Bitcoin bulls are looking for BTC to rebound off a support zone and if confirmed, ETC, LUNA and KLAY could push towards the high range.
Bitcoin is facing a challenge from the bears near the $48,000 mark. The buy and sell levels show that sellers on Binance have held their ground at the range of $48,000.
BTC/USDT
Bitcoin went down from the resistance line of the rising wedge pattern on the 14th. This shows that the bears have not given up and are aggressively defending the resistance line.
The BTC/USDT pair could now drop to the support line of the wedge, which could entice buyers. If the price rebounds off this level, the bulls will again try to resume the upward trend. A breakout and close above the wedge will invalidate the bearish pattern and open the doors for a rally to $53,000.
ETC/USDT
Ethereum Classic) broke and closed above the overhead resistance at $63.56 on the 13th while completing an climbing triangle pattern. This bullish setup has a pattern target at $94.91.Typically after breaking out of a pattern, the price descends and retests the breakout level. In this scenario, the ETC/USDT pair could retest the $63.56 level in the next few days.
LUNA/USDT
The LUNA token has been trading inside an ascending channel for the past few days. The breakout and close above the downtrend line shows the start of a new uptrend.
The bears have been defending the overhead resistance at $18 for the past four days. If the price rises from the current level or rebounds off the support line, the bulls will make one more attempt to propel the LUNA/USDT pair above $18.
KLAY/USDT
KLAY rose above the $1.81 resistance on the 14th but the bulls could not sustain the higher levels. The long wick on the candlestick of the past two days suggests that bears are defending the overhead resistance aggressively.
The sharp rally of the past few days has pushed the RSI deep into the overbought zone, indicating the possibility of a minor correction or consolidation in the next few days.
