Key Insights: Last week, Bitcoin (BTC) saw red, though the loss was modest, with bullish sentiment creeping into the crypto market.
However, headwinds lingered, with Fed monetary policy, economic uncertainty, and a likely shift in the regulatory landscape testing investor support.
Despite the headwinds, technical indicators are bullish, with the EMAs for BTC, ETH, LDO, MATIC, and SOL all delivering bullish signals.
In the week ending July 17, the total crypto market cap increased for a second consecutive week.On Wednesday, a sharp pickup in investor appetite delivered much-needed support.The broader crypto market had seen deep red on Wednesday before a four-day rally reversed losses from early in the week.
Market reaction to US economic indicators and Fed chatter delivered the broader crypto market moves in the week.
This week, the US economic calendar is on the quieter side.Investors will need to wait until Thursday and Friday for key stats to provide direction.
FOMC members will also be silent, with the Fed now in the blackout period that extends from July 16 to July 28.
The lack of external market forces could see the NASDAQ influence, while network updates from the crypto market will also draw interest.
Amidst the uncertainty and lengthening crypto winter, a number of coins stand out from the pack, with technical indicators delivering bullish signals.
Bitcoin (BTC) Last week, bitcoin fell by 0.26% to end the week at $20,793.
The choppy week saw BTC fall to a Wednesday low of $18,919 before striking a Sunday high of $21,658.
Steering clear of sub-$18,000 and the current year low of $17,601 was the key, though BTC also failed to return to $22,000, last visited on July 8 and June 16 before that.
This week, BTC will likely remain the broader crypto market barometer.
With the Bitcoin Fear & Greed Index sitting deep within the “Extreme Fear” zone, a bitcoin breakout has looked unlikely, with investors locking in profits early to avoid the risk of a slide back to sub-$20,000.
繼續閱讀 However, a BTC move through to $22,000 could shift sentiment and give the bulls a look at $25,000.
At the time of writing, BTC was up 2.39% to $21,289.
BTCUSD Daily Chart 180722 Looking at the 4-hourly chart and the EMAs, the signal was bullish.On Monday, bitcoin moved towards the 200-day EMA, currently at $21,847.
The 50-day EMA converged on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, both positive BTC indicators.
A bullish cross of the 50-day EMA through the 100-day EMA would bring $22,000 into play to give the bulls a run at $25,000.
However, a failed bullish cross would likely see BTC slide back to sub-$20,000 before any meaningful recovery.
BTCUSD 4-Hourly Chart 180722 Ethereum (ETH) Last week, Ethereum rallied by 14.7% to end the week at $1,338.A bearish start to the week saw ETH fall to a Wednesday low of $1,010 before striking a Saturday high of $1,400.
A shift in sentiment towards Fed monetary policy and the US economy supported a breakout from the Wednesday low.
Going into the weekend, updates on the Ethereum Merge delivered a bullish Saturday session, with ETH visiting $1,400 for the first time since June 13.
For Ethereum, news updates on the Merge will remain the key driver though price volatility is unlikely to ease.Ethereum could succumb to crypto market forces should investor appetite wane.
There is also the risk of a retracement to the Wednesday low should developers announce a delay to the September Merge.
At the time of writing, ETH was up 5.31% to $1,409.
ETHUSD Daily Chart 180722 Looking at the 4-hourly chart and the EMAs, the signal was bullish.On Monday, Ethereum broke clear of the 200-day EMA, currently at $1,265, to target a return to $1,500.
The 50-day EMA narrowed to the 200-day EMA, with the 100-day EMA closing in on the 200-day EMA, both positive ETH indicators.
A bullish cross of the 50-day EMA through the 200-day EMA would support a breakout from $1,500 to bring the June high of $1,972 into play.
However, a fallback through the 50-day EMA would likely see ETH retest support at $1,000.
ETHUSD 4-Hourly Chart 180722 Lido DAO (LDO) Last week, LDO surged by 155% to end the week at $1.626.
A bearish start to the week saw LDO fall to a Tuesday low of $0.5709 before striking a Sunday high of $1.832.
LDO enjoyed five bullish sessions in the week, with US inflation and hawkish Fed chatter having a muted impact mid-week.
Progress towards the ETH Merge remained the key driver for LDO.According to Dune Analytics , staking Ether was on the rise, driving LDO towards $2.00 levels.
The LDO correlation with ETH leaves LDO in the hands of ETH price action, which hinges on Merge updates.However, staking figures will also draw investor interest in the week.
At the time of writing, LDO was up 5.16% to $1.7215.
LDOUSD Daily Chart 180722 Looking at the 4-hourly chart and the EMAs, the signal was bullish.On Monday, LDO continued to move clear of the 50-day EMA, currently at $1.0649 to target a return to $2.00.
The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive LDO indicators.
A further widening of the 100-day EMA from the 200-day EMA would support the continued run to $2.00.However, LDO should avoid sub-$1.50 and the 50-day EMA to support the current bullish trend.
LDOUSD 4-Hourly Chart 180722 Polygon (MATIC) Last week, MATIC jumped by 31.8% to end the week at $0.7525.Tracking the broader crypto market, MATIC fell to a Wednesday low of $0.5212 before striking a Sunday high of $0.7891.
While succumbing to crypto market forces early in the week, MATIC bucked the broader market trend through the second half of the week.
While finding the support of the broader market, news of Walt Disney ( DIS ) selecting Polygon to join the 2022 Disney Accelerator put MATIC front and center.
In the week ahead, MATIC should continue to find strong support, though downside risks remain.
A broad-based crypto sell-off could test investor support should fears of a US economic recession resurface.However, technical indicators signal a bullish trend formation, which should support a MATIC return to $1.00.
At the time of writing, MATIC was up 6.27% to $0.7997.
MATICUSD Daily Chart 180722 Looking at the 4-hourly chart and the EMAs, the signal was bullish.
On Monday, MATIC continued to move clear of the 50-day EMA, currently at $0.6675, to target a return to $1.00.
The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive MATIC indicators.
A further widening of the 100-day EMA from the 200-day EMA would support the continued run to $1.00.However, MATIC will need to avoid sub-$0.70 and the 50-day EMA to support the current bullish trend.
MATICUSD 4-Hourly Chart 180722 Solana (SOL) Last week, SOL rose by 5.35% to end the week at $38.62.Tracking the broader crypto market, SOL fell to a Wednesday low of $31.85 before striking a Sunday high of $41.07.
A bearish Sunday afternoon session left SOL at sub-$40 and with a relatively modest weekly gain.
While steering clear of sub-$30 and the current year low of $25.84 was key, SOL also failed to hold onto the $40 handle.
SOL tracked the broader crypto market through the week, with news of Solana Mobile inviting pre-orders for the SAGA phone adding to the upside.
SAGA pre-order numbers, project news updates from the Solana ecosystem, and the NFT news will need to support a breakout from current levels.
This week, SOL will likely continue to track bitcoin and the broader crypto market.However, technical indicators signal a bullish trend formation, which could give SOL a run at $50.
At the time of writing, SOL was up 5.02% to $40.56.
SOLUSD Daily Chart 180722 Looking at the 4-hourly chart and the EMAs, the signal was bullish.On Monday, Solana broke clear of the 200-day EMA, currently at $37.69.
The 50-day EMA pulled away from the 100-day EMA and narrowed to the 200-day EMA, both positive SOL indicators.
A bullish cross of the 50-day EMA through the 200-day EMA would bring $45 into play to give the bulls a run at $50.
However, a fall through the 200-day EMA would bring sub-$35 back into play.
SOLUSD 4-Hourly Chart 180722 This article was originally posted on FX Empire
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