Nonfarm payrolls rose by 209,000 in June, below economists’ expectations of an addition of 240,000 jobs. Although the figures show a cooling labor market, market observers remained concerned as the average hourly earnings growth held steady at 0.4% from May and 4.4% from a year ago.
The report did not alter expectations of a 25 basis point rate hike by the United States Federal Reserve in the next meeting, according to the FedWatch Tool. That kept the U.S. equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16% and the Nasdaq was lower by 0.92%.
Could bulls regroup and kick Bitcoin above the overhead resistance? If they do, select altcoins could join the march higher. Let’s analyze the charts of top-5 cryptocurrencies that are showing signs of moving up.
Bitcoin price analysis
Bitcoin remains stuck between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty among the bulls and the bears about the next directional move.
The bears are likely to have other plans. They will try to protect the overhead resistance and tug the price below the $29,500 support. If this level gives way, stops of several short-term bulls may be hit. That could sink the pair to the 50-day simple moving average ($28,101).
If the price breaks above the 50-SMA, the bulls will try to drive the pair above $31,500. If they manage to do that, the pair may start a new up-move. Conversely, a tumble below $29,500 could start a correction toward $27,500.
Solana price analysis
Solana (SOL) has been trading in a large range between $15.28 and $27.12 for the past several months. The failure to sustain the price below the support of the range started an up-move that has risen above the downtrend line. This suggests that the bulls are attempting a comeback.
On the downside, $18.70 is the important support to keep an eye on. A break and close below this level may open the doors for a possible drop to the strong support zone between $16.18 and $15.28.
If the price rebounds off the 20-EMA with strength, the bulls will make one more attempt to overcome the obstacle at $22. If they can pull it off, the pair may jump toward $24.
The first sign of weakness will be a drop below the 20-EMA. That will indicate profit-booking by the short-term bulls. The pair may then slide to the 50-SMA.
Avalanche price analysis
After struggling near the 50-day SMA ($12.99) for several days, Avalanche (AVAX) successfully scaled the level on July 8.
If subsequent corrections find support at the 20-day EMA ($13), it will suggest the start of an up-move toward $18. The important support to watch on the downside is $12. A break below this level may drag the price to the vital support at $10.52.
If bears want to prevent the upside, they will have to quickly yank the price below the moving averages. That may trap the aggressive bulls, resulting in long liquidation. The pair may then slide to the support line of the triangle.
Related: BlackRock ETF stirs US Bitcoin buying as research says ‘get off zero’
Filecoin price analysis
Filecoin (FIL) is trying to form an inverse head and shoulders pattern which will complete on a break and close above the neckline near $5.
This positive view could invalidate in the short term if the price breaks and sustains below the moving averages. That could sink the pair to $3.5 and later to $3.
Instead, if the price turns down from the moving averages and plummets below $4.20, it will suggest that the short-term sentiment remains negative and traders are selling on rallies. That may pull the price to $4 and subsequently to $3.60.
EOS price analysis
EOS (EOS) has been forming a higher high and higher low pattern, suggesting a potential trend change in the near term.
Alternatively, if the price turns down from the overhead resistance, it will suggest that bears remain active at higher levels. That could keep the pair range-bound between $0.60 and $0.79 for some more time.
Contrary to this assumption, if the price turns down and breaks below the uptrend line, it will suggest that the bears are back in the driver’s seat. The pair may then slump to $0.67 and later to $0.64.
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.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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