Bitcoin price is climbing back toward a key resistance level, and if overcome, $NEAR, $FTT, ETC and XMR could also flip bullish.
Could Bitcoin bounce back sharply due to whale buying? Will select altcoins also turn higher in the short term? Let’s study the charts of the top-5 cryptocurrencies that may outperform if the sentiment improves.Bitcoin bounced off the support at $42,594 on April 7 but the bulls could not clear the barrier at the 20-day EMA on April 8. This may have attracted selling by traders, which pulled the price below the $42,594 support.
On the contrary, a weak bounce off the 50-day SMA will suggest a lack of aggressive buying at the current levels. The bears will then try to capitalize on this opportunity and sink the pair below the 50-day SMA. If they succeed, the pair could drop to the psychological level at $40,000 and if this level also cracks, the next stop may be the support line of the ascending channel.The 4-hour chart shows that the rebound off the $42,594 support fizzled out at the 20-EMA.
The 20-EMA is sloping down and the relative strength index is in the negative zone, indicating advantage to sellers. If the price turns down and breaks below $42,000, the selling could intensify. The pair could then drop to $40,000 where the buyers may again attempt to arrest the decline. Alternatively, a break and close above the 20-EMA could open the doors for a possible recovery to the 50-SMA. The bulls will have to push and sustain the price above $45,400 to gain the upper hand.
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