Bitcoin Bulls Lead Surge; SOL, AR, GRT, FTM Flash Bullish Signs

This week, Bitcoin (BTC) has seen an increase of over 8%, hinting that buyers are stepping in at lower levels. In a market range, traders typically buy near the support and sell near the resistance. This practice suggests that Bitcoin’s price might climb to the upper limit of the range at $73,777. Surpassing this resistance could prove challenging. Analysts are split on the future direction of Bitcoin’s price. Some argue that the recent correction has ended, predicting a new all-time high for Bitcoin. Conversely, others believe Bitcoin may decline again to test the $60,000 support level, or even fall further.

Predicting the breakout direction from a range with certainty is tough. Therefore, a cautious approach might involve waiting for a definitive new trend to form before making substantial trading commitments. As Bitcoin trades sideways, traders could turn their attention to altcoins for short-term trading prospects. While a comprehensive altseason hasn’t been declared yet, certain altcoins show potential for trading opportunities. Could a potential rise in Bitcoin above its near-term resistance improve sentiment in the broader crypto market? Let’s delve into the top five cryptocurrencies that currently appear promising on the charts.

Bitcoin has encountered resistance near $68,000, but a positive marker is that bulls haven’t yielded to the bears. This implies that bulls are maintaining their positions, anticipating a further upward move. The 20-day exponential moving average (EMA) at $64,109 is beginning to slope upwards, and the relative strength index (RSI) being in positive territory suggests that the path of least resistance is upwards. Should the $68,000 level be breached, the BTC/USDT pair might reattempt the strong overhead resistance at $73,777. Bears would need to quickly drive the price below the moving averages to stave off a rally. Failure to do so could see the pair drop to $59,600 and possibly to a low of $56,552 from May 1.

On the 4-hour chart for Bitcoin, both moving averages are trending higher, and the RSI remains positive, signaling that bulls are in control. Key support on the downside to watch is the 20-EMA. A rebound off this level could enhance the prospects of breaking above $68,000. Conversely, a break below the 20-EMA would indicate weakening bullish momentum, potentially leading the pair to slide to the 50-simple moving average (SMA) and then to support near $59,600.

Solana (SOL) moved above its moving averages on May 15, with bulls striving to leverage their strength. A minor resistance exists at $176, where bears might attempt a correction. The crucial downside level to monitor is the breakout level at $162. A strong rebound off this level would indicate bulls’ effort to turn $162 into support, increasing the chances of a rally past $176 to potentially $185. If the price turns downward and falls below the moving averages, this would negate the positive outlook, possibly leading to a decline to $140.

Solana’s 4-hour chart shows it has turned down from near $176 and dipped below the 20-EMA. Retesting the breakout level at $162, buyers are expected to halt the decline. A strong push above $176 is required to resume the upward movement. If the pair falls below $162, it may indicate that bulls are losing control, with minor support at the 50-SMA. If this breaks, the pair could plunge to $140.

Arweave (AR) has been on an uptrend for the past few days, breaking above the overhead resistance at $47.51 on May 17 but failing to sustain higher levels. Bears are attempting to pull the price down to the 20-day EMA at $40, a critical level. A robust rebound from this point could lead to a breakthrough above the psychological resistance at $50, potentially pushing the AR/USDT pair to $68. If the price drops below the 20-day EMA, it could signify a rush among bulls to exit, possibly triggering a correction to the 50-day SMA at $35.

On Arweave’s 4-hour chart, a rising wedge pattern has formed. The immediate support is the 20-EMA. Breaking this could lead the pair to the support line of the wedge, and a further break could initiate a downward move to $38 and then to $36. Conversely, if the price rebounds from the 20-EMA or the support line and crosses the resistance line, it would signal bulls’ control, invalidating the negative setup and possibly propelling the price towards $68.

The Graph (GRT) commenced a relief rally as bulls pushed the price above the moving averages on May 15. The 20-day EMA at $0.29 is trending upwards, and the RSI entering the positive zone indicates a bullish attempt. Buyers will aim to push the price to the overhead resistance at $0.35, where bears might resist strongly. The 20-day EMA remains a key support level. If the price turns down and drops below this level, bears may continue selling on minor rallies, potentially pushing the GRT/USDT pair down to $0.26 and then to $0.23.

Reviewing The Graph’s 4-hour chart, the pair has fluctuated between $0.22 and $0.31 for some time. Bulls recently pushed the price above this range but couldn’t maintain higher levels. If the price plunges below the 50-SMA, it would suggest a failed breakout, leading the pair to $0.26. Alternatively, a strong rebound from the moving averages could lead to another attempt at $0.31. Clearing this level might push the pair to $0.35, and subsequently, to the pattern target of $0.40.

Fantom (FTM) broke above its moving averages and horizontal resistance at $0.79 on May 16, signaling a potential recovery. The moving averages are nearing a bullish crossover, and the RSI’s rise into positive territory indicates renewed bullish sentiment. Bears may not retreat easily and could attempt to drive the price back towards $0.79. If bulls defend this level, the FTM/USDT pair could climb to $1.04. Conversely, if the price dips below the moving averages, it would suggest active selling by bears, potentially pulling the pair down to $0.60.

On Fantom’s 4-hour chart, bears are attempting to correct the price, but bulls might purchase dips to the 20-EMA. If that occurs, the pair could gain momentum and rise towards the resistance at $1.04. If the price drops below the 20-EMA, it would indicate weakening bullish control, possibly driving the pair to the breakout level at $0.79. This level is crucial for bulls to defend, as a break below it would imply the recovery has faltered.