Bitcoin & AltCoins price Analysis

Bitcoin price is likely to be creating an inverse head and shoulders reversal pattern. Chart indicators of other altcoins such as Ethereum, Ripple and Bitcoin Cash show a crucial bullish trend line. Let's have a look at changes in price of coins on July 5.

BCH/USD

The downtrend is more likely to carry on than to reverse as the 100 SMA is still below the longer-term 200 SMA. The price broke the past 100 SMA dynamic inflection point, which indicates bullish momentum but still hitting resistance at the 200 SMA dynamic inflection point. The price could fall back to the lows at $5,800 or the near-term area of interest at $6,200 if the bears keep holding it there.

If the $6,000 to $6,200 area is able to keep losses at bay, bitcoin price could complete the right shoulder of its inverse head and shoulders pattern. Uptrend can be confirmed if the bulls push the price above the neckline at $6,800.

RSI is heading south so bitcoin price might follow suit while the bears have the upper hand. Stochastic also has room to fall before hitting oversold levels and signaling a return in buying pressure.

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The price is still stalling on its potential reversal as it tests another area of interest.
A new reversal pattern that could turn out to be an inverse head and shoulders appears to be forming.
Before trying to break the neckline, the price might form a shoulder by dropping back to $6,000.
BCH/USD

The price failed to sustain above the $760, the BCH/USD pair initiated a downside move and declined below the $750 support. It is even close below the $750 pivot level and the 100 hourly simple moving average, which are negative signs as the bulls are struggling to push the price above $770.

The hourly chart of the BCH/USD pair shows a break below a key bullish trendline with support at $748. The pair traded close to the $720 support and is currently trading in a range. It recently experienced the 23.6% Fib retracement level of the last drop from the $810 high to $716 low. However, a bearish trend line is in place with resistance at $750. Therefore, the bulls have to break above the $750 level to start a recovery.

The bulls must hold above the $720 support, if they fail then the price may drop towards the $700 level in the near term. On the upside, above $750, the next hurdle is at $770 and the 100 hourly SMA.

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The bulls failed to sustain above the $760 support and declined against the US Dollar.
The hourly chart of the BCH/USD pair shows a break below a key bullish trendline with support at $748.
The price is currently trading at $720 support, and the bulls are struggling to gain upside momentum.
ETH/USD

The price moves above the $455 mark. The ETH/USD pair tested the $476-480 resistance zone where it faced sellers. Ethereum price dropped and was traded towards the $455-460 support area. The price remains supported as the bulls successfully protect from more declines below $458. The recent low was $458.29 and the price is currently moving higher.

The cryptocurrency is trading above the 23.6% Fib retracement level of the last decline from the $483 high to the $458 low. The price is slightly in the bullish zone above $465 and the 100 hourly simple moving average. An initial resistance on the upside is near the $470 level. The next resistance is the 50% Fib retracement level of the last decline from the $483 high to the $458 low at $471.

If the bulls successfully push the price above this level, it could bounce towards the $478 resistance. To gain traction, the price has to break above the $478-480 resistance zone. The hourly chart of the ETH/USD pair indicated a crucial bullish trend line with support at $458. The price is trading above the $458 support area. There is also a risk of a decline below the trend line and the $455 in the near term.

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The price stayed above the $458-460 support zone against the US Dollar.
The hourly chart of the ETH/USD pair indicated a crucial bullish trend line with support at $4