Crypto Market Analysis Today [2024.07.10]: Fed Testimony’s Impact on BTC, ETH, BNB, ADA, and STX

Hi, Welcome to crypto market analysis today!

• Bitcoin (BTC): Trending down, pulled back from $54,000. On the 1-hour chart, expect a pullback around $60,000 or a rise if resistance breaks.
• Ethereum (ETH): Consolidating around $2,800 support. On the 1-hour chart, nearing resistance. Watch for a pullback or breakout.
• Binance Coin (BNB): Broke below support, rebounded. Downtrend likely but not confirmed. Approaching resistance; watch for a rise or drop to $510.
• Cardano (ADA): Trending up, likely to continue. Key level: $0.4200.
• Stacks (STX): At major support. Likely to bounce back up. Watch for reversal or breakout.

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

• 10:00 AM ET: US Fed Chair Powell testifies about the Semi-Annual Monetary Policy Report before the House Financial Services Committee in Washington DC. The Q&A part of this session can make markets volatile.

BTC

Looking at BTC, it’s trending down and recently pulled back from 54,000.

Looking at the 1-hour chart, the price is trending up. If this trend continues, we can expect a pullback around 60,000. If the price breaks above this resistance, we can expect it to keep going up.

ETH

Looking at ETH, the price is mostly consolidating around the major support level of 2800.

Looking at the 1-hour chart, the price is nearing a resistance level. We might see a pullback there, or the price could break above and continue going up.

BNB

Looking at BNB, the price broke below the major support but quickly rebounded back above it. Overall, it appears to be in a downtrend, but we can’t confirm that yet.

Looking at the 1-hour chart, you can see the price approaching resistance. If it breaks above this level, we could see the price rise. However, if it reverses from this point, we might expect it to drop to the 510 level. If that level is also broken, it could fall further to 460.

Cryptos to Watch Today

ADA

Looking at Cardano, it’s trending up, and there’s a wedge pattern visible, indicating uncertainty in direction. Once the price breaks its support or resistance, we can confirm the trend, but it’s likely to continue upward. The key level for ADA is 0.4200.

STXS

Looking at Stacks, it’s currently at its major support level. If the price breaks below this level, we can expect it to drop further. However, it’s more likely that the price will bounce back up from this level and continue its upward trend. So, watch for both reversal and breakout patterns.

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.

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