Bitcoin bulls look to re-establish control – will BNB, LTC, OKB and QNT follow?

The bears missed an opportunity this week by failing to sustain bitcoin (BTC) below the $25,000 level. This may have attracted buying from bulls who are attempting to start a recovery in bitcoin and select altcoins.

Additionally, BlackRock’s application to launch a bitcoin spot price exchange-traded fund and continued strength in United States equity markets may have helped improve crypto sentiment. Bitcoin is on track to end the week with a modest gain of 2%, according to data from Coinglass, and institutional buying at Grayscale Bitcoin Trust has reduced its discount to bitcoin spot from 44% to 36.6% on June 13.

Although bitcoin and select altcoins are trying to start a relief rally, the overall trend remains bearish. Hence, short-term traders buying for a pullback should consider booking profits or tightening their stops when the price struggles to move above the stiff resistance level.

The strategy may be different for long-term investors, who can use the decline to a strong support level to acquire the cryptocurrency of their choice. It is prudent to adopt a staggered buying approach as a runaway rally is unlikely.

Let’s take a look at the top-5 cryptocurrencies that are trying to start a recovery in the near term.

bitcoin price analysis

Bitcoin rallied sharply on June 15, trapping aggressive bears who would have turned short if it broke below $25,250. There might have been a minor squeeze in the near term, which pushed the price towards the 20-day exponential moving average ($26,403).

The bears are trying to limit the relief rally at the 20-day EMA but one positive sign is that the bulls haven’t given up much ground. This suggests that buyers are holding their positions in anticipation of a move higher.

However, the bears are likely to have other plans as they will try to offer stiff resistance in the area between the 20-day EMA and the resistance line of the descending channel. If the price breaks below this area, the BTC/USDT pair could remain inside the channel for some time.

But if the bulls drive the price above the channel, the pair will signal a possible trend change in the near term. The pair could then move higher towards $31,000.

The 20-EMA on the 4-hours chart is rising and the Relative Strength Index (RSI) is in the positive zone, indicating that the bulls have the upper hand in the near term. There is a minor resistance at $26,850 but if it is overcome, the pair could reach the resistance line of the channel near $27,600. This level could prove to be a difficult hurdle for the bulls to overcome, but if they manage to do so, the pair could rally towards $28,500.

This positive outlook will be invalidated in the short term if the price turns down and breaks below the 20-EMA. This could drag the price towards the 50-simple moving average and eventually the strong support area between $25,250 and $24,800. A break below this area could trigger selling.

bnb price analysis

BNB (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. This indicates demands at lower levels.

The first resistance on the upside is the 38.2% Fibonacci retracement level of $252.50. If this level is extended, the BNB/USDT pair may reach the 20-day EMA ($261). The bears will try to stop the recovery at this level. If they succeed, the pair could decline towards $220.

Conversely, if the bulls propel the price above the 20-day EMA, the pair could reach the 61.8% Fibonacci retracement level of the $272.50 level. This is an important level for the bears to defend as if it gives way, the pair could move towards $305.

The 4-hours chart shows that the moving averages have completed a bullish crossover and the RSI has moved into the positive zone. This indicates that the buyers are trying to pull back. To gain strength, the bulls need to overcome the $252.50 resistance area. The pair could then rally up to $265.

On the downside, the first support is at the 20-EMA. If this level breaks, the pair could move to the uptrend line. A break and close below this level would indicate that the bulls have given up. The pair could then retest the important $220 support.

Litecoin Price Analysis

Litecoin (LTC) dropped below a symmetrical triangle pattern on June 10 to show that the bears have the upper hand. Sellers dragged the price below the immediate support at $75 on June 14 but could not build on the move.

A sharp recovery in the past few days has pushed the LTC/USDT pair back above $75. This indicates strong buying at lower levels. The bulls will next try to push the price above the 20-day EMA ($82), which is an important level to keep an eye on. If the buyers clear this hurdle, the pair could rise towards the 50-day SMA ($86).

Contrary to this assumption, if the price turns down from the current levels or the 20-day EMA and breaks below $70, it will signal the start of a downtrend. The first stop is likely to be $65 and then $60.

The strong recovery pushed the price above the 20-EMA on the 4-hours chart, indicating that selling pressure is easing. The moving averages are on the verge of completing a bullish crossover and the RSI has jumped into the positive zone, indicating that the buyers are attempting a comeback.

There is a minor resistance at $80 but if the bulls overcome this hurdle, the pair could accelerate towards $85 and thereafter $90. If the bears want to stop the upward move, they will need to quickly sink the price below $75.

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okb price analysis

OKB (OKB) broke below a symmetrical triangle pattern on June 10, indicating the start of a deeper correction. A minor positive for the bulls was that they successfully defended the support at $30.50, indicating demand at lower levels.

The price has reached the 20-day EMA ($42.73), which is an important level to watch. If the price breaks below the current levels, it would suggest that the sentiment remains negative and traders are selling the rallies. This could pose a serious threat to the $38.50 support. If this level gives way, the OKB/USDT pair could skid to $35 and finally to $30.

Conversely, if the buyers push the price above the 20-day EMA, it would suggest that the bears are losing their grip. The pair could then rise to the support line, which is likely to act as a formidable resistance. The buyers need to kick the price above $48 to gain the upper hand.

The pair rallied strongly above $38.50 but is facing resistance near $42.39. A minor positive in favor of the buyers is that the moving averages have completed a bullish crossover and the RSI is in the positive zone.

If the buyers push the price above $42.39, the pair is likely to gain momentum and rise towards $46, where another strong defense is expected from the bears.

Another possibility is that the price turns down and breaks below the 20-EMA. This could indicate a possible range-bound action between $38.50 and $42.39 for some time.

quantitative price analysis

Quant (QNT) made a strong comeback from the $95 level on June 16, indicating aggressive buying at the support.

However, the bears have not given up yet and are fiercely defending the downtrend line. The sellers will try to sink the price below $95, while the bulls will try to keep the QNT/USDT pair above it.

If the price moves above $95 once again, it will increase the chances of a rally above the downtrend line. If it happens, the pair could start a strong recovery that could take the price towards $135.

This positive view could be invalidated in the near term if the price continues to decline and sink below $95. The pair could then slide further towards $87 and later towards $80.

The 4-hours chart shows that the pair quickly gave back a major portion of its gains, indicating that the bears are active at higher levels. They pulled the price below the 61.8% Fibonacci retracement level of $103.90, which is a negative sign.

Buyers need to quickly get the price back above the moving averages if they want to have another shot at the downtrend line. Alternatively, if the price sustains below the 50-SMA, a drop towards $95 increases its chances.