After nine weeks in a row of red weekly candles, Bitcoin (BTC) printed a green weekly candle on June 5th. Earlier this week, buyers maintained momentum with a strong weekly opening that raised the BTC price to $ 31,800.
From now on, traders could keep a close eye on the CPI for May, which is expected on 10 June. Depending on the numbers, this could increase volatility as investors digest the report and predict the next possible move by the US Federal Reserve.
Experts disagree on the next strategy for Bitcoin. While some believe the bottom has been made, others look forward with one foot down. For analyst Bob Loukas, the price change this summer could be uninteresting and he expects the new round to start late this year.
Could bulls keep higher quantities or will bears sell aggressively and reduce prices? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
After two days in small areas on June 4 and 5, the gap widened on June 6, and Bitcoin soared to a 20-day exponential moving average (E ($ 30,510).
The price level of the last few days has formed a rising triangle pattern, which will end with a break and close above $ 32,659. If so, the BTC / USDT pair could launch a new update. The pattern target of the fraction from the triangle is $ 38,618.
The 20-day EMA has leveled off and the relative strength index (RSI) is close to the center, indicating that selling pressure is declining.
This positive view could be invalidated if the price drops significantly and falls below the triangle’s guideline. The pair could then fall to a strong support of $ 28,630 as the bulls could try to stop the decline. Breaking and closing below this support could tilt the lead in the bears’ favor.
ETH / USDT
Ether (ETH) jumped from $ 1,737 on June 3, indicating that bulls are trying to defend important $ 1,700 support. Buyers are trying to push the price above the cost resistance of the 20-day EMA ($ 1,930) on June 6th.
If successful, the ETH / USDT pair could pick up momentum and rise to $ 2,016. Above this level, the pair could reach a stiff cost resistance of $ 2,159. The bears are likely to defend this level of cruelty. If the price drops from this resistance, the pair could strengthen between $ 2,159 and $ 1,700 for a few more days.
The long wake of the June 6 candlestick indicates that bears will continue to spend 20 days in EMA. This indicates that attitudes remain negative and traders are selling on rallies. The Bears will now try to pull the pair down to $ 1,700 and restrain a downward trend.
BNB / USDT
BNB has formed a symmetrical triangle pattern, indicating indeterminacy among bulls and bears. The bulls are trying to push the price up above the resistance line, but the bears are not ready to give up on the ground.
If the price drops from the air resistance, the bears will again try to pull the BNB / USDT pair down below the support line. If they succeed, the pair could drop to $ 265 where a purchase can occur.
Otherwise, if a bull pushes and maintains the price above the resistance line, it will indicate that the sellers are losing control. The pair could then rise to the $ 350 breakdown level. This is an important point to keep in mind because pauses and closures above it may indicate that the downflow may be over.
XRP / USDT
Ripple (XRP) has been trading in a bearish triangle, which is becoming a triangle. The bulls are trying to push the price over the falling line, but the bears are a strong challenge, as can be seen from the long bay on the candlestick of the day.
If bulls push the price up below the falling line, it will abolish the bearish pattern. It could cause a short squeeze, push the XRP / USDT pair up to $ 0.46 and later to a psychological level of $ 0.50.
On the other hand, if the price drops from the falling line, the pair could fall to $ 0.38 support. If bears drop below $ 0.38, the declining triangle pattern will be exhausted. The pair could then decline in significant support at $ 0.33. Violation and closure under this support could come back down the trend.
ADA / USDT
Cardano (ADA) had maintained over 20 days of EMA ($ 0.56) in recent days, indicating an accumulation in bulls. Purchases began on June 6 and the bulls are trying to push the price over 50 days SMA ($ 0.66).
If they succeed, the ADA / USDT pair could rise to a breakdown level of $ 0.74. This stage could again act as a major obstacle but if the bulls overcome it the recovery could pick up momentum. The pair could then rise to $ 0.90.
The 20-day EMA has flattened out and the RSI is just above the midpoint, indicating a slight advantage for buyers.
This bullish view could be invalidated in the short term if the price falls and breaks below the 20 day EMA. If that happens, the pair could gradually move toward strong support at $ 0.44.
SOL / USDT
Solana (SOL) fell to a significant support level of $ 37 on June 4, but a minor positive is that the bulls bought at lower levels. This could have caught the aggressive bear on the head, which resulted in a strong recovery, as can be seen from the long tail on the candlestick of the day.
The RSI has developed a positive deviation, indicating that bearish momentum may be declining. The bulls are trying to push the price over the 20-day EMA ($ 46). If successful, the SOL / USDT pair could rise to $ 55 and then to $ 60.
On the contrary, if the price drops from the 20-day EMA, it will indicate that the trend remains negative and bears are selling on rallies. The Bears will then make one more attempt to curb declining trends by pulling the pair down below $ 35.
DOGE / USDT
Dogecoin (DOGE) is stuck between 20 days of EMA ($ 0.08) and $ 0.08 in recent days, but this narrow trade is unlikely to continue for long.
If buyers push the price over the 20-day EMA, the DOGE / USDT pair could rise towards the psychological resistance at $ 0.10. This level could again act as an obstacle but if the bulls get over it the pair could rise to $ 0.12.
Contrary to this assumption, if the price drops from the 20-day EMA, it will indicate that bears will continue to sell on minor rallies. If bears drop below $ 0.08, the pair could drop to $ 0.07. A break and closure under this support will indicate that the downturn will resume.
Connected: Is Cardano ready for $ 1? FOMO’s hard fork in June raises ADA prices to weekly highs
DOT / USDT
Polkadot (DOT) has formed a symmetrical triangle, which usually acts as a continuation pattern. Buyers are trying to push the price over the 20-day EMA ($ 10) and score on the triangle’s resistance line.
Folding and closing above the triangle will be the first indication of a possible change of direction. The DOT / USDT pair could rise to $ 12 and then try to rise to the breakdown level of $ 14. The bears are likely to defend this level of cruelty.
Otherwise, if the price drops from the air resistance and breaks down below the triangle, it will indicate that bears are in control. The pair could then drop to $ 8 and later try again on May 12, $ 7.30.
AVAX / USDT
Avalanche (AVAX) jumped to $ 22.14 on June 4, indicating that bulls are vigorously defending the $ 21.35 support. Buyers have pushed the price up below the discount line and are trying to get rid of the cost of a 20-day EMA ($ 28).
If they succeed, the AVAX / USDT pair could pick up momentum and start their journey north towards $ 33 and then $ 37. Such a movement will indicate that the bulls are back in the game.
Contrary to this assumption, if the price falls from the 20-day EMA, it will indicate that bears remain active at higher levels. The pair could then fall towards $ 21.35. Fracture and closure below this support could begin the next step of the downturn.
SHIB / USDT
Buyers have successfully spent the $ 0.000010 support over the past few days but have not been able to push Shiba Inu (SHIB) over the 20 day EMA ($ 0.000012). This indicates that purchases are drying up at a higher level.
Trading between $ 0.000010 and the 20-day EMA is unlikely to continue for long. If bears drop below $ 0.000010, the SHIB / USDT pair may test the May 12 low within $ 0.000009. Fractures and closures below this level may indicate a resumption of declining trends.
Alternatively, if buyers push the price above the 20-day EMA, the pair could rise to the cost of $ 0.000014. The bears are expected to develop a strong defense at this stage.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph. Every investment and business involves risk. You should do your own research when making a decision.
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