Bitcoin Surges 8%, Analysts Predict Uncertain Future; Spotlight on Promising Altcoins
Summary:
The recent 8% increase in Bitcoin (BTC) indicate a continued buyer interest at lower prices. While the price could reach $73,777, surpassing this limit may prove to be a challenge. Analysts are divided about Bitcoin's next movement; some predict a new all-time peak, while others foresee a downtrend. Amid Bitcoin's steady path, focus could shift to altcoins for short-term trading opportunities. Among these, Solana (SOL), Arweave (AR), The Graph (GRT), and Fantom (FTM) show promising potential.
This week has seen an over 8% increase in Bitcoin (BTC), indicating a continued interest from buyers at lower prices. Typically, in a variable market, traders will buy near the support then sell when it's near to resistance. This behaviour suggests the price could hit the top of the range at $73,777, although surpassing that limit may prove challenging. There's a split amongst analysts about Bitcoin's next movement. Some predict the downturn has passed and Bitcoin will reach a new all-time peak, whereas others foresee Bitcoin dropping to retest the $60,000 support level and lower. Predicting the course of the breakout from a range with certainty is near impossible. Accordingly, it can be prudent to wait for the price to initiate a new trend before initiating significant trading activities.
While Bitcoin travels a steady path, attention may shift to altcoins for short-term trading possibilities. Despite a full altseason not yet being underway, selected altcoins could offer viable trading opportunities. Could a potential Bitcoin rise above recent resistance levels boost the overall sentiment in the crypto sector? Let's explore the top 5 promising looking cryptocurrencies on the charts at current.
Bitcoin has faced resistance around $68,000, but a promising sign is the evident lack of willingness from the bulls to concede to bears. This behaviour indicates that bulls are holding their positions, expecting a price increase. The BTC/USDT pair could be challenged by the overhead resistance at $73,777 if the $68,000 level is surpassed.
To deter this rise, bears need to pull the price below the moving averages rapidly. In their successful manoeuvre, this could potentially trigger a decline in the price to $59,600 and $56,552 as a subsequent mark (the May 1 intraday low).
Moving on to Solana (SOL), it has risen above the moving averages as of May 15 and bulls are attempting to boost this gain. There is minor resistance at $176, from where bears will attempt a course correction. The crucial downside to watch is $162. If the bulls can reverse this level into support will increase the chance of a rally above $176, which could bring it up to $185.
Moving on, Arweave (AR) has been in an ascending trend for the past days. Bulls drove the price over the overhead resistance of $47.51 on May 17 but struggled to maintain the higher levels.
Finally, The Graph (GRT) initiated a relief rally after the bulls drove the price above the moving averages on May 15. Bulls are looking to propel the price to the overhead resistance of $0.35 where bears could put up a strong challenge.
Lastly, Fantom (FTM) rose above the moving averages and the horizontal resistance of $0.79 on May 16, signalling the start of a recovery.
This article does not contain investment advice or recommendations. Trading always involves risk and readers are advised to do their own research when making decisions.
Published At
5/19/2024 10:13:08 PM
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