Bitcoin range break brewing, which altcoins will follow?

Important points

• Bitcoin’s trading range is tightening, which could indicate a range expansion within the next couple of days.

• Select altcoins face similar selling pressure but still remain well above their short-term support levels. 

BitcoinBTCThe price of ( continues to fall at $120,000, however the repeated testing of resistance levels tends to make it weaker. BTC is more likely to reach a new high if the buyers are not willing to give up much of their ground.

Tom Lee, the head of Fundstrat’s research department, said to CNBC in an interview that BTC could soar to $200,000 to $250,000 Over the next few weeks. Lee estimates that BTC’s value would equal 25% of gold.

BTC’s consolidation has driven Ether investors (ETHExchange-traded funds for spot ETH have higher fees. Exchange-traded funds for spot ETH have recorded a 16-day inflow streakThe cumulative net flows increased from $4.25bn on 2 July to $9.33bn on Friday.

Will BTC be able to break through the resistance overhead, or remain within a range of prices? Select altcoins could continue to be strong. We’ll analyze the charts to see what the results are. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) continued its march toward the target objective of 6,500, indicating sustained demand at higher levels.

The relative strength index (RSI), which measures the level of overboughtness, indicates that the rally is getting too hot. This increases the likelihood of a possible correction or consolidation in the short term.

It indicates a positive sentiment if the price drops but then bounces back off of the simple moving average (20-day SMA), which is 6,283. It increases the chances of a move to 6,500. The sellers must lower the price under the 50-day simple moving average (6,099) in order to win.

US Dollar Index price prediction

The US Dollar Index is currently trying to maintain above the 50 day SMA (96.78), indicating the bulls’ attempt to create a new high.

If they are successful, the index may soar up to 100.54 before settling at 102. At 102, sellers are likely to be a formidable force.

In contrast, the fact that the bears have not been able to keep the price over the 50-day SMA shows they are in control. The bears then will attempt to reinforce their position by pushing the price under 97.10. They will try to strengthen their position by pulling the price down below 97.10.

Bitcoin price prediction

BTC fell below the 20 day SMA ($117.867), on Friday. However, the long tail of the candlestick indicates solid purchasing at lower levels.

The BTC/USDT bulls want to take the pair over the $123,218 to $120,000 resistance zone. If the bulls are successful, they will accelerate the BTC/USDT pair to $135.728 then to $150,000.

The bears are running out of time. They will need to quickly pull the price down below $110,530 to be able to recover. This could trap aggressive bulls and result in a lengthy liquidation. They may fall to $100,000, which is a psychological level.

Prediction of Ether prices

On Sunday, Ether surged past the $3.745 resistance, but bulls struggle to hold onto the higher levels.

Sellers will attempt to lower the price under $3,745. If sellers succeed in doing so, the pair ETH/USDT may fall below the SMA of 20 days ($3,423). It is likely that buyers will defend the SMA 20 days because any break below the SMA signals an upcoming deeper correction.

If the price bounces off $3,745 or the SMA of 20 days with force, this indicates that you should buy on the dips. The bulls then try to take the pair back to $4 094. The pair may skyrocket to $4,868 if the $4,094 is not taken out.

XRP price prediction

XRP’s (XRPOn Thursday the SMA of 20 days ($3.10) provided support for a pullback below $3.66, which indicates that you should buy on dips.

Bears are putting up a significant amount of resistance to the bulls’ attempts to move the price towards $3.66. Price breaks lower than the SMA 20 day and continues to drop, this indicates a deepening correction. XRP/USDT could drop as low as $3 or even $2.80.

If the price bounces off of the SMA 20 days, this indicates that bulls will defend the current level with vigor. The pair might then surge to $3.66. The pair could then rally to $3.66.

BNB price prediction

BNBBNBHowever, the price could not be sustained below $761. This suggests that the bulls turned the support level into resistance.

The price of BNB/USDT rose above $809 Sunday. This is the beginning of the new uptrend. BNB/USDT could reach $900, and then the psychological $1,000 level.

The RSI is at a level that indicates the rally will be consolidated or corrected in the short term, even though the overall trend still remains upward. First sign of weakness is a breakdown and close below $793. It suggests that profit booking is taking place at higher levels. It is likely that the pair will then drop to $761. This is where we expect buyers to come in. 

Solana price prediction

Solana’s (SOLThe pullback of $209 from Wednesday to the SMA (20-day) ($176) on Thursday indicated a demand for lower prices.

Bulls trying to push price to $209 but facing sales at higher levels. SOL/USDT may reach $240 or even $260, if the buyers are able to overcome the resistance at $209. The minor resistance is at $220. It is expected to be overcome.

In the short-term, this positive outlook will be nullified if the market turns downwards and the SMA drops below 20 days. It is possible that the pair will then fall to its 50-day SMA (160). This suggests a range between $110 to $209 as a potential trading area. 

Related: XRP price to $4 next? ‘Most profitable phase’ likely here, says analyst

Dogecoin price prediction

DogecoinDOGEOn Friday, the % SMA (20-day SMA) ($0.22) was higher than it had been on Thursday. This indicates that demand is lower.

Bears appear to be active above $0.26. If the DOGE/USDT price drops below the SMA 20-day, it may be possible for the pair to remain in its large range of $0.14 to 0.29.

To gain control, buyers will need to push the price up above $0.29. They could then begin a new upward move towards $0.35 before reaching the $0.44 pattern target.

Cardano price prediction

Cardano’s (ADAThe resistance at $0.86 is a result of the bounce from the SMA 20 days ($0.78).

The positive RSI and upsloped 20-day SMA indicate that the bulls have an edge. The ADA/USDT could reach $0.94 if the pair breaks above $0.86. The sellers will attempt to stop the upward movement at $0.94. If the bulls win, however, they could take the pair to $1.02, and even $1.17.

Short-term, it will be in favour of the bears as long as the price drops and falls below 20-day SMA. It suggests profit booking on rally. It is possible that the pair will then drop to the 50-day SMA (currently at $0.67). 

Hyperliquid price prediction

On Friday, Hyperliquid (HYPE), rebounded from the line support of the ascending-channel pattern. This indicates buying at a dip.

The 20-day SMA (45.06) is a resistance, but if bulls can overcome it the pair HYPE/USDT could reach $48 then $50. At $50, sellers will likely mount a fierce defense.

The bears, on the other hand, will attempt to lower the pair if it turns downwards from the SMA of 20 days. They may succeed in causing a further correction towards $36 or even $32.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making their final choice.