Bitcoin managed to bounce off a critical support and if the higher levels hold, FTT & XTZ could attract buyers. Bitcoin is threatening to drop to its worst weekly close since December of 2020.
BTC
BTC broke below the trend line which cancelled the developing ascending triangle pattern. The bears maintained their selling pressure and pulled the price below the strong support of $28,630. The long tail on the June 12th candlestick shows that bulls are trying to defend the support at $26,700. If buyers push the price back above the breakdown level of $28,630, it will suggest that BTC may remain range bound between $32,659 and $26,700 for some time.
FTT
FTT has been in a downtrend for the past several months but the RSI has formed a positive separation, indicating that the bearish momentum may be waning. The bulls pushed the price above the 20 day EMA of $29 on 9th but could not sustain the higher levels. The bears pulled the price back below the 20 day EMA but the bulls did not give up much ground.
XTZ
XTZ rose above the 50 day SMA of $2.14 on the 9th but the bulls could not build upon this strength. This signifies that the bears are active at higher levels. Strong selling by the bears pulled the price below the moving averages and XTZ dropped to the crucial support zone of $1.61 to $1.45. If the price rebounds off this zone, the bulls will again try to push the pair above the 50-day SMA and challenge the overhead resistance at $2.36.
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