Bitcoin (BTC) is struggling to climb above the overhead resistance at $31,000, but a minor positive is that the bulls have not allowed the price to sink below the $29,500 support. This suggests that a catalyst may be needed to propel the price out of its range.

On the macroeconomic front, the Federal Reserve meeting on July 25 and 26 are key events to watch. The Fedwatch tool shows a 99.2% chance of a 25 basis point rate hike at the meeting. If this happens, no quick reaction can be seen in the market as the price seems to have taken a hike. However, any surprise move by the Fed could push the price out of bounds.

Many analysts expect the range to be broken soon, but there is no consensus on the direction of the breakout. If the price breaks below the range, the analyst expects a significant decline. Some are even predicting a drop towards $20,000.

If bitcoin moves up, select altcoins may attract buyers. Let us study the charts of the top five cryptocurrencies that could turn positive in the coming days.

bitcoin price analysis

Bitcoin has been holding below the 20-day exponential moving average ($30,036) for the past few days, but a positive sign is that the bears have not been able to push the price lower to the 50-day simple moving average ($28,979).

This shows that the bulls have not given up and are buying every minor dip. The repeated failure of the bears to drag the BTC/USDT pair lower may attract buyers.

If the price breaks above the 20-day EMA, the pair is likely to accelerate towards the overhead resistance at $31,000. An upward charge above the $31,000 to $32,400 area could pave the way for a potential rally towards $40,000.

On the other hand, if the price turns down and breaks below the 50-day SMA, it will signal that the bears are making a comeback. Then the pair could decline towards the $24,800 support.

The moving averages on the four-hours chart are flattening out and the relative strength index (RSI) has risen towards the mid-point, indicating that the range-bound action may continue for some more time.

If the bulls propel the price above the 50-day SMA, the pair may attempt a rally towards $30,500 and then $31,000. An important support worth watching on the downside is $29,500. If this level declines, the pair may decline to $27,500.

chainlink price analysis

Chainlink (LINK) has been trading in a wide range between $5.50 and $9.50 for the past several months. The bears dragged the price below the range on June 10, but could not extend the gains further.

The bulls pushed the price back into the range of June 21 and are currently attempting to move the LINK/USDT pair towards the overhead resistance at $9.50. Both the moving averages are rising and the RSI is in the positive zone, which shows that the bulls are in control.

The bears will try to stop the rise in the area between $8.50 and $8.80, but if the buyers push their way in, the pair could continue to rise towards $9.50. Important support to watch on the downside is $7.50 and then the 20-day EMA ($7.05).

The correction has reached the 20-day EMA on the four-hours chart, which is an important level to watch. If the price recovers strongly from the 20-day EMA, the pair could rise to $8.46. A break above this level would signal the resumption of the uptrend. The pair could then reach $8.80.

This positive outlook will be negated in the near term if the price turns down and breaks below the 20-day EMA. This could prompt short-term bulls to book profits, which could lead the price to the 50-day SMA and subsequently to $6.50.

filecoin price analysis

Filecoin (FIL) is attempting to form an inverse head and shoulders pattern, which will complete on a break and close above the neckline.

The 20-day EMA ($4.36) has started a gradual upward move, and the RSI is in positive territory, indicating that the path of least resistance is to the upside. If buyers hold the price above the neckline, the FIL/USDT pair could attempt a rally towards $6.50 and eventually to the pattern target of $7.30.

Conversely, if the price turns sharply below the Neckline and breaks below the 50-day SMA ($4.12), it would suggest that the bulls have lost their grip. The pair could then decline to $3.50 and later to $3.29.

The 20-day EMA is trending upward on the four-hours chart and the RSI is in the positive zone, indicating that the bulls have the upper hand. There is a minor resistance at $4.74, but if this level is crossed, the pair could retest the neckline.

The bears are expected to aggressively defend this level, but if the bulls do not allow the price to break below the 20-day EMA, the chances of a rally above the neckline increase.

Alternatively, if the price turns down and breaks below the 50-day SMA, it would suggest that the bears are selling on rallies. This could drag the pair to $4.14.

Connected: Impact? Stellar (XLM) is gaining in XRP price

Synthetix Price Analysis

Synthetix (SNX) is attempting to break out of the basing pattern, but the bulls are facing solid resistance in the area between $3.40 and $3.56.

During the pullback, the bulls did not allow the price to drop below the 20-day EMA ($2.56), which is a positive sign. This shows that the dips are being bought. The buyers will again attempt to clear the overhead zone. If they can overcome this, the SNX/USDT pair could start a rally till the next resistance at $4.50.

The bears are likely to have other plans. They will try to stop the relief rally in the overhead zone and push the price below the 20-day EMA. If they do, the pair could drop to the 50-day SMA ($2.19).

The four-hours chart shows that the bears have dragged the price below the 20-day EMA, but the bulls are trying to defend the 50-day SMA. This suggests that the lower levels will continue to attract buyers.

If the bulls propel the price above $3.15, the momentum could pick up and the pair could reclaim the $3.30 resistance. This is an important level to watch because if it gives way, the pair could resume the next phase of the upward move and reach $3.82.

If the bears want to stop the rally, they will have to bring the price below the moving averages. The pair could then drop to $2.52.

theta network price analysis

Theta Network (THETA) recovery is facing selling near the 38.2% Fibonacci retracement level of $0.83.

However, a positive sign in favor of the bulls is that they have not allowed the price to sustain below the 20-day EMA ($0.77). This suggests that the sentiment is turning positive and traders are buying on the downside.

A break and close above $0.83 could open the way to the 50% retracement level of $0.91 and, thereafter, the 61.8% retracement level of $0.99.

This positive outlook will be invalidated if the price turns down and breaks below the moving averages. The THETA/USDT pair could then decline to $0.66.

The four-hour chart shows that the price is trading inside an ascending channel pattern. The bulls are trying to stop the pullback at the moving averages and resume the up-move. Normally, in a channel, the price bounces off the support and reaches the resistance.

If the price sustains above the 20-day EMA, the bulls will attempt to propel the pair above $0.85. If they succeed, the pair could climb up to the resistance of the channel near $0.90.

Conversely, if the price breaks below the 50-day SMA, the bears will try to drag the pair towards the support channel. A break below this level could tilt the short-term gains in favor of the bears.