The sellers will attempt to pull the price towards the vital $20,000 support. This is an important level to watch because the bounce will suggest that the bulls are trying to make a higher bottom.
That could boost the odds of a break above the 20-day exponential moving average ($23,155). If that happens, the BTC/USDT pair could signal a possible change in trend. The bulls will then try to push the price towards the 50-day simple moving average ($27,424).
Conversely, if the price drops and falls below $20,000, this will indicate that the bears are still in control. The sellers will then try to sink the BTC/USDT pair to the crucial level of $17,622.
4 hour BTC/USDT chart. Source: TradingView
The failure of the bulls to push the price to the 38.2% Fib retracement level of $23,024 indicates a lack of demand on the higher levels. The moving averages have flattened and the RSI is slightly above their midpoint, indicating range-bound action in the near term.
If the price breaks below the moving averages, the pair may drop to $20,000. A break below this support could indicate weakness.
Alternatively, if the price bounces off the moving averages, it will indicate that bulls are buying on dips. The bulls will then attempt to push the price towards $23,024. If this level is exceeded, the next stop could be the 50% retracement level of $24,693.
UNI / USDT
Uniswap (UNI) rebounded sharply from $3.33 on June 18 and reached the severe overall resistance at $6.08. Bears are defending the level aggressively but the small positive is that the bulls haven’t given up much ground.
UNI/USDT daily chart. Source: TradingView
The moving averages are close to completing a bullish crossover and the RSI is in positive territory, indicating that the path of least resistance is to the upside.
If the buyers push the price above $6.08, bullish momentum could increase and UNI/USDT could rise to $8. This level again could be a strong hurdle but if the bulls beat it, the next stop could be $10.
Conversely, if the price breaks below the current level and breaks below the 20-day EMA ($4.90), it will indicate that the trend is still negative and traders are selling near the resistance levels. The pair could then drop around $4.
UNI/USDT 4-hour chart. Source: TradingView
The bears are trying to stop the recovery near the upper resistance at $6.08, but the bullish moving averages on the 4 hour chart are indicating that the bulls have the upper hand in the near term.
If the bounce above the 20-EMA continues, it may increase the possibility of a break above $6.08. If that happens, the pair could gain momentum and rise to $6.66 and then to $7.34.
Another possibility is for the pair to decline and break below the 20-EMA. In this case, the pair can slip to the 50-SMA. A break below this support could invalidate the upside.
XLM / USDT
Stellar (XLM) was in a strong downtrend but the bulls are trying to bottom near $0.10. Buyers pushed the price above the 20-day moving average ($0.12) on June 24 but were unable to clear the hurdle at the 50-day simple moving average ($0.13).
XLM/USDT daily chart. Source: TradingView
The simple positive is that the bulls did not allow the price to slide below the 20-day EMA ($0.12). The 20-day stable EMA and the RSI near its midpoint indicate that the bulls are trying to return.
If buyers push the price above the 50-day SMA, the XLM/USDT pair may attempt to rise to the general resistance at $0.15. If this level is cleared, it may signal the start of a new uptrend.
This positive outlook could be negated in the short term if the price continues lower and breaks below the 20 day moving average. The pair could then fall to $0.11.
4-hour XLM/USDT chart. Source: TradingView
The 4-hour chart’s moving averages are sloping up and the RSI is in positive territory, indicating an advantage for buyers. Buyers will have to push the price above $0.13 to open doors for a potential rally to $0.14 and then $0.15.
Contrary to this assumption, if the price slips below the 20-EMA, the pair may fall to the uptrend line. A break below this support could tilt the advantage back in favor of the bears. The pair could then slip to $0.11.
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Theta / USDT
Theta Network (THETA) has been consolidating in a narrow range between $1 and $1.55 over the past several days. The more time spent inside the range, the stronger the penetration from it.