Bitcoin is flashing some early signs of a relief rally, and SOL, LTC, LINK and BSV could follow if bulls reclaim $20,000 as a support level for BTC. Bitcoin plummeted to $17,622 on June 18. This marked the first time in Bitcoin’s history that it has fallen below its previous cycle high.
BTC
Bitcoin fell below the crucial support of $20,111 on June 18, signifying the resumption of the downtrend. A minor positive is that the bulls purchased the dip as seen from the long tail on the day’s candlestick. The buyers are attempting to push the price back above the breakdown level of $20,111. If they manage to do so, it will suggest that the drop to $17,622 on June 18 may have been a bear trap. BTC could then rally to $23,362 where the bears may again mount a strong resistance.
SOL
Solana has been in a strong downtrend but the positive divergence on the RSI suggests that the bearish momentum could be weakening. The bulls will try to push the price above the 20-day EMA of $36. If they succeed, it will suggest that the bulls are on a comeback. SOL could thereafter rise to the 50-day SMA of $50 where the bears may again mount a strong defence.
LTC
The bears tried to sink Litecoin below the strong support at $40 on June 18 but the long tail on the day’s candlestick suggests that the bulls are defending the level aggressively. The relief rally has reached the 20-day EMA of $55 which is an important level to keep an eye on because a break and close above it could suggest a potential change in trend. LTC could thereafter rise to the 50-day SMA of $68.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk, the reader you should conduct their own research when making a decision.
