Bitcoin is trying to form a higher low at $28,630 and if so ETH and XTZ could rally in the near term. After falling for eight consecutive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. BTC however has not been able to replicate its past performance and is threatening to paint a red candle for the ninth week in a row.
BTC
Bitcoin remains trapped inside a tight range between the downtrend line and the support at $28,630. The bears pulled the price below $28,630 on May 27th but could not endure the lower levels. This resulted in a rebound. The bulls will now try to push the price above the downtrend line and challenge the 20-day EMA of $30,538. If they are successful, BTC could pick up momentum and the rally could reach the 50-day SMA of $35,181.
ETH
Ethereum has been in a downtrend but the bulls are trying to delay the decline at the crucial support of $1,700. The price rebounded off this support and the bulls are now trying to build on the recovery. The RSI is forming a bullish divergence, indicating that the downtrend may be weakening. If bulls push the price above the 20-day EMA of$2,036, ETH could rise to the overhead resistance at $2,159. The bears are expected to defend this level aggressively.
XTZ
Tezos is consolidating in a downtrend. Although bulls pushed the price above the 20-day EMA of $2 they could not endure the recovery. The 20-day EMA is flattening out and the RSI is above 46, suggesting that the selling pressure is reducing. If bulls push the price above the 20-day EMA XTZ could rally toward the 50-day SMA of ($2.45).
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