Crypto price analysis 7/20: Bitcoin lacking momentum above $9,200 plus XRP, BNB, LINK
Bitcoin’s tight range has put analysts in a dilemma, trying to determine the direction of the impending breakout. Bitcoin options open interest (OI) may provide some clues about what larger investors are expecting, but many other factors can affect Bitcoin’s spot price.
Currently, the maximum OI buildup in calls at the $11,000 strike price and in puts at the $8,000 strike price. This shows that options traders do not believe that these levels are likely to be broken at expiry.
BTC option data largely supports the notion that price could maintain range limits until they expire. However, in the event of a sharp price burst, the options seller will be forced to secure his position, and this may add fuel to Bitcoin’s price action.
After trading near the $ 9,000 level, Bitcoin has begun to correct upwards. BTC managed to clear the $ 9,120 resistance level and 100-hour SMA.
It has opened the doors for more profits and has made a break out of a significant downtrend line with resistance near $ 9,160 on the hourly chart of the BTC / USD pair. The pair even traded above the resistance of $ 9,200, but it failed to gain momentum.
A high is formed near $ 9,240, and the price is currently correcting lower. It trades below $ 9,200, plus the Fib 23.6% retracement of the recent rally from the $9,112 low to $9,240 high.
On the other hand, there is excellent support forming near the $ 9,150 level. The immediate support near the Fib 50% retracement of the recent rally from the $9,112 low to $9,240 high.
There is also an uptrend line connected to support near $ 9,140 and the 100-hour SMA. On the other hand, a daily close above $ 9,200 and $ 9,220 could set the stage for a strong advance in the next sessions.
The next resistance area is near $ 9,300, above which bulls are likely to test $ 9,500 and $ 9,550.
The recent breakout of the trendline and $ 9,200 could be a failure if bitcoin fails to sustain above $ 9,150 or $ 9,120.
A clear break below the $ 9,120 support level could start another decline. The next major support is nearly $ 9,000, which is the last line of defense for the bulls.
Over the past few days, XRP has started correcting the downside from a high of $ 0.2118. It has fixed below the support levels of $ 0.205 and $ 0.202. The price even dropped below $ 0.19, but the downside is limited.
During the fall, there was a break below the 50% Fib retracement level of the increase from the $0.1741 low to $0.2118 high. The bulls were able to save the support zones of $ 0.189 and 100 SMA (4 hours).
Also, the Fib 61.8% retracement of the increase from the $0.1741 low to $0.2118 high also plays a strong. The price is currently rising, and it is trading above $ 0.192.
The current price action is positive, and the price is trading above 100 SMA (4 hours) ($ 0.1945). There is also an important bullish flag formed with resistance near $ 0.2 on the 4-hour chart of the XRP / USD pair.
The pair must break the rising flag resistance at $ 0.2 to start a new uptrend. The next major resistance is near the $ 0.203 level, above which there is a chance of a steady increase to $ 0.212.
July is an important month for Chainlink (LINK). The LINK price kicked off the month for $ 4.65, very close to its previous ATH of $ 4.96. Since then, LINK has continued to provide investors with profits when it reaches a new ATH of $ 8.92 on July 15. This is a 91.8% increase in two weeks.
As with all parabolic dynamics of digital assets in the cryptocurrency market, LINK is facing a potential drawback. The 6-hour chart LINK / USDT shows:
- The trading volume has decreased, and in the red continues to confirm the pullback.
- MACD also indicated selling because MFI is also in a downward trajectory.
- $ 7.65 and $ 6.82 are two strong support areas for LINK in the short term
- Other notable support areas are around $ 6.58, $ 5.70, and February’s ATH at $ 4.96.
- $ 4.96 also coincides with the 50-day moving average and can provide support for the recovery of LINK
Over the past week, BNB has dropped below the $ 17.5 support. The price even broke the $ 17 support level, but it found a strong support near 100 SMA (4 hours).
A low has formed near $ 16.53, and the price recently started a positive up move. It broke out of the $ 17.5 resistance zone to move into the bullish area. More importantly, there was a break above the Fib 61.8% retracement of the last fall from the $18.99 high to $16.53 low.
There appears to be an important uptrend line forming with support near $ 17.3 on the 4-hour chart of the BNB / USDT pair. The pair has risen more than 7%, and it recently broke the $ 18 resistance.
The immediate resistance is near $ 18.4. It is close to the Fib 76.4% retracement of the last fall from the $18.99 high to $16.53 low. A clear break above the $ 18.4 and $ 18.5 resistance levels could open the door for a more significant rally.
The next resistance level is near $ 19, above which BNB may continue towards the $ 19.8 and $ 20 resistance levels in the near term.
- Ethereum price is likely to continue to move higher as it consolidates above key support levels
- This recent drop in premium to multi-year lows suggests Bitcoin price will soon enter a bull run