According to CoinShares data, institutional investors continue to allocate funds to cryptocurrency investment products, which have reached $742 million in the last four weeks. Bitcoin continues to attract the lion’s share of the funds and accounted for a $140 million inflow just last week. So, what is the current situation with Bitcoin, Ethereum, and Dogecoin?
Bitcoin slipped below the 20-day exponential moving average (EMA) of $30,124 on July 17 and tested the critical support level of $29,500 on July 18. The long tail in the day’s candlestick may indicate that buyers continue to be attracted to these lower levels.
The 20-day EMA is flat, and the relative strength index (RSI) is close to the midpoint, indicating a balance between supply and demand. If buyers push the price above the 20-day EMA, the BTC/USDT pair could rise to $31,000 and then to $31,805. Sellers are expected to aggressively defend this zone.
The next trending move could start with a breakout above $32,400 or a drop below $29,500. If it falls below $29,500, the pair could decline to $27,500 and then to $26,000. Conversely, if bulls push the price above $32,400, the pair could initiate a rally towards $40,000.
Ethereum’s charts on July 17 and 18 show that bulls bought the dips to the 50-day simple moving average (SMA) of $1,853. This suggests that the ETH/USDT pair may continue to consolidate between the 50-day SMA and $2,000 for a while. A small positive for the bulls is the gradual rise of the 20-day EMA to $1,898 and the positive territory of the relative strength index. If buyers push the price above $2,000, the pair could start the next leg of the uptrend towards $2,141. However, bears may have other plans. Sellers could try to pull the price of Ethereum below the 50-day SMA. If they succeed, the pair could drop to $1,700 and eventually to $1,626.
Dogecoin stayed above the $0.07 general resistance level on July 17 and again on July 19, but the long wick in the candlestick could indicate strong selling pressure at higher levels. Bulls managed to keep the DOGE/USDT pair above the 20-day EMA of $0.07, but they are struggling to overcome the overall hurdle. If buyers fail to keep the price above $0.07, there is an increased possibility of the pair dropping below the 50-day SMA of $0.07. This could keep the pair range-bound between $0.06 and $0.07 for a few more days. If bulls want to initiate a new upward move, they will need to keep the price above $0.07. The pair could then climb to $0.08 and subsequently to $0.10.