Bitcoin (BTC) continues to face a tough battle near the $ 20,000 psychological level as bulls and bears try to maintain their dominance. The trading company QCP Capital said in its latest market distribution that financing interest rates in derivatives markets were stable and favorable conditions were disappearing.
Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be giving up as a recent price drop has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies that had sold only 30% of their mining from January to April this year had discarded 100% of their Bitcoin production in May. Some analysts believe that miners giving up was a bullish signal.
However, one measure suggests that Bitcoin has not bottomed out. Historically, Bitcoin indicates a bottom when less than 50% of Bitcoin addresses remain profitable. Glassnode data as of June 20 show that 56.2% of Bitcoin addresses are in profit, which raises concerns about another leg.
Could Bitcoin and altcoins sustain the recovery or will bears lower prices? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
The bulls are trying to start a recovery in Bitcoin, but the long wake of the June 21 candlestick indicates that the bears are not ready to give up their advantage.
On the positive side, the bulls are buying the dives for $ 20,000 on June 22nd. If the price goes back from the current level, buyers will try to run the BTC / USDT pair over $ 22,000. That could open the door for a possible rise to the 20-day exponential moving average (EMA) ($ 24,076).
This level is likely to act as a rigid resistor, but if the bulls overcome this hurdle, the next stop could be the 50-day simple moving average (SMA) ($ 28,678).
This bullish view could be null and void if the price drops below $ 19,600. That could increase the outlook for a June 18 low of $ 17,622.
ETH / USDT
Ether’s (ETH) slumped from June 18 to a low of $ 881, dropping from $ 1,194 on June 21, indicating that the Bears have not yet given up and will continue to sell on the rally.
If bulls do not give up much land from the current level, the ETH / USDT pair could again try to accumulate in a 20 day EMA ($ 1,368). This is an important point to keep in mind because bears tend to spend 20 days EMA during a downturn.
If the price drops from the 20-day EMA, the Bears will again try to pull the pair up to $ 1,000 and then $ 881. Violations below this level may indicate a resumption of declining trends. On the other hand, if a bull pushes the price above the 20-day EMA, the pair could rise to $ 1,700.
BNB / USDT
BNB has maintained significant support of $ 211 since June 19, but the bulls are struggling to push the price higher. The long wake of the June 21 candlestick indicates that bears will continue to sell at the rally.
If bears drop below $ 211, the BNB / USDT pair could fall to $ 200 and then to the June 18 low within the day, $ 183. This is an important point to keep in mind because if the price drops below that, the pair could drop to $ 150.
On the other hand, if the price drops by $ 211 or $ 200, it will indicate that the bulls continue to buy dips. The bulls will then make one more attempt to get rid of the 20-day EMA hurdle. If they succeed, it will indicate that the break below $ 211 could have been a bear trap.
ADA / USDT
The Cardano (ADA) jump from the $ 0.44 to $ 0.40 support area expired near the 20-day EMA ($ 0.51) on June 21st. This suggests that bears continue to defend the stage aggressively.
Sellers will now try to lower the price below the support area. If they succeed in doing so, it will indicate the beginning of the next part of the downturn. The ADA / USDT pair could then drop to $ 0.33 and later to $ 0.30.
Otherwise, if the price falls back from the support area, it will indicate that the bull will continue to accumulate during dips. Buyers will then make one more attempt to push the pair above the moving averages and start increasing to $ 0.70.
XRP / USDT
Ripple (XRP) has been in the range of $ 0.28 to $ 0.35 in recent days. This indicates a balance between the bulls and the bears.
The longer the time is within the range, the stronger it will be broken from. If the price continues to fall and breaks below the support of the division at $ 0.28, it could indicate that declining trends will resume.
The RSI shows a positive deviation, indicating that bearish momentum may be weakening. If a bull pushes the price up to $ 0.35, it will suggest the start of a new update. The XRP / USDT pair could then rise to 50 days SMA ($ 0.41) and later rise to $ 0.45.
SOL / USDT
Solana’s recovery (SOL) on June 21 rose over the 20-day EMA ($ 36), but the long wake of the day’s candlestick shows that bears are selling at a higher level.
The price is still below 20 days EMA on June 22, but the bulls have not given up much. This suggests that buyers expect a break over the 20-day EMA. If that happens, the SOL / USDT pair could accumulate up to 50 days SMA ($ 47) where the bears could re-establish a strong defense.
On the other hand, if the price does not rise above the 20-day EMA, it could lead to a profit posting from short-term buyers. It could pull the pair up to $ 30 and later to $ 27.
DOGE / USDT
Dogecoin (DOGE) began recovery on June 19 and reached a 20-day EMA ($ 0.06) on June 21. Although bulls pushed the price over 20 days of EMA, they could not sustain higher levels.
It may have slowed down profit margins from short-term sales and the sale of aggressive bears. Sellers will now try to lower the DOGE / USDT pair below $ 0.06 and challenge significant support at $ 0.05.
Otherwise, if the price goes back from $ 0.06, it will indicate that the attitude has changed from selling on rallies to buying in the deep. This could increase the possibility of a break over the 20-day EMA. If that happens, the pair could rise to 50 days SMA ($ 0.08).
Connected: The price of bitcoin goes below $ 20K as whales send 50K BTC to the stock exchange
DOT / USDT
Polkadot (DOT) declined from the 20-day EMA ($ 8.20) on June 21, suggesting that bears continue to defend the stage aggressively. Sellers will now try to bring the price down for immediate support at $ 7.30.
If successful, the DOT / USDT pair could drop to significant support at $ 6.36. This is an important point to keep in mind because a break below it could start the next part of the downturn at $ 4.23.
On the contrary, if the price falls back from $ 7.30, it will indicate that bulls are trying to form a higher low. It could increase the outlook for a break over the 20-day EMA. The pair could then rise to 50 days SMA ($ 9.78). If this level is exceeded, the next stop could be $ 12.44.
LEO / USD
The bulls pushed the UNUS SED LEO (LEO) up the resistance line of the declining channel on June 22, but the long wake of the day’s candlestick indicates that the bears are selling at a higher level.
The 20-day EMA ($ 5.29) has started to turn up and the RSI is close to the overbought area, indicating that bulls have the upper hand. If the price continues above the channel, it could open the door for a possible increase to $ 6.50.
On the other hand, if the price does not manage to stay above the channel, traders could book a profit and this could reduce the LEO / USD pair to 20 days EMA. Such a movement will indicate that the pair may be stuck inside the circuit for a few more days.
SHIB / USDT
Failure to lower Shiba Inu (SHIB) below $ 0.000007 may have tempted short sellers to book profits and aggressive bulls to start buying. This may have led to a sharp rise on 21 June.
Traders pushed the price above the 20-day EMA ($ 0.000010) but could not get rid of the 50-day SMA barrier ($ 0.000012). This suggests that bears are defending the stage aggressively.
Sellers are trying to bring the price back down below the 20 day EMA. If they succeed, it will suggest that a recent recovery could have been a bear market boom. The SHIB / USDT pair could then fall towards $ 0.000007.
The 20-day EMA is flattening out and the RSI is close to its midpoint, indicating staged action in the near future. The bulls must push and maintain prices over 50 days SMA to indicate a possible evolutionary change.
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Marketing data is provided by HitBTC exchange.
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