Crypto Market Analysis Today [2024.07.08]: BTC Downtrend, ETH at Major Support, BNB Key Levels

Hi, Welcome to Crypto Market Analysis Today!

• Bitcoin (BTC): Trending down, currently trading around the $56,500 support level.
• Ethereum (ETH): Trending down, currently at the major support level of $2,800.
• Binance Coin (BNB): Trending down, trading around the $508 support level.
• Dogecoin (DOGE): Entering key support level at $0.10500.
• Chainlink (LINK): Broke below support, potential to keep falling.
• Cardano (ADA): Trending down, currently at major support, high chance to rise but could fall sharply if it breaks below.
• Litecoin (LTC): At major support level of $60, watch for breakouts or reversals.

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

• There are no major events scheduled for today!

BTC

Looking at BTC, it’s trending down and currently trading around the 56500 support level.

Looking at the 1-hour chart, you can see that 54000 is a support level as the price has bounced back twice from there. Currently, the price is at the resistance of 58500 and is pulling back. Since the overall trend is bearish, we can expect the price to drop from this resistance and move towards the 54000 support. However, watch for breakouts in either direction, as they will determine the future trend.

ETH

Looking at ETH, it’s trending down and is currently at the major support level of 2800.

Looking at the 1-hour chart, you can see that the price is bouncing up from the 2900 level and is now at the 3100 resistance. We can expect two scenarios: either the price will break above this level and continue going up, or it will pull back from this level and go down to the support, possibly breaking below that.

BNB

Looking at BNB, it’s trending down and currently trading around the 508 support level.

Looking at the 1-hour chart, you can see the price found support around the 460 level, went up to find resistance around the 540 level, and then pulled back. Now it’s heading towards that resistance again. We can expect two scenarios: if the price breaks above this resistance, it will likely continue going up; or it could pull back from that resistance and return to the support level.

Cryptos to Watch Today

DOGE

DOGE coin is trending down and is entering a key support level at 0.10500. If the price stays below this point for a while, it is likely to drop further. However, watch for reversals around this level; if the price starts to rise, we can expect it to go up.

LINK

LINK is in a similar situation. It broke below the support and then went back up. If the price starts to drop again from this level, we can expect it to keep falling. But if it starts to rise and goes above the resistance indicated on the chart, we can expect the price to keep going up.

ADA

ADA (Cardano) is trending down and is currently at major support, trying to pull back up. Since it’s at support, there’s a high chance the price will start rising. Keep an eye on this. However, if the price breaks below this level, it could fall sharply. We can only confirm an uptrend if the price goes above the 0.5000 range.

LTC

Looking at LTC, it’s at the major support level of 60. We can expect the price to either start going up from this level or break below it and drop further. Watch for both breakout and reversal 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.

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