The bulls want to see Bitcoin (BTC) close off the week strongly, while the bears want to take back the upper hand. Analysts are keeping a close eye on the 200-week moving average, which is currently around $22,705, and BTC's setup signals that a significant move is about to occur.
Numerous analysts anticipate that a weekly finish above the 200-week MA will spur additional buying, but a breach below it could indicate that the bears are once again in the picture. Analyst Caleb Franzen stated that Bitcoin has been in an accumulation zone since May, despite the fact that the immediate outlook is uncertain.
On July 22, a total of $1.87 million in coins were removed from key exchanges, according to an on-chain analytics company. Crypto exchange outflows typically imply that traders are positive for the long run and may be relocating their coins to safety.
BTC/USDT
On July 23, the bears made an attempt to push Bitcoin back into the symmetrical triangle, but the bulls had other ideas. The bounce off the triangle's breakout level suggests that buyers are resolutely protecting it.
Advantage for purchasers is shown by the relative strength index (RSI) in the positive region and the steadily rising 20-day exponential moving average ($21,865).
The BTC/USDT pair may rise to the overhead resistance region between $23,363 and $24,276 if bulls keep the price above the 50-day simple moving average ($22,384). If this level is broken and closed above, a rally to the pattern target at $28,171 and then to $30,000 may be possible.
On the 4-hour chart, the pair has created a falling wedge pattern. The pair may test $24,276 again if buyers push the price over the wedge. The uptrend may resume if this level is broken and closed above.
A balance between supply and demand can be seen because the 20-EMA is flat and the RSI is close to the middle of the range. The pair may fall below the wedge's support line if the price reverses and breaks below the 50-SMA.
ETH/USDT
Ether is encountering strong resistance near $1,700, but the fact that buyers haven't ceded much ground is encouraging. A break above the overhead resistance is more likely if there is a tight consolidation close by.
Bulls are in control due to the 20-day EMA's ($1,384) upward slope and the bullish reading on the RSI. The bullish momentum might increase if buyers push the price beyond $1,700, and the ETH/USDT pair could surge to $2,000 before rallying to $2,200.
In contrast to this presumption, the bears will attempt to drag the pair below the 20-day EMA if the price declines from $1,700. If they are successful, the pair might only pay $1,280. If the pair bounces off of this level, it might stay between $1,280 and $1,700 for a few days.
The 50-SMA was broken by the pair, showing that bulls are buying on dips. The objective of the purchasers is to raise the price to the overhead resistance level of $1,700. The RSI is in the positive zone, both moving averages are sloping upward, and these indicators point to the upside as the direction with the least amount of resistance.
Bulls could gain momentum and the pair could restart its rise if they push the price above the $1,650–1,700 barrier level. The bears will need to push the pair below $1,450 in order to disprove this optimistic outlook.
EOS/USDT
On July 18, EOS made a successful retest of the 20-day EMA ($1.05) and broke above the moving averages.
The RSI is close to overbought area and the moving averages have completed a bullish crossing, indicating that bulls are in control. When the price reaches $1.46, the bears might put up a strong fight.
The EOS/USDT pair will indicate that traders are not liquidating their positions if it does not lose much ground from its $1.46 level. This might increase the likelihood of a rally above $1.46. Such a move would indicate the possibility of a trend change.
If the price moves away from its current level and breaks below the moving averages, this optimistic outlook could become worthless. The pair is in an uptrend, as shown by the 4-hour chart's slopes of both moving averages and the RSI's proximity to the overbought area.
Although there is resistance in the area of $1.26 for the pair, buyers have not ceded much ground. This shows that the momentum is still bullish. The rise might reach $1.33 and then $1.46 if the price turns upward and breaks above $1.26.
Contrary to what is often believed, the next halt could be the 20-EMA if the price drops below $1.20. The 50-SMA may be reached by the decline if this support also fractures.
