Bitcoin and major altcoins are facing selling at overhead resistance levels, which means that the next stage of the uptrend will have to wait.
BTC/USDT
The bulls once again were unsuccessful in pushing the price above the overhead resistance at $50,000 suggesting that bears are defending the level aggressively. Bitcoin formed a Doji candlestick pattern on the 29th, which has committed to the downside today. If bears pull the price below the 200-day simple moving average ($46,065), the BTC/USDT pair could drop to the next support at $42,451.67.
ETH/USDT
Ether once again turned down from the overhead resistance zone at $3,335 to $3,377.89. This indicates that the bears are defending the overhead zone. The bulls however haven’t surrendered and are defending the 20-day exponential moving average ($3,139) as seen from the solid rebound today. If bulls push the price above the overhead zone, the ETH/USDT pair may resume its uptrend with a target objective at $3,670.
ADA/USDT
ADA turned down from $2.95 suggesting that bears are aggressively defending the overhead resistance at $2.97. That was followed by a Doji candlestick pattern indicating a indecision among the bulls and the bears. The uncertainty has extended today with the formation of the inside-day candlestick pattern. If sellers sink the ADA/USDT pair below the intraday low at $2.71, the pair may again drop to the breakout level at $2.47. A strong rebound off this level may keep the pair range-bound between $2.47 and $2.97 for a few days.
BNB/USDT
The failure of the bulls to push and sustain Binance Coin above the May 19 intraday high at $516.50 may have attracted profit-booking from short-term traders. The altcoin has turned down and it may now drop to the breakout level at $433. The bulls are likely to aggressively defend the support zone between the 20-day EMA ($445) and the breakout level at $433.
XRP/USDT
XRP rebounded off the $1.07 support but the bulls could not push the price to the downtrend line. This suggests that demand dries up at higher levels. The bears are currently attempting to sink the price to the critical support at $1.07.
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