The bears are trying to extend Bitcoin’s record of nine consecutive red weekly candles to ten weeks, but the bulls are trying to avert this negative occurrence.
BTC
Bitcoin dropped below the 20 day EMA of $30,459 on the 1st of June. The bulls tried to push the price back above the 20 day EMA but the bears did not relent. The bears will try to pull the price below the strong support at $28,630. If they are successful, BTC could drop to the vital support at $26,700. The buyers are expected to defend this support zone with all their power because if they fail to do that, the downtrend may resume.
ADA
ADA broke above the downtrend line on the 31st of May but the bulls could not withstand the higher levels. Although the bears have effectively defended the downtrend line, a minor positive is that the bulls have held ADA above the 20-day EMA of $0.56. This increases the possibility of a break above the downtrend line. If so, ADA could rally to the 50 day SMA of $0.67 where the bears may pose a strong challenge.
XLM
XLM rallied above the 20 day EMA of $0.14 on the 30th of May, which was an indication that the selling pressure may be decreasing. The bears stalled the up-move near the 50 day SMA of $0.15 but they haven’t been able to sink and sustain the price below the 20 day EMA. This indicates that the bulls are buying on the dips to the 20-day EMA. If bulls drive the price above the 50-day SMA, it will suggest the start of a sustained recovery
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