Bitcoin’s lackluster price action sparks buyer interest in LINK, FIL, SNX, and THETA

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Bitcoin (BTC) is struggling to overcome the overhead resistance at $31,000, but a small silver lining is that the bulls have not allowed the price to dip below the $29,500 support. This suggests that a catalyst might be needed for the price to break out of its range.

On the macro side, the Federal Reserve meeting on July 25-26 is an important event to watch. The FedWatch tool shows a 99.2% probability of a 25 basis point rate hike at the meeting. If that happens, the markets might not witness a knee-jerk reaction, as the upside appears to have been priced in. However, any surprise move by the Fed could push the price out of the range.

Daily view of crypto market data. Source: Coin360

Several analysts expect the range to break soon, but there is no consensus on the direction of the breakout. If the price falls below the range, analysts expect a significant drop. Some are even predicting a drop closer to $20,000.

If Bitcoin goes up, some altcoins could attract buyers. Let’s study the charts of the top 5 cryptocurrencies that could turn positive over the next few days.

bitcoin price analysis

Bitcoin has been stuck below the 20-day exponential moving average ($30,036) for the past few days, but a positive sign is that the bears have not been able to pull the price down to the 50-day simple moving average ($28,979).

BTC/USDT daily chart. Source: Trading View

This suggests that the bulls have not given up and are buying on every minor dip. Repeated failure of the bears to drive down the BTC/USDT pair could attract buyers.

If the price breaks above the 20-day EMA, the pair could rally towards the general resistance at $31,000. A charge above the $31,000-$32,400 zone could pave the way for an eventual rally to $40,000.

On the other hand, if the price declines and dips below the 50-day SMA, it will suggest that the bears are making a comeback. The pair may then break down towards the support at $24,800.

BTC/USDT 4 hour chart. Source: Trading View

The moving averages on the 4-hour chart are flattening out and the Relative Strength Index (RSI) has reached the midpoint, indicating that range-bound action may continue for a bit longer.

If the bulls push the price above the 50-SMA, the pair could attempt a rally to $30,500 and then to $31,000. Important support to watch on the downside is $29,500. If this level breaks down, the pair could drop to $27,500.

Chainlink Price Analysis

Chainlink (LINK) has been trading in a wide range between $5.50 and $9.50 for several months. The bears pulled the price below the range on June 10, but they were unable to capitalize on this advantage.

LINK/USDT daily chart. Source: Trading View

The bulls pulled the price back into the range on June 21 and are currently trying to drive the LINK/USDT pair towards the broad resistance at $9.50. Both moving averages have risen and the RSI is in positive territory, indicating that the bulls are in control.

The bears will try to block the upside in the zone between $8.50 and $8.80, but if the buyers bulldoze their way, the pair could rise to $9.50. The important support to watch on the downside is $7.50 and then the 20-day EMA ($7.05).

LINK/USDT 4 hour chart. Source: Trading View

The correction on the 4-hour chart has reached the 20-EMA, which is an important level to watch. If the price bounces off the 20-EMA with strength, the pair could rise to $8.46. A break above this level will indicate the resumption of the uptrend. The pair could then reach $8.80.

This positive view will be negated in the short term if the price declines and drops below the 20-EMA. This could prompt the short-term bulls to take profits, driving the price down to 50-SMA and then down to $6.50.

Filecoin Price Analysis

Filecoin (FIL) tries to form an inverted head and shoulders pattern, which will end on a break and close above the neckline.

FIL/USDT daily chart. Source: Trading View

The 20-day EMA ($4.36) has started to rise gradually and the RSI is in positive territory indicating that the path of least resistance is on the upside. If the buyers push the price above the neckline, the FIL/USDT pair could attempt a rally to $6.50 and possibly the $7.30 pattern target.

On the contrary, if the price drops sharply from the neckline and crosses below the 50-day SMA ($4.12), it will suggest that the bulls have lost their grip. The pair can then slide to $3.50 and later to $3.29.

FIL/USDT 4 hour chart. Source: Trading View

The 20-EMA is sloping on the 4-hour chart and the RSI is in positive territory, indicating that the bulls have the upper hand. There is minor resistance at $4.74 but if that level is broken, the pair might retest the cleavage.

The bears should defend this level aggressively, but if the bulls do not allow the price to slide below the 20-EMA, the likelihood of a rally above the neck line increases.

Alternatively, if the price declines and breaks below the 50-SMA, it will suggest that the bears are selling on rallies. This may drag the pair to $4.14.

Related: Ripple Effect? Stellar (XLM) catches up with XRP price gains

Synthetix Price Analysis

Synthetix (SNX) is trying to break out of a basic pattern, but the bulls are facing strong resistance in the area between $3.40 and $3.56.

SNX/USDT daily chart. Source: Trading View

During the pullback, the bulls did not allow the price to drop below the 20-day EMA ($2.56), which is a positive sign. This suggests that the dips are purchased. Buyers will try again to clear the overhead area. If they can pull this off, the SNX/USDT pair could start a rally towards the next resistance at $4.50.

The bears probably have other plans. They will try to block the relief rally in the air zone and pull the price below the 20-day EMA. If they do, the pair could drop to the 50-day SMA ($2.19).

SNX/USDT 4 hour chart. Source: Trading View

The 4-hour chart shows that the bears have pulled the price below the 20-EMA but the bulls are trying to hold the 50-SMA. This suggests that the lower levels continue to attract buyers.

If the bulls propel the price above $3.15, the momentum could pick up and the pair could retest the resistance at $3.30. This is an important level to watch because if it breaks, the pair can resume the next leg of the upward move and hit $3.82.

If the bears want to prevent the rally, they will have to pull the price below the moving averages. The pair could then collapse to $2.52.

Theta Network Price Analysis

The Theta Network (THETA) rally is facing a sell off near the 38.2% Fibonacci retracement level of $0.83.

THETA/USDT daily chart. Source: Trading View

However, a positive sign in favor of the bulls is that they did not allow the price to hold below the 20-day EMA ($0.77). This indicates that sentiment is turning positive and traders are buying on dips.

A break and close above $0.83 could open the doors for a further rise to the 50% retracement level of $0.91 and then to the 61.8% retracement level of $0.99.

This positive view will be invalidated if the price turns down and dips below the moving averages. THETA/USDT could then drop to $0.66.

THETA/USDT 4 hour chart. Source: Trading View

The 4-hour chart shows that the price is trading inside an ascending channel pattern. The bulls are trying to stop the pullback of the moving averages and resume the bullish movement. Typically, in a channel, price bounces off support and hits resistance.

If the price holds above the 20-EMA, the bulls will attempt to propel the pair above $0.85. If successful, the pair could rise to channel resistance near $0.90.

On the contrary, if the price slips below the 50-SMA, the bears will try to pull the pair towards the channel support. A break below this level could tip the short-term advantage in favor of the bears.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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