Bitcoin price strengthens as SOL, AVAX, FIL, and EOS prepare for breakout.

Nonfarm payrolls rose by 209,000 in June, below economists’ expectations of an addition of 240,000 jobs. Although the figures show a cooling labor market, market observers remained concerned as the average hourly earnings growth held steady at 0.4% from May and 4.4% from a year ago.

The report did not alter expectations of a 25 basis point rate hike by the United States Federal Reserve in the next meeting, according to the FedWatch Tool. That kept the U.S. equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16% and the Nasdaq was lower by 0.92%.

Another minor negative for the crypto markets was a report by JPMorgan managing director Nikolaos Panigirtzoglou, which said that a spot Bitcoin ( BTC ) exchange-traded fund (ETF) may not prove to be a game changer for the crypto space. Panigirtzoglou cites lackluster interest in the spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact even in the U.S.

Could bulls regroup and kick Bitcoin above the overhead resistance? If they do, select altcoins could join the march higher. Let’s analyze the charts of top-5 cryptocurrencies that are showing signs of moving up.

Bitcoin price analysis

Bitcoin remains stuck between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty among the bulls and the bears about the next directional move.

The BTC/USDT pair bounced off the 20-day EMA on July 7, indicating that the bulls continue to defend the level aggressively. Buyers will again attempt to overcome the resistance at $31,500. If they succeed, the pair may start the next leg of the uptrend. The pair could first advance to $32,400 and thereafter sprint toward $40,000.

The bears are likely to have other plans. They will try to protect the overhead resistance and tug the price below the $29,500 support. If this level gives way, stops of several short-term bulls may be hit. That could sink the pair to the 50-day simple moving average ($28,101).

The 4-hour chart shows that the pair is trading between $29,500 and $31,500. Generally, a tight range trading is followed by a range expansion but it is difficult to predict the direction of the breakout with certainty. Hence, it is better to wait for the price to escape the range before waging large bets.

If the price breaks above the 50-SMA, the bulls will try to drive the pair above $31,500. If they manage to do that, the pair may start a new up-move. Conversely, a tumble below $29,500 could start a correction toward $27,500.

Solana price analysis

Solana ( SOL ) has been trading in a large range between $15.28 and $27.12 for the past several months. The failure to sustain the price below the support of the range started an up-move that has risen above the downtrend line. This suggests that the bulls are attempting a comeback.

The moving averages have completed a bullish crossover and the RSI is near the overbought territory, indicating that the path of least resistance is to the upside. There is a minor resistance at $22 but if this level is crossed, the SOL/USDT pair may rally to $24 and ultimately to the stiff overhead resistance of $27.12.

On the downside, $18.70 is the important support to keep an eye on. A break and close below this level may open the doors for a possible drop to the strong support zone between $16.18 and $15.28.

On the 4-hour chart, both moving averages are sloping up and the RSI is in the positive territory. This indicates that the bulls are in control. However, the bears have not given up and have pulled the price to the 20-EMA.

If the price bounces off the 20-EMA strongly, the bulls will attempt to overcome the obstacle at $22. If successful, the pair may rise to $24.

The first sign of weakness will be a drop below the 20-EMA, indicating profit-booking by short-term bulls. The pair may then decline to the 50-SMA.

Avalanche price analysis

After struggling near the 50-day SMA ($12.99) for several days, Avalanche (AVAX) successfully broke through on July 8.

The moving averages are close to forming a bullish crossover and the RSI has entered the positive territory. This suggests that the bulls have an advantage. The AVAX/USDT pair could rise to $16 where the bears may put up a strong defense.

If subsequent corrections find support at the 20-day EMA ($13), it will indicate the start of an upward movement towards $18. The key support to watch on the downside is $12. A break below this level may bring the price to the crucial support at $10.52.

The 4-hour chart shows that the price has risen above the symmetrical triangle pattern, indicating that the bulls are trying to take control. The upward movement may face selling pressure near the strong resistance at $15, but bulls are expected to buy the dips to the 20-EMA. If this support holds, the chances of a rally above $15 increase.

If the bears want to prevent the upward movement, they will need to quickly push the price below the moving averages. This may trap aggressive bulls and result in long liquidation. The pair may then decline to the support line of the triangle.

Related: BlackRock ETF stirs US Bitcoin buying as research says ‘get off zero’

Filecoin price analysis

Filecoin (FIL) is attempting to form an inverse head and shoulders pattern, which will be confirmed on a break and close above the neckline near $5.

The moving averages are about to form a bullish crossover and the RSI is in the positive territory. This indicates that the bulls have a slight advantage. The bulls will try to drive the price to the neckline of the reversal pattern. If they overcome this barrier, the FIL/USDT pair may start a new upward movement. The target of this bullish setup is $7.30.

This positive view may be invalidated in the short term if the price breaks and stays below the moving averages. This could push the pair down to $3.5 and later to $3.

The 4-hour chart shows that the pair is in a corrective phase, but the buyers are trying to push the price above the moving averages. If they succeed, it will suggest that the correction may be over. The pair may then gradually rise towards the strong resistance near $5.

Alternatively, if the price turns down from the moving averages and falls below $4.20, it will indicate that the short-term sentiment remains negative and traders are selling on rallies. This may bring the price to $4 and subsequently to $3.60.

EOS price analysis

EOS (EOS) has been displaying a pattern of higher highs and higher lows, indicating a potential change in trend in the near future.

The 20-day Exponential Moving Average (EMA) ($0.73) has leveled off and the Relative Strength Index (RSI) is near the midpoint, suggesting a decrease in selling pressure. Buyers will need to push the price above the resistance level at $0.79 to indicate a possible end to the downtrend. If this occurs, the EOS/USDT pair could potentially rise towards $0.93.

Alternatively, if the price fails to break above the overhead resistance, it would suggest that bears are still active at higher levels. This could result in the pair remaining range-bound between $0.60 and $0.79 for some time.

The 4-hour chart shows a gradual upward movement of the pair. If buyers manage to push the price above the 50-SMA, the pair may retest the resistance at $0.79. If bulls successfully overcome this barrier, the pair could potentially surge to $0.83 and eventually to $0.90.

On the other hand, if the price reverses and breaks below the uptrend line, it would indicate that bears have regained control. In such a scenario, the pair may decline to $0.67 and later to $0.64.