of the author and do not necessarily reflect Cointelegraph’s views. Every investment and commercial movement involves risks, you must do your own research when making a decision.

Market data is provided by the HitBTC exchange.

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