Bitcoin bulls take symbols such as SOL, AR, GRT and FTM
Bitcoin (BTC) is up more than 8% this week, indicating that lower levels will continue to attract buyers. Generally, in a range, traders buy near the support and sell near the resistance. This indicates that the price may reach the top of the range at $73,777, but it may be difficult to clear this barrier.
Analysts are divided in their opinion about Bitcoin's next directional move. Some believe that the correction is over and Bitcoin will reach new all-time highs, while others expect Bitcoin to retest the $60,000 support and break lower. It is difficult to predict the direction of the break from the range. Therefore, it may be wise to wait for the price to start a new trend before setting up large trading positions.
As Bitcoin strengthens, traders may look to altcoins for short-term trading opportunities. Although a full-blown altseason is yet to arrive, select altcoins may present trading opportunities.
Could Bitcoin's recent resistance boost sentiment in the crypto sector? Let's study the top 5 currencies that look promising on the charts.
Bitcoin price analysis
Bitcoin faced resistance near $68,000, but a positive sign is that the bulls have not given ground to the bears. This indicates that the bulls are holding their positions in anticipation of a move higher.
The 20-day exponential moving average ($64,109) has started to turn, and the relative strength index (RSI) is in positive territory, indicating that there is an upward path with minimal resistance. If the $68,000 level is crossed, the BTC/USDT pair can retest the formidable resistance at $73,777.
If the bears want to avoid a bullish move, they need to lower the price below the fast moving averages. If they do that, the pair could drop to $59,600 and later to the May 1 low of $56,552.
Both moving averages are trending upward on the 4-hour chart, and the RSI is in the positive zone, which indicates that the bulls are in order. An important support to watch on the downside is the 20-EMA. If the price recovers from this level, it will improve the possibility of a rally above $68,000.
Conversely, if the price breaks below the 20-EMA, it indicates that the momentum of the bull is weakening. The pair may slide towards the 50-easy moving average and then support near $59,600.
Solana price analysis
Solana (SOL) rose above the moving averages on May 15, and the bulls are trying to build on their strength.
There is a little resistance at $176 where the bears are trying to start a correction. An important level to watch on the downside is the $162 breakout level. If the price recovers strongly from this level, it will indicate that the bulls are trying to flip $162 to support. This rally increases the possibility of a break above $176. The SOL/USDT pair could move towards $185.
If the price declines and dips below the moving average, this bullish outlook is worthless in the short term. This can cause a long liquidation, the pair will pull to $140.
The pair rejected the upper resistance near $176 and dipped below the 20-EMA. It could retest the $162 breakout level where buyers are expected to come in and arrest the decline. Buyers need to push the price above $176 to continue the upward movement.
If the pair breaks below $162, it suggests that the bulls may lose their grip. There is a little support at the 50-SMA, but if it gives way, the pair can take it to $140.
Arweave price analysis
Arweave (AR) has been on a high for the past few days. The bulls pushed above the May 17 price resistance above $47.51 but failed to sustain higher levels.
The bears are trying to pull the price to the 20-day EMA ($40), which is important to monitor. If the price recovers strongly from this level, it suggests that the bulls will buy on the dips. That raises the break above the psychological resistance at $50. If that happens, the AR/USDT pair could rise to $68.
Contrary to this assumption, if the price declines significantly and falls below the 20-day EMA, it suggests that the bulls are rushing to the exit. That could trigger a correction to the 50-day SMA ($35).
The 4-hour chart shows that a bullish wedge pattern has formed. The 20-EMA is an immediate support to watch on the downside. If this level gives way, the pair may slide towards a wedge support line. A break and close below the wedge may begin to move towards $38 and then $36.
Instead, if the price breaks above the 20-EMA or support line and breaks above the wedge resistance line, it indicates that the bulls are in control. That breaks the negative setup and starts moving towards $68.
Related: Bitcoin's $66.9K Price Strong, Casts Doubt on ‘Deep Correction'
Graph value analysis
After the bulls pushed the price above the moving average on May 15, Graph (GRT) started a rally.
The 20-day EMA ($0.29) has started to turn, and the RSI has risen to a positive position, indicating that the bulls are trying to return. Buyers will try to push the price to the $0.35 resistance, the bears can install a strong resistance again.
The 20-day EMA remains a key support on the downside. If the price declines and breaks below the level, it suggests that the bears continue to sell on each minor rally. That could sink the GRT/USDT pair to $0.26 and then to $0.23.
The 4-hour chart shows that the pair has been stuck between $0.22 and $0.31 for some time. The bulls pushed the price above the range but could not sustain the higher levels. If the price falls below the 50-SMA and holds, it indicates that the breakout has been rejected. The pair could drop to $0.26.
Alternatively, if the price breaks out strongly from the moving averages, the bulls will take another shot at $0.31. If this level clears, the pair may jump to the $0.35 and later the $0.40 pattern target.
Fantom price analysis
Fantom (FTM) broke above its moving averages and above the $0.79 horizontal resistance on May 16, signaling the start of a recovery.
The moving averages are at the bullish intersection, and the RSI has risen to the positive territory, which indicates that the bulls are back in the game. However, the bears are not easily discouraged. They try to reset the price to $0.79. If bulls reverse this level to support, the FTM/USDT pair could rise to $1.04.
Conversely, if the price declines and breaks below the moving averages, it suggests that the bears remain highly active. That could pull the pair to $0.60.
The bears are trying to start a correction on the 4-hour chart, but the bulls can buy dips to the 20-EMA. If that happens, the pair is expected to pick up momentum and rise towards the $1.04 high resistance.
Instead, if the price continues lower and breaks below the 20-EMA, it suggests that the bulls are losing their grip. The pair may drop to the $0.79 breakout level. This is an important level for bulls to defend because a break below it indicates a recovery.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
