Crypto Market Analysis Today [2024.07.11]: US CPI Data Impact on BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX

Hello, Welcome to Crypto Market Analysis Today!

• Bitcoin (BTC): Dropping back from the $54,000 support level.
• Ethereum (ETH): Bouncing back up from the $2800 support level.
• Binance Coin (BNB): Pulled back from the $440 level and is currently trading above $500.

Key Events Today

These events encompass important global news that could affect cryptocurrency market, macroeconomic reports, and economic indicators. For more details, you can check the CoinMarketCal & Crypto Craft

8:30 AM ET: US CPI data coming out, which could cause voltility in crypto market as well.

BTC

Looking at BTC, it’s dropping back from the $54,000 support level.

On the 1-hour chart, you can see that the price is trending up from the support level. It broke a resistance level and is now heading for the next resistance. We could expect a pullback there, or it might break above that resistance and continue to rise.

ETH

Looking at ETH, the price is bouncing back up from the $2800 support level.

On the 1-hour chart, the price broke above the resistance and is now heading for the next one. We might see a pullback there, or the price could keep going up and break that resistance too.

BNB

Looking at BNB, it pulled back from the $440 level and is currently trading above $500.

On the 1-hour chart, the price is above the $530 resistance. We can expect it to keep going up to the major resistance level of $635, but there may be corrections along the way.

Cryptos to Watch Today

Solana (SOL):

Looking at Solana, it’s bouncing back up from the major support level of $120. We can expect the price to either stay within this support and resistance level or break above the resistance and continue rising.

XRP (Ripple):

Looking at Ripple, it’s trading at its lowest levels and has broken the major support. It might drop further, but keep an eye on it. If the price moves back above the support line, it could go up. If you are holding XRP, be cautious.

Cardano (ADA):

Cardano is also trending down, but it’s trying to pull back from the support. There’s a resistance level ahead. If the price breaks above this level, we can expect it to go up. Watch out for a breakout.

Dogecoin (DOGE):

Doge coin is sitting around the major support level of $0.10000. We can expect the price to either start going up from this level or break below it and drop further. So, watch out for both reversal and breakout signals.

Avalanche (AVAX):

The same story with Avalanche, too. It’s sitting around the $25 support level. We can expect the price to go up from here, or it could break below and drop further. So, watch out for both reversal and breakout signals.

Conclusion & Disclaimer

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These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK✌!!!