Some major cryptocurrencies saw minor losses over the daily timeframe, however, most altcoins have shown a sideways movement on their technical analysis charts. Bitcoin’s tight sideways price movement gave its traders no specific buy or sell signal, Binance Coin could experience a breakout and Uniswap could experience increased buying pressure despite a downtrend.
After a week of intense selling pressure, Bitcoin’s price action in the past few days has been directionless and flat. The token price movement was inconclusive as Bitcoin saw bulls and bears push and pull prices up and down for most of July.
At press time, the coin was trading for $ 32,104, down 0.5% over the past 24 hours. The price ranged between $ 33,500 and $ 30,700 resistance levels, and a tiny drop could mean the coin could trade around the $ 30,700 mark.
The Chaikin money flow had mostly stayed below the center line for the past week. The indicator only moved above the mid-line 24 hours ago, but again saw significant capital outflows. The Average direction index was seen below the 20 mark, suggesting that Bitcoin had entered a trendless price movement.
Since Bitcoin prices lacked direction, Great oscillator gave mixed signals as both red and green signal bars were visible on the indicator.
Binance Coin (BNB)
The Binance coin traded near $ 301 and gained a modest 0.2% over the past 24 hours. Market capitalization rose 5.57%. The coin sits between the $ 341 and $ 291 price levels, with mostly sideways movement seen on the charts. If it continues to depreciate, the next level of support for it would be around $ 255.
Bollinger bands showed some pressure suggesting that price volatility has been low but with the coin hovering in a limited range a breakout could be possible. The market seemed bearish as the Great oscillator saw growing red signal bars suggesting the bears were making their way back into the market.
The MACD did not show the start of a bearish signal, but the indicator was responsible for a decline in the green histograms, which means that bullish pressures have subsided and during the immediate trading sessions the bears may be in charge.
Unit exchange (UNI)
Prices of the coin continued to fall after July 8th with no signs of recovery, however the coin has been trading between $ 18.49 and $ 16.58 for the past few days. Uniswap lost 19.6% of its value in the past week.
UNI’s market capitalization fell 10.11% and its trading volume also fell 9.77%. At the moment the token was trading very close to its support level of $ 16.58 and a push would drop it below the $ 15.99 level and stay at that level.
As prices stagnated, buyers found an entry point and the Relative Strength Index registered pressure to buy at the time of going to press. Buyers preceded sellers as the uptrend implies. UNI remained in the downtrend as the Parabolic SAR confirmed the same, its dotted lines overlying the candlesticks.
The Squeeze momentum indicator showed a squeeze with the possibility of a breakout and also a shorting opportunity.