Bitcoin maintaining above $30,000 is a positive sign as it shows that the level is acting as a strong floor and altcoin traders could soon take notice.
While the long term looks bullish, macroeconomic indicators hold the key in the short term. The United States equities market is likely to be influenced by second-quarter earnings and the inflation data due to be released on July 12. That is likely to set the stage for a risk-on or a risk-off sentiment.
If the 20-day EMA crumbles, the index may decline to 4,325. This is an important level for the bulls to defend because a break below it may sink the index to the 50-day simple moving average of 4,257. This is an important level to keep an eye on, but if it breaks down, the index will complete a descending triangle pattern. That could signal the resumption of the next leg of the downtrend.
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