Bitcoin (BTC) Price Analysis for July 19: BTC Turned Up After a Mild Pullback, Can It Reach $70K?

Bitcoin (BTC) price turned up on July 19 after a mild pullback for the past two days.

Bitcoin price analysis: BTC set to continue recovery toward $70K as key support holds

Bitcoin’s sharp recovery stalled at $66,128 on July 17, but the bears could not sink the price below the 50-day simple moving average ($63,806). This suggests that the bulls are buying on every minor dip.

The 20-day SMA ($60,380) has started to turn up, and the relative strength index (RSI) has jumped into the positive zone, signaling that the bulls are at an advantage. If the price sustains above $66,128, it will clear the path for a rally to the psychological level of $70,000.

Conversely, if the price turns down and breaks below the 50-day SMA (63,762), it will indicate that the bulls are losing their grip. The BTC/USDT pair could plummet to the 20-day SMA, where the bulls will try to arrest the decline.

Ether’s resilience above 50-day SMA bodes well for bulls

Ether’s price has risen above the 50-day SMA ($3,441) on July 19, indicating that the bulls are trying to extend the recovery.

If buyers retain the price above the 50-day SMA, the ETH/USDT pair could rally to $3,730. This level is likely to attract selling by the bears, but if the bulls prevail, the pair will attempt a move to $4,000.

Contrary to this assumption, if the price breaks below $3,346, the pair may reach the 20-day SMA ($3,235). This is an important level for the bulls to defend because if they fail in their endeavor, the pair may retest the solid support at $2,850.

BNB’s strong recovery could face resistance at $635

BNB’s price soared above the 50-day SMA (586) on July 19, indicating that the bulls remain in control.

If the price maintains above the 50-day SMA, the BNB/USDT pair could reach $635. The bears are expected to defend this level with all their might because the failure to do that could result in a rally to $722.

Alternatively, if the price turns down sharply and breaks below the 20-day SMA ($545), it will suggest that the bears are selling on rallies. The pair may then remain range-bound between $460 and $635 for a while.

Solana’s breakout from downtrend line to bolster bulls

The bulls have pushed Solana’s price above the downtrend line of the descending triangle pattern, indicating solid demand at higher levels.

The 20-day SMA ($145) has started to turn up, and the RSI is in the positive territory, indicating that the bulls have the edge. A break and close above the downtrend line will invalidate the bearish setup. The SOL/USDT pair could climb to $180 and eventually to the stiff overhead resistance of $210.

This optimistic view will be negated in the near term if the price turns down and plunges below the moving averages. The pair could then spend some more time inside the triangle.

XRP’s bulls to face stiff resistance at $0.64

XRP’s price turned down sharply from $0.64 on July 8, indicating that the bears are fiercely defending the level.

The XRP/USDT pair dropped back below the breakout level of $0.57, but the long tail on the July 19 candlestick shows aggressive buying at lower levels.

The moving averages are completing a bullish crossover, and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If the price maintains above $0.57, the bulls will again try to overcome the barrier at $0.64.

The important support to watch on the downside is $0.51. If this level gives way, the pair may plunge to the 20-day SMA ($0.49).

Dogecoin’s bulls to face hurdle at 50-day SMALow volume, high volatility: A beginner's guide to cryptocurrency pumps and dumps

The bears could not push Dogecoin’s price above the 50-day SMA ($0.13), but a positive sign is that the bulls successfully defended the 20-day SMA ($0.11).

The bulls will try to push the price above the 50-day SMA. If they succeed, the DOGE/USDT pair could move to $0.15 and eventually to $0.

The above is the detailed content of Bitcoin (BTC) Price Analysis for July 19: BTC Turned Up After a Mild Pullback, Can It Reach $70K?. For more information, please follow other related articles on the PHP Chinese website!