If Bitcoin starts a recovery in the short term, certain altcoins are likely to follow it higher. Let’s study the charts of the top-5 cryptocurrencies that may lead the relief rally.Bitcoin remains stuck inside a tight range between the downtrend line and the support at $28,630. The bears pulled the price below $28,630 on May 26 and May 27 but could not sustain the lower levels. This resulted in a rebound on May 28.
On the other hand, if the price turns down from the overhead resistance, the bears will again try to pull the pair below $28,630. If they manage to do that, the pair will complete a bearish descending triangle pattern, which has a target objective at $24,601.The 20-EMA and the 50-SMA on the 4-hour chart have flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand.
Conversely, the bears will come out on top if the price turns down and plummets below $28,630. That could result in a retest of the crucial support at $26,700.) has been in a downtrend but the bulls are attempting to stall the decline at the crucial support of $1,700. The price rebounded off this support on May 28 and the bulls are attempting to build on the recovery on May 29.The RSI is forming a bullish divergence, indicating that the downtrend may be weakening.
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