After the dramatic climb of the last two days, Bitcoin and numerous altcoins are taking a breather, but the overall trend remains bullish.
Daily cryptocurrency market performance. Source:The sharp rally in XRP and several other altcoins following Ripple’s victory is a sign that the crypto bulls are making a comeback.
What are the important resistance levels that need to be crossed for Bitcoin and the altcoins to start the next leg of the up move? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin broke and closed above the $31,000 resistance on July 13, but the bulls are struggling to build upon this strength. This suggests that the bears have not yet given up and they continue to sell at higher levels.
The bears will try to pull the price back below the breakout level of $31,000. If they do that, the BTC/USDT pair could drop to the 20-day exponential moving average of $30,244. This remains the key level to keep an eye on. A bounce off it will suggest that the sentiment remains bullish and traders are buying on dips. A rally above $32,400 could clear the path for a potential rise to $40,000.
On the other hand, a break and close below the 20-day EMA could yank the price to $29,500. The bears will have to break this support to gain the upper hand in the near term.
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