Top 5 cryptocurrencies to watch this week: BTC, UNI, ICP, AAVE, QNT
Bitcoin (BTC) has given up ground over the weekend as investors remain cautious about the United States consumer inflation data to be released on July 13. Analysts anticipate June’s consumer price index to be higher than May’s 8.6% level.
Due to the macro uncertainty, investors are not confident that Bitcoin’s correction is over. However, Fidelity Investments’ director of global macro Jurrien Timmer said that Bitcoin is back at the 2013 bull market levels “if the price per millions of non-zero addresses“ is considered for valuing it. That implies that “Bitcoin is cheap.”
The readings on the Reserve Risk indicator, which shows long-term holder sentiment, plunged to a new all-time low in July. Commentator Murad said this meant that “we are in the high timeframe bottoming zone” or the indicator may be broken.
Could Bitcoin turn around and start a new rally or will it continue lower? Are altcoins showing signs of bottoming out? Let’s study the charts of the top-5 cryptocurrencies to find out?
Bitcoin broke above the symmetrical triangle pattern on July 7 but the bulls could not sustain the momentum at higher levels. This suggests that the bears have not surrendered and are attempting to defend the overhead resistance at $23,363.
The bears are attempting to sustain the price below the 20-day exponential moving average ($21,230). If they succeed, the BTC/USDT pair could decline to the support line of the triangle.
If the price rebounds off this level, it will suggest that bulls continue to buy at lower levels. The bulls will then again strive to push the price above the overhead resistance at $23,363 and the 50-day simple moving average ($24,692). If they succeed, it could signal the start of a new up-move.
On the contrary, if the
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