Bitcoin (BTC) is down over 4% this week, suggesting bears are active near $70,000. However, Bitcoin investors appear to view dips as a buying opportunity. Bitcoin’s decline to $66,600 led to increased buying while selling interest remained dormant, trading information firm Santiment said in an article on X.
Even as Bitcoin attempts to find a short-term bottom, Ethereum (ETH) is attempting to rebound from its recent decline below $3,400 on June 14. The strong demand at lower levels could be due to the planned launch of the Ethereum spot exchange. Exchange Traded Funds (ETFs). Bloomberg ETF analyst Eric Balchunas expects Ethereum ETFs to begin trading as early as July 2.
Bitcoin’s recent weakness has increased selling pressure on several altcoins, which have fallen near or below immediate support levels. However, if Bitcoin can make a comeback, some altcoins will likely see strong buying at lower levels.
Could Bitcoin’s recovery lead to a rally in cryptocurrency markets? Let’s take a look at the top five cryptocurrencies that look strong in the charts.
Bitcoin Price Analysis
Bitcoin fell below its 50-day simple moving average ($66,147) on June 14, but the bulls were unable to hold the lower levels. This shows that buyers are trying to defend the 50-day simple moving average.
The 20-day EMA ($67,863) has started to decline and the Relative Strength Index (RSI) is in negative territory, indicating that the bears are in the best position. If BTC/USDT declines from the current level or the 20-day EMA and falls below the 50-day SMA, it will signal the start of a deeper correction towards $60,000.
If buyers want to return, they will need to quickly push the price above the 20-day EMA. This will pave the way for a potential rally to $72,000, where the bears could once again pose a strong challenge.
The pair was limited between $64,602 and $72,000 for some time. Buyers are attempting to initiate a recovery from the $65,000 level, which will likely force them to sell at the moving averages. If buyers clear this hurdle, the pair could rise to $70,000.
Contrary to this assumption, if the price falls from the moving averages, it will indicate that sentiment is still negative and bears are selling on every rally. The pair could then drop to $64,602. This is a vital level to watch, as a break below could lead to a collapse to $60,000.
Ethereum Price Analysis
Ether has rebounded sharply from the 50-day simple moving average (3,415) from June 14, suggesting that lower levels are attracting buyers.
The 20-day EMA ($3,612) is the critical level to pay attention to. If buyers push the price above the 20-day EMA, it will indicate that the correction may be over. The ETH/USDT pair will then attempt to rise to $3,730 and later to $3,977.
This optimistic view will be invalidated in the short term if the price declines from the 20-day EMA and falls below the 50-day SMA. This could start to fall to the crucial support level at $2,850.
The pair has risen above the 50 simple moving average, indicating that selling pressure is easing. If the bulls sustain the price above 50 SMA, it will signal the start of a strong recovery. The pair could reach $3,730, which should act as a resistance level. If the price falls from overhead resistance but rebounds from the 20 EMA, it will increase the likelihood of a breakout above $3,730. The pair could then rise to $3,887.
Conversely, if the price declines and falls below $3,362, it will indicate that the bears have sold the rally aggressively. The price of ETH could then fall as low as $3,000.
Toncoin price analysis
Toncoin (TON) completed an ascending triangle pattern after breaking through the $7.67 level on June 13. The price fell from $8.29 on June 15 to retest the $7.67 breakout level, which is expected to result in a tough battle between the bulls and bears.
If the price rebounds from the $7.67 level, it will indicate that the bulls have tipped the level to the support level. Buyers will then attempt to push the price above $8.29. If they succeed, the TON/USDT pair could begin its journey towards the $10 level.
Alternatively, if the price falls below $7.67, it will indicate that the markets have rejected a breakout. The pair could slide towards the uptrend line, which is an important level for bulls to defend. If the price rises above the uptrend line, the bulls will attempt to resume the uptrend again. But if the level exceeds, sales could intensify and the price of a tonne could fall to $6.
Price has bounced off the 20 EMA, suggesting that bulls continue to buy dips. The bulls will attempt to push the price to the upper resistance level at $8.29. This level can act as a strong barrier, but if the bulls take control, the pair could begin the next phase of the uptrend.
Conversely, if the price declines and falls below $7.67, it will indicate that the bulls are losing their grip. The pair could fall to the 50 simple moving average and later to the uptrend line, where buyers are expected to enter.
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Uniswap Price Analysis
Uniswap (UNI) rose from the 50-day simple moving average ($9) on June 12 and reached the general resistance at $12 on June 15.
Bears should aggressively defend the $12 level as it provided massive resistance on May 26 and June 4. However, the 20-day EMA ($10.24) has started to rise and the RSI is in positive territory. Which indicates that the path of least resistance is up. If buyers push the price above $12, UNI/USDT could rise to $13.34 and then to $15.
If the bears want to prevent the uptrend, they will need to bring the price back below the 20-day EMA. This could lead the pair to fall to the 50-day simple moving average.
The 4-hour chart shows that the price is consolidating near the upper resistance, suggesting that the bulls are in no hurry to take profits as they anticipate further upside. A bullish 20 EMA and an RSI in positive territory indicate that an upward move is under control. The pair is expected to gain momentum above $12 and reach $13.34.
Alternatively, if the price drops $12 and breaks below the 20-EMA, it will signal that the bulls are rushing for the exit. This may lead to the price falling to the 50 simple moving average.
Monero Price Analysis
Monero (XMR) has been rising for several days, but buying accelerated after the price broke the $153 resistance level.
The bears are trying to stop the rally at $180, but the bulls have not allowed the price to fall below the 20-day EMA ($163). This suggests that bulls are buying on minor dips, increasing the likelihood of a breakout above $180. If this happens, the XMR/USDT pair could reach the strong overall resistance level at $190.
This bullish view will be invalidated in the short term if the price declines sharply and falls below the 20-day EMA. The pair could then continue its decline before finding support at $153.
The 4-hour chart shows that the pair is trading in a bearish channel pattern. If the price rises from the moving averages, the bulls will try to push the pair above the channel again. If they do, the chances of a rally above $180 improve.
Conversely, if the price breaks below the moving averages, it will indicate that the bulls have given up. This could bring the price to $169 and then to the support line. A break below the channel will indicate that the bears have taken control of the situation.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
