Crypto Market Analysis Today [2024.07.05]: BTC, ETH, BNB, SOL, DOT, and VET Key Trends and Critical Levels to Watch

Hello there, Welcome to Crypto Market Analysis Today!

• Bitcoin (BTC): Trending down, broke support at 56,500. Next support at 50,000.
• Ethereum (ETH): Pulled back from major support at 2800. Watch for breakouts.
• Binance Coin (BNB): Trending down, broke support at 508. Resistance at 500, support at 325.

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

11:00 AM ET: The US Fed Monetary Policy Report will be released. This event isn’t expected to cause much market volatility since it mainly summarizes previous reports. However, it’s still worth keeping an eye on.

BTC

Looking at BTC, it’s trending down and has broken the support level around 56,500. The next support is around 50,000.

Looking at the 1-hour chart, you can see a small support around 54,000. The price is pulling back up, facing resistance there. If it breaks above that resistance, the price might go up. However, it’s more likely to pull back down from that level, break below 54,000, and head toward 50,000.

ETH

Looking at ETH, it hit the major support level around 2800 and pulled back.

Looking at the 1-hour chart, you can see the price pulling back up from the 2800 range. We can expect it to either go back up and continue its consolidation phase or break below this level and keep dropping. So, watch out for breakouts.

BNB

Looking at BNB, it’s trending down and has broken the major support level around 508.

Looking at the 1-hour chart, the price is pulling back up from the 450 level. There is resistance around 500, and we can expect the price to reach that resistance and then pull back down to 325. If the price goes above 500, the trend might be changing.

Cryptos to Watch Today

SOL

Looking at SOL, it’s pulling back up from the 124 support level and heading towards 136. We can expect a pullback at 136 or it could break above that level and continue going up. Wait for either a breakout or reversal signal before taking any positions.

DOT

Looking at DOT, it’s around its major support level at 5.000 and is pulling back up. We can expect the price to start rising from this level, or it could break below this support and continue dropping. So, watch out for breakouts.

VET

The same story applies to VET. It’s around the major support level at 0.02000. We can expect the price to pull back and start going up from this level, or it could break below this support and continue dropping. So, watch out for breakouts.

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.

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