If Bitcoin manages to clear its overhead resistance level, ETH and BCH could resume their uptrend with unexpected strength.
BTC
The bears tried to sink Bitcoin back into the symmetrical triangle on July 23 but the bulls had other plans. The rebound off the breakout level from the triangle indicates that buyers are defending the level aggressively. The gradually rising 20-day exponential moving average ($21,865) and the relative strength index (RSI) in the positive territory indicate advantage to buyers. If bulls sustain the price above the 50-day simple moving average ($22,384),BTC could rally to the overhead resistance zone between $23,363 and $24,276. A break and close above this level could open the gates for a rally to the pattern target at $28,171 and then to $30,000.
ETH
Ether is facing stiff resistance at $1,700 but a positive sign is that buyers have not given up much ground. A tight consolidation near the overhead resistance increases the likelihood of a break above it. The up sloping 20-day EMA ($1,384) and the RSI in the positive territory indicate that bulls have the upper hand. If buyers drive the price above $1,700, the bullish momentum could pick up and ETH could rise to $2,000 followed by a rally to $2,200.
BCH
BCH is attempting to form a bottom after an extended downtrend. The price turned down from the $135 overhead resistance on July 20 but a positive sign is that the bulls defended the 20-day EMA ($117) aggressively. The price action of the past few days has formed a rounding bottom pattern, which will complete on a break and close above $135. If that happens, it will suggest that BCH may have bottomed out at $95. The pair could then rise to the pattern target at $175 and later to $200.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk; the reader should conduct their own research when making a decision.
