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What To Watch If The Crypto Space Rallies Higher

By Michele SchneiderStock MarketsJul 22, 2021 12:13AM ET
www.investing.com/analysis/what-to-watch-if-the-crypto-space-rallies-higher-200592874
What To Watch If The Crypto Space Rallies Higher
By Michele Schneider   |  Jul 22, 2021 12:13AM ET
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BTC-ETH Daily Chart
BTC-ETH Daily Chart

Two of the biggest cryptocurrencies by market cap, Bitcoin and Ethereum have perked up near the lows. Both have been trending down for the past month and looked as if they would test their recent lows created on June 22.

That was $28.8k for Bitcoin and $1700 for Ethereum.

While Wednesday’s price action has stopped the bleed, will altcoins jump on the potential rally?

When it comes to resistance levels, the first hurdle for Bitcoin to clear and hold would be the 36k area. If it does, by then it will have also cleared its 50-Day moving average at 34.5k and will show a breakout from the downward trend.

LINK/USD:ADA/USD Daily Chart
LINK/USD:ADA/USD Daily Chart

On the other hand, Ethereum has support at the $1700 level with resistance forming at $2270 to $2400. Like Bitcoin, by that time Ethereum reaches $2400 resistance, it will also have cleared its 50-DMA at $2213.

When it comes to altcoins (any currency that is not Bitcoin) Chainlink (LINK) and Cardano (ADA) have interesting technical chart setups.

LINK will need to stay over $15 proving it can hold over its low created on June 22.

Although it is in a bearish phase, consolidation over this price area could entice more buyers near this support level. However, when it comes to consolidation, Cardano (ADA) has spent most of the year within the $1–1.45 range.

Currently, Wednesday’s price action has it sitting right over the 200-DMA at $1.15. This is a key pivotal area for it to stay over as the next psychological level for it to break lower to is $1.00.

When it comes to trading altcoins, one should try to time their entries with the large-cap coins, like Bitcoin or Ethereum as their recent lows will need to hold and have a lot of impact on the rest of the crypto space.

ETF Summary

S&P 500 (SPYNew support 426.71.

Russell 2000 (IWM) 209.05 support. 224.70 choppy area.

Dow (DIA337.38 new support. 350 resistance.

NASDAQ (QQQ352.04 support. 365.49 resistance.

KRE (Regional Banks) support 59.14. Watching for this to clear and hold over the 10-DMA at 62.86.

SMH (Semiconductors) 259 resistance area.

IYT (TransportationLike to see this hold the 10-DMA at 255.22.

IBB (Biotechnology) 165.80 resistance.

XRT (Retail) Needs to stay over 94.40 the 50-DMA.

Junk Bonds (JNKConfirmed back into a bullish phase.

XLU (Utilities) 66.30 resistance area.

SLV (Silver23 new support.

VBK (Small Cap Growth ETF) Needs to hold 279.74.

TLT (iShares 20+ Year Treasuries) Holding the 200-DMA

USD (Dollar) 91.40 support area. 93.44 resistance.

DBA (Agriculture) 18.40 new support.

TAN (Solar Energy) 88.65 next resistance.

USO (US Oil Fund) Will confirm bullish phase with second close over the 50-DMA at 47.62.

XME (S&P Metals and Mining) 41.05 new support area.

What To Watch If The Crypto Space Rallies Higher
 

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What To Watch If The Crypto Space Rallies Higher

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