Cryptocurrencies

Bitcoin (BTC), however, faces resistance above the psychological barrier of $70,000.

Bitcoin (BTC) faces resistance above the psychological barrier of $70,000, but the positive sign is that the bulls have not conceded as many concessions to the bears. Bitcoin fell slightly by just under 1% this week.

Limited Bitcoin movements over the past few days have not hampered investments in Bitcoin exchange-traded funds. Data from Farside Investors shows over $2.1 billion in net inflows into Bitcoin ETFs since May 14. This suggests that investors are accumulating Bitcoin, anticipating a bullish breakout.

Daily view of crypto market data. source: Coin360

Veteran trader Peter Brandt is bullish on Bitcoin versus gold in the long term. In an article on Currently, each Bitcoin is worth approximately 29 ounces of gold.

Could Bitcoin bounce off important support levels, sending cryptocurrency markets higher? Let’s look at the charts of the top five cryptocurrencies that could lead to a recovery.

Bitcoin Price Analysis

Bitcoin fell below the symmetrical triangle support line on May 31, but the bears were unable to hold the lower levels. This indicates that bulls continue to buy on dips.

BTC/USDT daily chart. source: Trading View

The bulls will need to push the price and hold it above the triangle to gain the upper hand. If they do, BTC/USDT could reach the general resistance level at $73,777. Taurus may have difficulty overcoming this obstacle. But if they do, the pair could reach $80,000.

Conversely, if the bulls fail to rebound strongly from the current level, it will increase the likelihood of a breakout below the triangle. The pair could then fall to the 50-day simple moving average ($64,956) and then to $61,000.

BTC/USDT 4-hour chart. Source: Commercial View

Bitcoin is trading between the 50 simple moving average and the support line of the symmetrical triangle pattern. The bears will attempt to strengthen their positions by pulling the price below the support line. If so, the pair could move back towards the target setup at $61,500.

Alternatively, if the price breaks above the moving averages, it will indicate that the bears are losing their grip. BTC/USD could reach the triangle resistance line, where the bears should provide strong defense. However, if the bulls prevail, the pair could resume its path towards $73,777.

BNB Price Analysis

BNB Coin (BNB) has been trading above its moving averages over the past few days, suggesting that bulls are aggressively defending this level.

BNB/USDT daily chart. Source: Commercial View

The bulls will attempt to push the price up to the general resistance level of $635. This is a crucial resistance to pay attention to as a breakout and close above could trigger the next phase of the uptrend towards the target pattern at $775.

Contrary to this assumption, if the price declines and crosses below the uptrend line, the ascending triangle pattern will cancel out. This could accelerate the sell-off and send the BNB/USDT pair down to $536.

BNB/USDT 4-hour chart. source: Trading View

The pair has broken out above the moving averages, indicating that the bulls are attempting to make a comeback. There is slight resistance at $615, but if this level is breached, BNB price could reach $635. The 20 EMA is gradually rising and the Relative Strength Index (RSI) is in positive territory, giving the bulls a slight advantage.

This optimistic outlook will be invalidated in the short term if the price declines and falls below the uptrend line. This could trigger a deeper correction to $560 and then to $536 later.

Arowif Price Analysis

Arweave (AR) has rebounded sharply from the 50-day SMA ($37.58), suggesting strong buying at lower levels.

AR/USDT daily chart. Source: Commercial View

Bulls are likely to face strong resistance in the region between $47.51 and $50, but a rising 20-day EMA ($41.84) and RSI in positive territory suggest that the path of least resistance is increasing. A break above the $50 level will complete an inverse head and shoulders pattern, opening the doors to a new uptrend. The model target for this setup is $72.

On the contrary, if the price falls from the upper zone, it will indicate that the bears are not giving in. The AR/USDT pair could slide towards the moving averages, which will likely provide strong support. The bears will need to drop the price below $36 to control the situation.

AR/USDT 4-hour chart. source: Trading View

The price fell from the upper resistance level at $47.51 but found support at 20 EMA on the 4-hour chart. This indicates that the bulls are trying to defend the 20-day EMA. The bulls will once again attempt to overcome the upper obstacle. If they succeed, the pair is expected to gain momentum and reach $57.

If the bears want to prevent the uptrend, they will need to bring the price of AR below the moving averages. If they do, the bullish momentum will weaken and the pair could fall to $37.

about: 3 signs that Ethereum price will finally surpass $4,000 in June

Monero Price Analysis

Monero (XMR) has been rising steadily over the past few days. XMR price broke above the downtrend line on June 1, indicating that the correction may be over.

XMR/USDT daily chart. Source: Commercial View

Bulls could face heavy selling near $153.44, but they should buy dips from the 20-day EMA ($140.90). If so, the likelihood of a breakout above overhead resistance increases. The XMR/USDT pair could then try to climb back to $170.

Conversely, if the price falls sharply and breaks below the 20-day EMA, it will signal that the bulls are rushing for the exit. This could initiate a deeper correction to the 50-day simple moving average ($130.80).

XMR/USDT 4-hour chart. source: Trading View

The 4-hour chart shows that the pair is gradually moving higher, but the bulls are likely to face strong resistance at $153.44. If the price falls from $153.44 but finds support at the moving averages, it will indicate that sentiment is still bullish. Buyers will then try to overcome the upper barrier again.

On the other hand, moving averages are the main support level to pay attention to. A breakout and close below the 50 SMA could signal the start of a deeper correction. The pair could fall to $137 and then to $130.

Celestia Price Analysis

Celestia (TIA) has remained above the moving averages over the past few days, indicating that the bulls are attempting to begin a new upward move.

TIA/USDT daily chart. Source: Commercial View

The moving averages have made a bullish crossover and the RSI is in positive territory, indicating that the bulls are in a better position. Buyers will need to push the price above the upper $12.02 to $12.90 zone to signal the start of a new upward move. The TIA/USDT pair could rise to $15.50 and later to $18.50.

If the bulls fail to push the price above the upper zone, it will indicate that the bears are active at higher levels. A break below the moving averages could keep the pair range-bound for some time.

TIA/USDT 4-hour chart. source: Trading View

The 4-hour chart shows that the pair has broken out from the short-term resistance at $11.60 and reached the 20 EMA. A strong rebound from the 20 EMA will indicate demand at lower levels. The pair may then rise to the upper resistance level at $12.02.

Alternatively, if the price continues to fall below the 20 EMA, it will indicate that the bullish momentum is weakening. The pair could then return to the 50 simple moving average, which is likely to provide strong support.

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.

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