![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/69058b76-7bae-4b6c-9dcf-9a92b7f097c8.png\")
The major question in every investor\u2019s mind is whether the correction is over or whether Bitcoin will fall further. While it is difficult to state with certainty, some analysts believe a bottom may be near. Analysts from the Bitfinex exchange said in their July 8 report that Bitcoin may have formed a local bottom.<\/p>\n
Will the Bitcoin bulls prevent a drop to $50,000? Will altcoins start a recovery? Let\u2019s analyze the charts to better understand the current technicals in play.<\/p>\n
S&P 500 Index price analysis<\/h2>\n
The S&P 500 Index is in a strong uptrend. It has consistently been making a new all-time high, indicating that the bulls are firmly in the driver\u2019s seat.<\/p>\n A minor negative in the near term is that the relative strength index (RSI) has risen into the overbought territory, suggesting a minor correction or consolidation could be around the corner. The 20-day exponential moving average (5,461) will likely be a strong support. If the price rebounds off the 20-day EMA, the index may reach 5,750 and then 6,000.<\/p>\n Bears must quickly yank the price below the 20-day EMA if they want to prevent the upside. If they do that, it may tempt the short-term bulls to book profits. The increased selling pressure may sink the index to the 50-day simple moving average (5,320).<\/p>\n The bulls tried to maintain the U.S. Dollar Index (DXY) above the 105.74 resistance, but the bears had other plans.<\/p>\n Strong selling pulled the price below the 20-day EMA (105) on July 3. That encouraged the bears to maintain their pressure, and the index slipped below the 50-day SMA (105) on July 5. This suggests that the bulls are losing their grip.<\/p>\n The bears will try to strengthen their position further by pulling the price to the crucial support at 104. Buyers are expected to guard this level with vigor. If the price bounces off 104, the index may consolidate between 104 and 106 for a while.<\/p>\n Bitcoin closed below the $56,552 support on July 7, but the bears could not maintain the momentum and sink the price below $53,485.<\/p>\n The tail on the July 8 candlestick shows that the bulls are aggressively defending the zone between $56,552 and $53,485. The BTC\/USDT pair could rise to the 20-day EMA ($60,625), an important resistance to watch out for.<\/p>\n If the price breaks down sharply from the 20-day EMA, it will indicate that the sentiment remains negative and traders are selling on rallies. That will put the $53,485 support at risk of breaking down. The next support on the downside is at $50,000.<\/p>\n On the other hand, if buyers kick the price above the 20-day EMA, it will suggest that the pair may swing inside the $53,485 to $73,777 range for a few more days.<\/p>\n Ether (ETH) has fallen to the solid support of $2,850 for the second time within the past four days, indicating intense selling pressure from the bears.<\/p>\n If the $2,850 support cracks, the selling may increase, and the ETH\/USDT pair could start a down-move to $2,200. The bulls are expected to vigorously defend this level.<\/p>\n Alternatively, if the price bounces off the current level and rises above $3,110, it will signal the start of a relief rally to the 20-day EMA ($3,272). This is an important level for the bears to defend because a break above it will signal that the pair may continue to trade inside the large range between $2,850 and $4,094 for some more time.<\/p>\n The bears are trying to start a new downtrend by pulling BNB (BNB) below $460, but the bulls are attempting to hold on to the support.<\/p>\n Buyers must push and maintain the price above the 20-day EMA ($553) to suggest that the pullback may be over. The BNB\/USDT pair could then attempt a rally to the 50-day SMA ($597).<\/p>\n Contrary to this assumption, if the price turns down from the current level or the 20-day EMA and breaks below $460, it will signal the start of a deeper correction. The pair may plummet to $400 and subsequently to $360.<\/p>\n Solana (SOL) has been forming a descending triangle pattern, which will complete on a break and close below $116.<\/p>\n The downsloping moving averages suggest that the bears have the edge, but the positive divergence on the RSI suggests that the bulls are attempting a comeback. The first sign of strength will be a break and close above the moving averages. That could open the doors for a rally to the downtrend line.<\/p>\n The bears are likely to have other plans. They will try to yank the price below $116 and complete the bearish setup. If they manage to do that, the SOL\/USDT pair could tumble to $100 and then to $80.<\/p>\n XRP\u2019s (XRP) recovery fizzled out at $0.45 on July 6, suggesting that demand dries up at higher levels.<\/p>\n The price has reached near-solid support at $0.41. If the price turns up from the current level, it will signal that the bulls are fiercely defending the $0.41 support. The bulls will then make one more attempt to clear the overhead hurdle at $0.46.<\/p>\n On the downside, if the $0.41 level crumbles, the XRP\/USDT pair may retest the July 5 low of $0.38. The bulls need to protect this level because if it breaks down, the next stop is likely to be $0.30.<\/p>\n Toncoin (TON) has been consolidating in an uptrend. The price is stuck between $6.77 and $8.29 for the past few days.<\/p>\n The TON\/USDT pair started a solid recovery from $6.36 on July 5, which met with strong selling pressure near the 20-day EMA ($7.42). This indicates that the bears are active at higher levels.<\/p>\n The bulls are unlikely to give up the $6.77 to $6.36 support zone without putting up a fight. If the price rebounds off this zone and rises above the 20-day EMA, the bulls will again try to push the pair toward the resistance of the range.<\/p>\n Dogecoin\u2019s (DOGE) relief rally could not even reach the breakdown level of $0.12, indicating that the bears are selling on every minor rise.<\/p>\n The bulls are expected to defend the zone between $0.10 and $0.08 with vigor because if this zone gives way, the DOGE\/USDT pair may plunge to $0.06. The deeper the fall, the longer it will take for the next rally to begin.<\/p>\n If the price rises from the current level, the bears will try to halt the recovery at $0.12. If buyers overcome this barrier, the pair may rally to the 50-day SMA ($0.14), signaling a potential trend change in the near term.<\/p>\n Cardano (ADA) has been falling inside a descending channel pattern for several days, indicating that the bears are selling on rallies.<\/p>\n The downsloping moving averages indicate an advantage to bears, but the positive divergence on the RSI suggests that the selling pressure could be reduced. The bulls will again try to push the price toward the channel\u2019s resistance line. A break and close above the channel will suggest the start of a robust recovery.<\/p>\n Instead, if the price turns down and breaks below the channel, it will indicate an increase in bearish momentum. The ADA\/USDT pair may then drop to $0.25.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n Check other news for today<\/span> and Please stand by..<\/p>\n *********************************<\/p>\n If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n *********************************<\/p>\n Be the first to get most important HYIP news everyday! If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/56440501-4fff-4114-9ec7-7e91ac37f053.png\")
U.S. Dollar Index price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/e81a6055-beff-499d-8335-79627cb65002.png\")
Bitcoin price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/3415cbc4-6d9d-4bb7-bd5e-e576972762d2.png\")
Ether price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/c7ab40a4-feaa-4766-842c-5d120ed1c9db.png\")
BNB price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/8d1c1566-c6ad-40b4-8577-d1c160b8cd74.png\")
Solana price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/95425d27-e637-4ed2-aedb-d106c8b179f0.png\")
XRP price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/fc34ab32-075b-4329-a7bc-f9fb1d6b56ef.png\")
Toncoin price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/57201d0e-81d4-417f-baa1-02d87cf5bd71.png\")
Dogecoin price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/ec120f32-2dee-47f3-b8eb-c289e9e5d8b5.png\")
Cardano price analysis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-07\/55fbd08b-efae-46aa-bc89-0d2efce7327b.png\")
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