The bears are trying to extend the Bitcoin (BTC) record with nine red weekly candles in a row for ten weeks, but the bulls are trying to avert this negative incident. Although sentiment remains negative, Arthur Hayes, former CEO of BitMEX, predicts that Bitcoin will bottom out between $ 25,000 and $ 27,000.
Data on a chain from Glassnode shows that smart money may have started collecting Bitcoin. Net outflows from major cryptocurrencies exchanges reached 23,286 Bitcoin on June 3, the highest since May 14.
Another positive sign of accumulation is that investment in Bitcoin (ETPs) was strong in May and has only increased further in the first two days of June, according to an Arcane Research report. ETPs have 205,000 Bitcoin under control, which is a new record.
Could Bitcoin come up and start recovering? If so, could selected altcoins follow the leader? Let’s study the charts of the top 5 cryptocurrencies that could lead the relief meeting.
BTC / USDT
Bitcoin fell below the 20-day exponential moving average ($ 30,459) on June 1st. The bulls tried to push the price back over the 20 days of EMA on June 2 and June 3, but the bears did not give up.
The Bears will try to pull the price below strong support at $ 28,630. If they do, the BTC / USDT pair could fall to significant support at $ 26,700. Buyers are expected to defend this support area with full force, because if they do not succeed, the downturn could resume.
On the other hand, the bulls have to push and maintain prices above $ 32,659 to indicate that a new boom may be about to begin. Increased momentum could take a break and close the 50-day simple moving average ($ 33,778). The pair could then reach the goal of $ 36,688 and after that to $ 40,000.
The four-hour graph shows that price action is narrowing. Although bulls have pushed the price above 20-EMA, they face stiff resistance at 50-SMA. This suggests that bears are active at higher levels.
A minor positive for the bulls is that they have not allowed the price to fall below the support of $ 29,282.
If the price rises from the current level and breaks over the falling line, the bulls will try to push the pair to 200-SMA. On the other hand, if the price drops below $ 29,282, the next stop could be $ 28,630.
ADA / USDT
Cardano (ADA) broke above the descending line on May 31, but the bulls could not sustain higher levels as seen from the long bay on the candlestick of the day.
Although the bears have managed to defend the drop line, it is slightly positive that the bulls have kept the ADA / USDT pair over the 20 day EMA ($ 0.56). This increases the possibility of a break above the descending line.
If that happens, the pair could accumulate up to 50 days SMA ($ 0.67) where bears could again be a strong challenge. Fracture and closure above this stage will indicate a possible evolutionary change. The pair could then rise to $ 0.74.
Contrary to this assumption, if the price drops below $ 0.53, the bears will try to pull the pair to $ 0.50 and later to $ 0.44.
The four-hour graph shows that prices have been pushed between 200-SMA and 50-SMA, but this narrow trade is unlikely to continue for long. If a bull pushes the price above 200-SMA, the pair could try to raise it to $ 0.64. Breaking and closing above this level could open the door for a possible increase up to $ 0.69.
On the other hand, if the price drops below $ 0.53, sales could pick up momentum. The pair could then drop to $ 0.50 and later to $ 0.47.
XLM / USDT
Stellar (XLM) rose over the 20-day EMA ($ 0.14) on May 30, the first indication that the selling pressure may be easing. The bears stopped rising near the 50-day SMA ($ 0.15) but have not been able to sink and maintain the price below the 20-day EMA.
This indicates that the bulls are buying the dips for 20 days EMA. If a bull runs the price above 50 days SMA, it will indicate the beginning of a sustained recovery. The XLM / USDT pair could then try to rise to $ 0.18 and later to the 200 day SMA ($ 0.21).
This positive opinion will be invalidated in the short term if the price falls below $ 0.13. Such a measure will indicate that demand is drying up at a higher level. That could reduce the pair to $ 0.12. If this support also declines, the Bears will try to restrain the downward trend by lowering the pair below the $ 0.10 psychological level.
The four-hour graph shows that the price is in a symmetrical triangle. If a bull pushes the price up above the resistance line of the triangle, the pair could rise to $ 0.15 and then try to rise to the pattern target of $ 0.17.
Otherwise, if the price drops from the current level, the bears will try to sink the pair below the triangle’s guide line. If they do, sales could increase and the pair could run into strong support at $ 0.13.
Connected: 3 reasons Ethereum price risk 25% down in June
XMR / USDT
Failure by Monero (XMR) to raise over 50 days SMA ($ 202) may have tempted short-term traders to book profits. It has reduced the price to 20 days EMA ($ 189).
The bulls are trying to defend 20 days of EMA but the lack of strong return from that indicates weak demand. If the price stays below 20 days EMA, the next stop could be the upstream line. A break and closure under this support could bring the price down to $ 167.
On the contrary, if the price falls back from the current level, buyers will try to overcome the resistance between 50 days SMA and $ 210. If they do, the XMR / USDT pair could extend their rally to $ 230.
The pair has been declining in declining swimming, indicating a slight advantage for sellers. If bears lower the price below the channel, negative momentum could pick up and the pair could drop to $ 167.
Otherwise, if the price goes back down the support line, buyers will try to force the pair above the channel. If they manage to do that, the couple could try again to break the $ 210 air resistance.
MANA / USDT
Decentraland (MANA) has failed to break the 20-day EMA ($ 1.06) in recent days, but a minor positive is that the bulls have not given up much. This indicates that the bulls are buying dips as they anticipate a rise.
If a bull pushes the price over 20 days EMA, it will indicate that the bears are losing control. The MANA / USDT pair could then rise in cost resistance at $ 1.36. This is an important point to monitor for breakage and closure above it could indicate that the bottom may be in place. The pair could then rise to $ 1.68.
However, if the price falls and falls below $ 0.90, it will indicate that the bears are not in the mood to give up their advantage. The couple could then try out significant support at $ 0.60. Bears must reduce the price of this support to indicate that declining trends will resume.
A four-hour graph shows that the pair has been trading within a narrow range between $ 0.94 and $ 1.04. Gradually declining 20-EMAs and RSIs in negative territory indicate a small gain for sellers. If bears drop the price below $ 0.94, the pair could drop to $ 0.90.
On the contrary, if a bull pushes the price above $ 1.04, it will indicate that demand exceeds supply. That could open the door for a possible increase to rigid air resistance at $ 1.15.
If the price drops from this level, the pair could fluctuate between $ 0.90 and $ 1.15 in the long run. A break and closing above $ 1.15 could indicate that buyers have the upper hand.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph. Every investment and trading business involves risk, you should conduct your own research when making a decision.
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