Bitcoin Price Consolidating as SOL, AVAX, FIL and EOS Prepare for Breakout

nonfarm payrolls Rose to 209,000 in June, which is less than economists’ expectation of 240,000 jobs. Although the data reflected a cooling labor market, market observers remained concerned as average hourly earnings growth held steady at 0.4% from May and 4.4% from a year earlier.

According to Fedwatch, the report showed no change in expectations of a 25 basis point rate hike by the United States Federal Reserve at its next meeting. tool, This kept the US stock market under pressure including all three major indices. it’s falling For the week. The S&P 500 was down 1.16% and the Nasdaq was down 0.92%.

Another minor negative for the crypto markets was a report from JPMorgan Managing Director Nikolaos Panigartzoglu, who said that the Spot Bitcoin (BTC) exchange-traded fund (ETF) may not prove to be a game changer for the crypto space. Panigirtzoglu cites low interest in spot bitcoin ETFs in Canada and Europe as the reason for the potentially low impact in the US as well.

Can the bulls rally and propel bitcoin above overhead resistance? If they do, select altcoins could join the march higher. Let’s analyze the charts of the top-5 cryptocurrencies that are showing signs of further upside.

bitcoin price analysis

Bitcoin is trapped between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty among bulls and bears about the next directional move.

The BTC/USDT pair recovered from the 20-day EMA on July 7, indicating that the bulls continue to aggressively defend the level. The buyers will again attempt to overcome the resistance at $31,500. If they succeed, the pair could start the next phase of the uptrend. The pair is likely to increase first towards $32,400 and then towards $40,000.

The bears are likely to have other plans. They will try to defend the overhead resistance and bring the price below the $29,500 support. If this level gives way, several short-term bullish stops could be affected. This could sink the pair to the 50-day simple moving average ($28,101).

The 4-hour chart shows the pair trading between $29,500 and $31,500. Typically, a range extension occurs after tight range trading but it is difficult to predict the direction of a breakout with certainty. Therefore, it is better to wait for the price to break out of the range before placing bigger bets.

If the price breaks above the 50-SMA, the bulls will attempt to propel the pair above $31,500. If they succeed in doing so, the pair could begin a new progression. Conversely, a decline below $29,500 could start a correction towards $27,500.

Solana Price Analysis

Solana (SOL) has been trading in a wide range between $15.28 and $27.12 for the past several months. The failure of the price to sustain below the support of the range initiated an uptrend that has risen above the downtrend line. This shows that the bulls are attempting a comeback.

The moving averages have completed a bullish crossover and the RSI is near the overbought zone, indicating that the path of least resistance is to the upside. There is a minor resistance at $22, but if this level is overcome, the SOL/USDT pair could continue to rise towards $24 and eventually reach the stiff overhead resistance at $27.12.

On the downside, $18.70 is an important support to watch. A break and close below this level could open the door for a possible decline towards the strong support area between $16.18 and $15.28.

Both the moving averages are sloping upwards and the RSI is in the positive zone on the 4-hours chart. This shows dominance of the bulls. However, the bears have not given up yet and have dragged the price towards the 20-EMA.

If the price rises strongly above the 20-EMA, the bulls will make another attempt to clear the $22 barrier. If they can overcome this, the pair could reach $24.

The first sign of weakness would be a break below the 20-EMA. This would indicate profit booking from short term bulls. Then the pair could decline towards the 50-SMA.

Avalanche Price Analysis

After struggling near the 50-day SMA ($12.99) for several days, Avalanche (AVX) successfully recovered the level on July 8.

The moving averages are nearing completion of a bullish crossover and the RSI has jumped into the positive zone. This shows that the bulls have an edge. The AVAX/USDT pair could rise towards $16, where the bears could again set up a strong defense.

If a subsequent correction finds support at the 20-day EMA ($13), it would suggest the start of a move towards $18. An important support to watch on the downside is $12. A break below this level could take the price towards the important $10.52 support.

The 4-hours chart shows that price has risen above a symmetrical triangle pattern to indicate that the bulls are attempting to take control. On the upside, it could face selling near the stiff overhead resistance at $15, but the bulls are expected to buy the decline towards the 20-EMA. If this support holds, the chances of a rally above $15 increase.

If the bears want to halt the uptrend, they will need to move the price below the bullish moving averages. This can trap aggressive bulls, resulting in long liquidations. Then this pair can slide on the support line of the triangle.

Connected: BlackRock ETF stirs US bitcoin buying as research says ‘get away from zero’

filecoin price analysis

Filecoin (FIL) is attempting to form an inverse head and shoulders pattern which will complete on a break and close above the neckline near $5.

The moving averages are about to complete a bullish crossover and the RSI is in the positive zone. This shows that the bulls have a slight edge. The bulls will try to take the price towards the neckline of the reversal pattern. If the bulls overcome this barrier, the FIL/USDT pair could start a new uptrend. The pattern target for this bullish setup is $7.30.

This positive outlook could be invalidated in the near term if the price breaks and sustains below the moving averages. This may cause the pair to sink to $3.5 and later to $3.

The 4-hours chart shows that the pair is in a correction phase but the buyers are trying to push the price above the moving averages. If they succeed in doing so, it would suggest that the correction may be over. Then the pair could slowly move higher towards the overhead resistance near $5.

Instead, if the price turns down from the moving averages and dips below $4.20, it would suggest that short-term sentiment remains negative and traders are selling on rallies. This could drag the price to $4 and then to $3.60.

EOS Price Analysis

EOS (EOS) is forming a higher higher high and higher lower low pattern, suggesting a possible trend change in the near term.

The 20-day EMA ($0.73) has flattened out and the RSI is near the midpoint, indicating that selling pressure is easing. The price needs to move above the overhead resistance at $0.79 to signal to the buyers that the downtrend may be coming to an end. The EOS/USDT pair could then rise to $0.93.

Alternatively, if the price breaks below the overhead resistance, it would suggest that the bears remain active at higher levels. This could keep the pair ranged between $0.60 and $0.79 for some more time.

The 4-hour chart shows that the pair is in a gradual uptrend. If buyers propel the price above the 50-SMA, the pair is likely to reclaim the overhead resistance at $0.79. If the bulls overcome this hurdle, the pair could rise to $0.83 and eventually to $0.90.

Contrary to this assumption, if the price turns down and breaks below the uptrend line, it would suggest that the bears are back in the driver’s seat. The pair could then decline further to $0.67 and later to $0.64.