Bears control Bitcoin price but an overdue bounce could lead to quick gains in BNB, XMR, ETC and MANA.
What are the critical levels that may signal the start of a sustained recovery? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.Bitcoin rebounded off the crucial support at $28,630 on May 20, indicating strong buying near this level. The bulls are attempting to push the price above the downtrend line, which could be the first indication that the selling pressure may be reducing.
Conversely, if buyers thrust the price above the 20-day EMA, the pair could attempt a rally to the 61.8% Fibonacci retracement level at $34,823. If this level is scaled, the pair could climb to the 50-day simple moving average .The 4-hour chart shows that the price is getting squeezed between the downtrend line and $28,630. The 20-EMA and the 50-SMA have flattened out and the relative strength index is just above the midpoint suggesting a balance between supply and demand.
On the contrary, if the price turns down from the current level, the bears will attempt to sink the pair below $28,630 and gain the upper hand.) recovered sharply from the critical support at $211 and has reached the overhead resistance at the 20-day EMA . This is an important level for the bears to defend because a break and close above it could indicate that a bottom may be in place.Above the 20-day EMA, the BNB/USDT pair could rally to $350 and thereafter to the 50-day SMA .
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