Price analysis 7/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

cointelegraph.com:

Bitcoin (BTC) rallied to the 200-week moving average on July 8, a level that could act as a battleground between the bulls and the bears. Several analysts are watching this level because a break and close above it could be the first sign that the bear market may be ending.

Bloomberg senior commodity strategist Mike McGlone said that Bitcoin’s 50-week and 100-week moving averages are showing similar signs as made before the 2018 bear market bottom. Therefore, McGlone expects Bitcoin to give a strong rebound in the second half of 2022.

Another positive sign is that Bitcoin rose above $22,000 on July 8 even as the United States dollar index (DXY) continued its northward march. This suggests that the strong inverse correlation between Bitcoin and the DXY may be starting to weaken.

Could Bitcoin extend its recovery pulling the crypto markets higher? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin broke above the resistance line of the symmetrical triangle and the 20-day exponential moving average ($21,233) on July 7, indicating that bulls are making a comeback.

The flattening 20-day EMA and the relative strength index (RSI) just below the midpoint suggest that the selling pressure may be reducing.

If the price rebounds off the current level or the breakout level from the triangle, it will suggest that the sentiment has turned positive and traders are buying the dips. That could increase the possibility of a rally to the 50-day simple moving average ($25,015) and then to the pattern target at $26,490.

This positive view could invalidate in the short term if the price breaks back below the 20-day EMA and re-enters the triangle. That will indicate aggressive selling by the bears at higher levels. The pair