Bitcoin bulls look to re-establish control — Will BNB, LTC, OKB and QNT follow?

The bears missed a chance when they could not keep Bitcoin (BTC) below the $25,000 mark this week. This may have lured in the bulls who are attempting to initiate a comeback for Bitcoin and some other altcoins.

Additionally, BlackRock’s request to inaugurate a Bitcoin spot rate exchange-traded fund and the ongoing robustness of the US stock markets may have helped to strengthen crypto sentiment. Bitcoin is projected to end the week with a minor rise of 2%, and institutional buying in the Grayscale Bitcoin Trust has decreased its discount to the Bitcoin spot from 44% on June 13 to 36.6%, as per CoinGlass data.

Although Bitcoin and a few other cryptocurrencies are attempting to initiate a recovery, the general trend is still bearish. Thus, short-term investors who have purchased in anticipation of a rebound should think about taking profits or tightening their stop losses when the price has difficulty surpassing formidable resistance levels.

For long-term investors, the approach may vary as they can take advantage of dips to robust support levels to purchase the cryptocurrencies they want. It is wise to employ a staggered buying strategy as a rapid surge is improbable.

Let’s examine the top-5 cryptocurrencies that are attempting to rebound in the near future.

Bitcoin price analysis

On June 15, Bitcoin experienced a sudden surge, likely causing a short squeeze that caused the price to rise to the 20-day exponential moving average ($26,403). This could have caught those who had bet on a fall below $25,250 off guard.

The bears are attempting to hinder the relief rally at the 20-day EMA, however a positive sign is that the bulls have not relinquished much ground. This indicates that the purchasers are maintaining their positions in expectation of an advance.

The bears, however, are likely to put up a fight in the area between the 20-day EMA and the resistance line of the descending channel. If the price reverses from this region, the BTC/USDT pair may stay within the channel for some time.

If the bulls push the price above the channel, it could indicate a possible trend shift in the immediate future. This could lead to the pair surging up to $31,000.

The 20-EMA on the 4-hour chart has shifted upwards and the relative strength index (RSI) is in the bullish zone, indicating that buyers have the advantage in the short-term. There is a minor resistance at $26,850, but if it is surpassed, the pair could reach the resistance line of the channel near $27,600. This level could be a tough obstacle for the bulls to overcome, however, if they succeed, the pair could surge to $28,500.

In the short term, this optimistic outlook may be rendered invalid if the price falls and goes below the 20-EMA. This could cause the price to drop to the 50-simple moving average and eventually to the robust support area between $25,250 and $24,800. If this area is breached, it may cause an increase in selling.

BNB price analysis

For the past few days, BNB (BNB) has been heavily involved, but a positive indication is that the bulls did not permit the cost to dip below the $220 support. This reveals that there is demand for it at lower levels.

The 38.2% Fibonacci retracement level of $252.50 may be the first obstacle to the upside. If this is overcome, the BNB/USDT pair could possibly reach the 20-day EMA ($261). Bears may attempt to prevent the rise at this point, and if successful, the pair may drop back to $220.

If bulls drive the price up beyond the 20-day EMA, the pair may climb to the 61.8% Fibonacci retracement level of $272.50. This is an important point for bears to protect, as if it is breached, the pair could surge towards $305.

The 4-hour chart reveals a bullish crossover of the moving averages and the RSI has risen into the positive range, suggesting buyers are attempting to take control. To gain strength, the bulls must break through the resistance at $252.50. If successful, the pair may surge to $265.

If the 20-EMA support level is broken, the pair may fall to the uptrend line. If this level is breached and closes below, it would imply that the bulls have given up and the pair could be tested again at the key support of $220.

Litecoin price analysis

Litecoin (LTC) experienced a sharp decline below the symmetrical triangle pattern on June 10, demonstrating the advantage held by bears. On June 14, the sellers drove the price below the immediate support at $75, however they were unable to sustain this momentum.

The quick resurgence in the last few days has caused the LTC/USDT pair to climb back above $75, indicating powerful purchases at lower rates. The bulls will aim to take the price up to the 20-day EMA ($82) next, which is an important level to monitor. If the buyers can overcome this barrier, the pair could ascend towards the 50-day SMA ($86).

Contrary to this belief, if the price falls from its present level or the 20-day EMA and drops below $70, it will be a sign of the start of a downtrend. The initial stop is likely to be at $65 and then $60.

The price has risen significantly, surpassing the 20-EMA on the 4-hour chart, indicating that the selling pressure is diminishing. The moving averages are close to forming a bullish crossover and the RSI has risen into the positive range, suggesting that buyers are making a comeback.

There is a slight resistance at $80, however, if buyers manage to surmount this, the pair could gain momentum and reach $85 and then $90. If sellers want to impede the upward movement, they must swiftly pull the cost below $75.

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OKB price analysis

On June 10, OKB (OKB) dropped below the symmetrical triangle pattern, signaling the beginning of a more significant decline. However, there is a small positive for the bulls, as they managed to protect the support at $30.50, demonstrating demand at lower prices.

The price has hit the 20-day EMA of $42.73, which is a key level to be aware of. If the price turns downwards from here, it could be an indication that traders are still pessimistic and are selling when the price rises. This could put the $38.50 support in danger. If this level is broken, the OKB/USDT pair could plunge to $35 and possibly even $30.

If buyers drive the price up above the 20-day EMA, it implies that bears may not be as powerful. The pair could then ascend to the support line, which is expected to be a formidable obstacle. Buyers will need to push the price higher than $48 to gain control.

The duo energetically rose to $38.50, but now they are encountering resistance close to $42.39. A slight advantage for the purchasers is that the moving averages have formed a bullish crossover and the RSI is in the positive range.

Should buyers push the cost beyond $42.39, the pair could gain impetus and climb to $46, where the bears are likely to mount a robust resistance.

It is also possible that the price decreases and falls beneath the 20-EMA. This could be a sign that the price could remain in a range between $38.50 and $42.39 for a period of time.

Quant price analysis

Quant (QNT) showed strong recovery from the $95 level on June 16, signaling a strong buying pressure at the support.

Despite the difficulty, the bears have not relented and are vigorously defending the downtrend line. Market participants will attempt to drive the price below $95, while the bulls will strive to keep the QNT/USDT pair above it.

Should the cost climb back up to $95, the likelihood of it surpassing the downtrend line will increase. If this occurs, a significant rebound could be triggered, potentially driving the price up to $135.

This optimistic outlook may become invalid soon if the price continues to drop and goes below $95. It is possible that the pair could then decline to $87 and then further to $80.

The 4-hour chart reveals that the pair swiftly relinquished a substantial amount of its profits, implying that bears are present at higher levels. They drove the price beneath the 61.8% Fibonacci retracement level of $103.90, which is a discouraging sign.

Buyers must act quickly to push the cost back over the moving averages if they wish to attempt to break the downtrend line again. On the other hand, if the cost remains beneath the 50-SMA, the probability of a fall to $95 grows.

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