Bitcoin (Bitcoin) Made a strong comeback in July and is on track for the highest monthly rise since October 2021. Due to the rapid recovery of Bitcoin and some altcoins, the cryptocurrency horror and desire index on July 30 was 42/100. Highest level since April 6th.
Investors seem to be making the most of Bitcoin’s depressed levels. According to data from on-chain analytics firm Glassnode: Bitcoin in exchange wallets falls It decreased from 3.15 million Bitcoins in March 2020 to 2.4 million Bitcoins in July. This puts the index at his lowest level since July 2018.
Mike McGrone, senior commodity strategist at Bloomberg Intelligence, said the Federal Reserve has instructed the Federal Reserve to consider raising rates at a “meeting-by-meeting” meeting. Bitcoin outperforms most assetsHe said Bitcoin’s “risk vs. rewards leaned in favor of one of the largest bull markets in history.”
Could Bitcoin extend its recovery in the short term, which could trigger buying of selected altcoins? Let’s examine the chart of the top 5 cryptocurrencies that may outperform in the short term.
BTC / USDT
Attempts by the bulls to maintain prices above $ 24,276 have failed over the past two days, demonstrating that the bears are gaining momentum to maintain this level. But the minor positive is that the bulls haven’t made concessions to the bears.

This indicates that the bulls are not rushing to secure profits as they expect to break through the resistance directly above. If the price breaks above $ 24,276 and reaches the closing price, the BTC / USDT pair could gain momentum and rise towards $ 28,171. This level could act as a resistance, but if the bulls overcome the barrier, the next stop could be his $ 32,000.
The rising 20-day exponential moving average ($22,480) and the Relative Strength Index (RSI) in positive territory show that the bulls have the upper hand.
To negate this bullish view in the short term, bears need to sink prices below the EMA for 20 days. This could pave the way for a drop to the 50-day MA ($ 21,386) and then to the support line. Below this level, it indicates that the bear is in command again.

The 4-hour chart shows that the bulls pushed the price above the overhead resistance of $24,276 but failed to form a breakout. The bears have pulled the price back below the levels but are struggling to sink the pair below his 20-EMA, which shows that the bulls are buying in the dip.
If the price bounces off the current levels, the bulls will seize another chance in the overhead zone between $24,276 and $24,668. If this zone narrows, the bullish momentum could accelerate further, and conversely, if the bears break below his 20-EMA, the pair could drop to his 50-SMA.
BNB/USDT
Binance Coin (BNB) above the downtrend line on July 28, indicating a potential trend change. The uptrend is facing resistance near the $300 psychological level, but a positive sign is that buyers aren’t giving up much ground. This suggests the Bulls are in no rush to book profits.

The uptrend 20-day EMA ($ 263) and RSI in the positive territory show that the path with the least resistance is up. If the buyer pushes the price above $ 300, the BNB / USDT pair could resume its uptrend towards $ 350 overhead resistance.
Alternatively, if the price falls below $ 285, the pair could fall to the downtrend line. The 20-day EMA is located near this level, which is an important support to note. If the bears fall below his 20-day EMA, the pair could fall to his 50-day SMA ($ 239).

The pair has turned down from the overhead resistance of $300, but the bulls are trying to defend the 20-EMA. This shows a buy on the dip. The bulls may try to push the price above $300 again. If it does, the uptrend could resume. The pair can move up to $311 and then to $322.
This positive view may be invalidated in the short term if the price falls and breaks below the 20-EMA. In that case, the pair could slide to 50-SMA. Buyers are expected to actively adhere to this level. Because a break below it and close could see a drop to $239.
UNI / USDT
Uniswap (Uni) Rebounded from the $ 6.08 breakout level on July 26, indicating a strong downside buy. On July 28, the bears began a strong defense, reaching near the $ 10 psychological resistance.

Rising moving averages and RSI in positive territory show an advantage for buyers. If the price bounces off $8.11, it suggests that buyers are trying to turn this level into support.
A strong rebound from $8.11 could open the door for a retest at $10. The Bulls need to clear this overhead hurdle to mark the start of the next leg of the move up to $12.
Conversely, if the price falls below $ 8.11, the UNI / USDT pair could fall to the 20-day EMA ($ 7.48). If you break below this level and close, you can see that the bullish momentum is weakening.

The 4-hour chart shows that the bulls are trying to defend the 20-EMA. If the price rises from current levels and rises above $9.18, the pair could challenge the overhead resistance zone between $9.83 and $10.
Alternatively, if the price falls below 20-EMA, it indicates that supply is above demand. The pair may then drop into the zone between $ 8.11 and 50-SMA. This is an important zone for bulls to defend. Failure to do this can lead to a bearish short-term momentum.
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FIL/USDT
After staying in the narrow range for a few days, Filecoin (FIL) Soared on July 30th, suggesting a possible change in the trend. RSI has risen to the overbought territory. This is another sign that the downtrend may end.

The rally may face resistance at the overhead resistance of $9.50, but a breakout is more likely if the bulls do not hold much ground from this level. In that case, the FIL/USDT pair could start moving north towards $16, which could again act as a strong resistance.
If the price turns down from the current level and breaks below $6.55, it indicates that bears are activating at higher levels. The pair can then oscillate in a wide range between $5 and $9.50 for several days.

The pair gained momentum after breaking above $6.40. The bears tried to stall the rise at $8.89, but the Bulls had other plans. They bought the dip aggressively, pushing the price closer to the tight overhead resistance of $9.50.
If prices fall below current levels, the Bulls will try to thwart pullbacks at the 38.2% Fibonacci retracement level of $ 8.04. A strong bounce from this level increases the likelihood of a break above $ 9.50. If that happens, the pair can rise to $ 10.82. This bullish view can be invalidated below $ 7.70.
THETA/USDT
Theta Network (THETA) has been consolidating between $1 and $1.55 for the past few days. The bulls tried to push the price above the overhead resistance on July 30, but the bears held on.

If the price bounces off the moving averages, the Bulls will make another attempt to clear the overhead hurdle at $1.55. If they succeed, THETA/USDT pair could start a new uptrend. The rally could reach the pattern target of $2.10 first, and beyond this level the rally could extend to $2.60.
Contrary to this assumption, if the price falls below the moving average, the bears will try to raise the pair to $ 1. Such movements may indicate that actions within the range may last for a few more days.

The 4-hour chart shows that the pair has fallen from $ 1.50 and is struggling to rebound from 20-EMA. This indicates that traders may be making a profit for every small rise.
If the price breaks below the 20-EMA, the pair can drop to the 50-SMA. This is an important level for the bulls as a break below it can plunge to $1.15.
Alternatively, if the price strongly rebounds from the moving average, it suggests that lower levels are attracting buyers. If the Bulls push the price above $ 1.42, the resistance zone of $ 1.50 to $ 1.55 can be retested.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph. All investment and trading movements carry risks. When making a decision, you need to do your own research.