There are rumors that Bitcoin could pick up the pace in the coming days and select altcoins like ETH, UNI, ICP and also AAVE among them. But now we are going to discuss about the recent survey conducted by CNBC about a group of portfolio managers and equity strategists with only 6% of defendants expect Bitcoin (BTC) which would reach at least $60,000 in 2021.
A major portion says that almost 44% of participants forecasted that Bitcoin would remain below $30,000 this year. As for the rest 25% is expected to be in recovery to reach $45,000 while the rest 25% is planning to move onto $55,000.
This shows how the whole situation is negative. Even though there has been a recent Chinese crackdown on crypto miners which some suggests is due to the reason that the regulatory actions have failed to trigger the next step of the downtrend in Bitcoin. This in totality shows that the smart money is not panicking instead its bottom fishing on dips. According to analyst Willy Woo long-term holders who have sold their Bitcoin earlier this year are slowly gathering at lower levels and Woo also said that according to the on-chain data bitcoin is in recovery.
Based on the sources of news outlet The Street, Billionaire Steven Cohen’s hedge fund point72 Asset Management is looking for a “head of crypto” to enter the crypto sector. All of this puts forward the fact that institutional investors are viewing the current dip as an entry opportunity. Now let’s dig into the charts of the top most important cryptocurrencies that will most probably will be seen leading relief rally.
Bitcoin has been trying to merge the $31,000 to $42,451.67 range since the last few days. Ever since the bears failed to maintain the price below the support of the range in between June 22 and 26, the bulls have been adamant about attempting a recovery. The bulls have brought up the price above the 50-day simple moving average ($36,597). This positive partition on the relative strength index shows that the bullish momentum may be rising above the expected rate. If the buyers could propel the price above the 50-day SMA, the BTC/USDT pair could most probably move onto the overhead resistance zone at $41,330 to $42,451.67. The bears will try their level best to defend this zone as best as they can. If the price turns down from this resistance, the pair may extend its range-bound action for a few more days.
Ether (ETH) broke above the 20-day EMA ($2.193) on June 30 and even after this the bulls weren’t able to sustain the higher levels. The bears brought down the price back to 20-day EMA on July 1 and tried to confine the hostile bulls. Nevertheless, the strong rebound of $2,018.50 on July shows that the sentiment is a bit optimistic now and traders are accumulating on dips. The bulls have increased the price again above the 20-day EMA on July 3. The 20-day EMA has flattened out with RSI trying to rise above 52. But if the momentum tries to go ahead with the bulls shoving the price above the downtrend line, the pair could rise to $2,990.05. At the end this would refute the pair turned down from the 50-day SMA ($2,437) and would break the $2,000 support. Or, a break below the $2,000 my again shift the advantage back in favor of the bears.
Uniswap (UNI) bounced off $13 on June 22 and has increased above the 20-day EMA ($19.50) for the first time since June 4 which seems like a positive sign. The 20-day EMA has been flattened out and the RSI has increased up to the midpoint, which shows that the sellers are losing grip. The UNI/USDT pair could rise again up to the 50-day SMA ($22.99) where the bears will most likely put up a tough fight. However, if the bulls are capable of seizing the next decline at the 20-day EMA. It will surely show a change in sentiment from sell on rallies to buy on dips. If the buyers are capable of bringing the price above the overhead resistance at $21 then the pair could speed up and rally onto $25 and then to $27. The next move solely depends on whether a break below would happen and if the pair might drop down to $15.
Soon after a sudden decline from $497.19 to $28.31, internet computer (ICP) is trying to form a bottom. The 20-day EMA ($53) is leveled out and the RSI is trying to bounce back from deeply oversold levels which means the selling pressure is reducing. If the bulls are capable of pushing the price above $60 the ICP/USDT pair will finish the 1-2-3 formation which would later on help the pair to rally over to $72.61. On the contrary, if the bulls manage to arrest the next decline above the 20-day EMA, it shows that an upturn has started. If the price goes down the present level and falls below $41.44, the bears will probably attempt to sink the pair to the all-time low at $28.31. the bulls will try an attempt to bring the price above $52 and then $60. If they win this, then they might start a new uptrend.