Bitcoin (BTC) tried to shake off the boring sideways price action following Ripple’s legal victory over the SEC on July 13, but the enthusiasm proved short-lived. On July 14, sellers pulled prices back into the range, suggesting they remained active at higher levels. However, in a positive sign, the bulls are keeping the price of Bitcoin above $30,000.

Market watchers are expected to closely monitor the review process for various exchange-traded fund (ETF) proposals for spot bitcoin ETFs, one of the most prominent being that of BlackRock. Interestingly, only one of BlackRock’s 550 ETF applications was rejected, according to Bloomberg Intelligence’s Eric Balchunas and James Seyffart.

Cryptocurrency market data viewed daily. source: Coin 360

Even as Bitcoin is consolidating, waiting for the next catalyst, some altcoins have seen strong buying. This has brought Bitcoin’s market dominance below 50%, suggesting that the focus may shift to altcoins in the short term.

Can Bitcoin start a trend move in the short term, or will it continue to stay in a range? Which altcoins look strong on the charts? Let’s examine the charts of the top five cryptocurrencies that are likely to catch the attention of traders in the coming days.

Bitcoin Price Analysis

Bitcoin closed above $31,000 on July 13, but this proved to be a bull trap as bears pulled the price back below July 14 levels. This suggests that the bears are fiercely defending the area between $31,000 and $32,400.

BTC/USDT daily chart. Source: TradingView

The price action of the past few days has formed a bearish divergence on the relative strength index (RSI). This indicates weakening bullish momentum. The bears will attempt to extend their advantage by pulling the price below the 20-day exponential moving average ($30,187). If they succeed in doing so, the BTC/USDT pair could drop to the 50-day simple moving average ($28,631).

If the bulls want to arrest the decline, they will have to push the price quickly and sustain it above $31,000. The pair could then climb to $32,400. A breakout and close above this level would clear the way for a potential move up to $40,000 as there is no major resistance in between.

BTC/USDT four-hour chart. Source: TradingView

The pair has fallen below the moving averages on the four-hour chart, indicating that demand at higher levels has dried up. The bears must sink and sustain the price below $29,500 to start a deeper correction. The pair could then plunge to $27,500.

Alternatively, the bulls must push and sustain the price above $31,000 to start a move up to $32,400. If the price turns down from $32,400 but rebounds from $31,000, it will indicate that the bulls have turned this level into support. The pair may then start a rally towards $40,000.

Uniswap Price Analysis

Uniswap (UNI) has been finding support at the 20-day EMA ($5.41) during the pullback, indicating that sentiment has turned positive and traders are buying on dips.

UNI/USDT daily chart. Source: TradingView

The bulls will attempt to buy on dips and push the price above the immediate resistance at $6.16. If they are successful, the UNI/USDT pair could rise to $6.50. This level may act as a strong resistance again, but if the bulls do not give up too much ground, the pair may reach $6.70.

An important support to watch on the downside is the 20-day moving average. A break and close below this level would indicate that the bears are back in the game. The pair could then drop to the 50-day moving average ($5) and then to the key support at $4.72.

UNI/USDT four-hour chart. Source: TradingView

The correction on the four-hour chart has touched the 20-day moving average. This is the first important support to watch out for. If the price bounces off this level, the pair could retest the overhead resistance at $6.17. Above this level, the pair may climb to the resistance line of the ascending channel.

Conversely, if the price breaks below the 20-day EMA, it would suggest that short-term traders may be taking profits. This could pull the price down to the support line of the channel. If this level breaks down, the pair could drop to $5.08.

Decision price analysis

Arbitrum (ARB) broke out and closed above a symmetrical triangle pattern on July 15, showing that the bulls have overwhelmed the bears.

ARB/USDT daily chart. Source: TradingView

The 20-day EMA ($1.16) has risen and the RSI has reached near overbought territory, suggesting that the path of least resistance is to the upside. There is a minor resistance at $1.36, but if this level is breached, the ARB/USDT pair could surge to $1.50. This level may again pose a strong challenge, but if the bulls overcome this level, the rally may extend to $1.70.

This positive view will be invalidated in the short-term if the price turns lower and breaks below the support line of the triangle. This could trap some aggressive bulls, leading to a sharp drop to $0.90.

ARB/USDT four-hour chart. Source: TradingView

The bulls managed to retest the breakout level of the symmetrical triangle, suggesting that lower levels are attracting buyers. The bulls will attempt to consolidate this strength by pushing the price above $1.36. If they succeed, the duo could gain momentum.

Conversely, if the price turns down from the current levels or $1.36, the bulls will make another attempt to drag the pair back into the triangle. If they do, it would suggest that the recent breakout may have been a bull trap. The pair could then drop to the 50-day moving average and then to the support line of the triangle.

related: Buying the dip?Record 3.8% Bitcoin supply last moved to $30,200

AAVE price analysis

Aave (AAVE) broke out and closed above a descending channel pattern on July 3. The bulls managed to retest the breakout level on July 6th and July 10th. This shows that the bulls have flipped the resistance line into support.

AAVE/USDT daily chart. Source: TradingView

The rising 20-day EMA ($72) and the RSI in positive territory suggest that the bulls are in command. A recovery from current levels or a bounce off the 20-day EMA would enhance the outlook for a rally above $84.50. Subsequently, the AAVE/USDT pair may rally towards $95.

Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it will indicate that the bulls may lose control. Then, the bears will again attempt to pull the price back into the descending channel.

AAVE/USDT four-hour chart. Source: TradingView

The four-hour chart shows that bulls pushed the price above resistance at $84.50 but failed to sustain the breakout. The bears sold higher and pulled the price back below the 20-day moving average.

Both moving averages have flattened out and the RSI is near the midpoint, suggesting a balance between supply and demand.

The advantage could turn to the bears if the price breaks below the 50-day moving average. The pair could then drop to $68. The advantage will turn in favor of the bulls if they sustain the price above $84.50.

Manufacturer price analysis

Maker (MKR) broke above the downtrend line on July 2 and successfully retested this level on July 14. A bounce off this support suggests strong demand at lower levels.

MKR/USDT daily chart. Source: TradingView

The rising 20-day EMA ($878) and the positive RSI suggest that the bulls are in control. Buyers are attempting to resume the upward momentum but may face stiff resistance near $1,100. If the bulls clear this hurdle, the MKR/USDT pair could surge towards $1,200.

Conversely, if the price turns down from $1,080, it will suggest that the bears continue to sell into rallies. The pair may then drop to the 20-day moving average. A break below this level will indicate that the bears are attempting a comeback.

MKR/USDT four-hour chart. Source: TradingView

The four-hour chart shows that the bulls have pushed the price above the resistance line, suggesting that the short-term pullback may be over. The price could drop to the resistance line, which is an important level to watch.

A strong bounce off this level will indicate that the bulls have turned a resistance line into a support line. This will increase the possibility of a break above $1,080.

This positive view could be invalidated in the short-term if the price breaks below the moving averages. This could take the pair down to $831.