Bitcoin’s price has shown some strength recently, which may have attracted buying from the bulls trying to start a recovery in Bitcoin and select altcoins. BlackRock’s application to launch a Bitcoin spot price exchange-traded fund and the sustained strength in the United States equities markets may have helped improve crypto sentiment. Although Bitcoin and select altcoins are trying to start a relief rally, the overall trend remains bearish, so short-term traders should consider booking profits or tightening their stops when the price struggles to break above stiff resistance levels.
Top-5 Cryptocurrencies Trying to Start a Recovery in the Short Term
The top-5 cryptocurrencies that are trying to start a recovery in the short term are Bitcoin, Binance Coin (BNB), Litecoin (LTC), OKB, and Quant (QNT). Bitcoin turned up sharply on June 15, trapping aggressive bears who may have gone short on a break below $25,250. On the other hand, BNB has been in the thick of things for the past few days, but a positive sign is that the bulls did not allow the price to break the $220 support, indicating demand at lower levels.
Litecoin plunged below the symmetrical triangle pattern on June 10, signaling that bears have the upper hand. Still, the sharp recovery in the past few days has pushed the LTC/USDT pair back above $75, showing strong buying at lower levels. OKB broke below the symmetrical triangle pattern on June 10, signaling the start of a deeper correction, but a minor positive for the bulls is that they successfully defended the support at $30.50, indicating demand at lower levels. Lastly, Quant rebounded off the $95 level with strength on June 16, indicating aggressive buying at the support, but the bears have not yet given up and are fiercely defending the downtrend line.
It is crucial to keep in mind that every investment and trading move involves risk, and readers should conduct their research before making a decision. This article does not contain investment advice or recommendations.