Crypto Markets Overview for July 26

We make up a crypto markets overview containing the detailed technical analysis on Bitcoin and top altcoins. The market analysis is performed on the Daily timeframe.

Key topics

• Bitcoin (BTC/USDT)
• Binance Coin (BNB/USDT)
• Dogecoin (DOGE/USDT)
• Solana (SOL/USDT)
• Ripple (XRP/USDT)
• Bottom Line

Bitcoin (BTC/USDT)

The market is in the uptrend on the Daily timeframe starting from July 19, after breaking through the upper border of the resistance level – $21,955.

In spite of the correction, the trend is still bullish on the Daily price chart.

This correction formed another resistance with the borders of $24,280 – $23,390. This price zone will be the target for the bullish movement continuation after the correction is finished.

In case of successful development of the trend, a more distant target will be on the highs of June 6 – 8, where the next resistance is located with the borders of $31,965 – $31,400.

Signals to buy will be relevant until the market is above the nearest support level on the Daily timeframe, the lows of July 11 – 14. The borders of this support are $19,290 – $18,870.

Binance Coin (BNB/USDT)

The market is in the bullish trend on the Daily timeframe starting from July 16 after breaking through $247 – the upper border of the resistance level. The correction is being formed now.

A pullback buying opportunity will appear after the correction completion on the Daily chart. On July 18 – 20 this correction formed another resistance with the borders of $269 – $274.

When the correction is finished and we see the pullback, this price zone will become the target for the bullish movement.

If the market is closed above this resistance successfully, the price is likely to move forward to the target #2 – it is the resistance level with the borders of $322 – $325 formed on May 30 – June 1.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of July 11 – 14. The borders of this support are $215.5 – $219.5.

Dogecoin (DOGE/USDT)

Dogecoin has been in the sideways trend on the Daily price chart since the end of June. The nearest resistance level was formed on July 19 – 22. It is the price zone between $0,070 – $0,076. The nearest support was formed on July 11 – 14. Its price zone is between $0,0571 – $0,0598.

Now the price is approaching the support level and the flat will possibly continue since the price can form a pullback around the support and then move to the resistance where a rebound is also possible.

When breaking through the support, the movement potential is limited since the price will be still inside the support zone of a higher timeframe (Weekly timeframe).

The resistance level breakout opens the way to move towards target #1. It is the next resistance level with the price range of $0,088 – $0,0896.

Solana (SOL/USDT)

The resistance level with the upper border of $39.72 was broken on the Daily chart on July, 18. Since then, the market has been in a bullish trend on the Daily timeframe, while a corrective wave is developing now.

A pullback buying opportunity will appear after the correction is finished and a bullish candle is formed on the Daily timeframe. On July 18 – 22 the current correction formed the resistance level with the borders of $45.18 – $47.64.

This price range will become the first target after the bullish impulse starts. From current levels, this will give about 30% to the price increase.

If the market is above this resistance, then the price can move towards target #2. It is the resistance level formed on May 22 – 23. This target is about $52.

The longs will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of July 11 – 14. The borders of this support are $31.76 – $32.38.

Ripple (XRP/USDT)

The market has been in the uptrend on the Daily timeframe since July, 18 after breaking through the resistance level at a price of $0.36. The correction wave is developing now.

After the correction completion on the Daily chart, it makes sense to look for a buying entry point. A new resistance was formed with the borders of $0.3717 – $0.3820.

After a pullback is formed this price zone will be the target for the upward movement. A more distant target with the price range of $0.4080 – $0.4189 will become relevant after the nearest resistance breakout.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of July 11 – 13.

Bottom Line

In terms of medium-term trading, tokens with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio are Solana and Ripple.

Many tokens have already broken the bearish trend and are moving up. That may indicate the beginning of the of the crypto market recovery.

In the near future, many tokens will provide excellent opportunities to enter the market with a unique reward / risk ratio.

We used support and resistance levels for the analysis in this market overview.
FYI. We are building an indicator that will automatically plot key levels on all timeframes on all popular tokens..