Although Bitcoin was trading below $ 57,000 at the time of writing, it was expected to make a comeback above $ 60,000 in the coming days. Meanwhile, alts like Bitcoin SV, Litecoin and Polkadot stayed below major resistance points, waiting for the broader market’s bullish signals to appear on their respective charts.
Bitcoin SV [BSV]
Bitcoin SV’s price was at a crucial point in time within the 4 hour timeframe. Price hit higher lows as it rose towards $ 341, and it seemed only a matter of time before that ceiling was exceeded. A successful breakout above $ 341 would result in profits up to $ 390 in the BSV market, but the bulls needed to gain strength before such a move.
Ingenious oscillator noticed rising declining momentum while MACD approached a bearish crossover. Breaking below the lower trendline would negate the pattern and the USD 275 support would be in focus in such a scenario.
Much like BSV, Litecoin was in a similar situation on its 4-hour chart. The bulls had to retake the region above $ 290 to rise north, but the $ 261 support had to be defended against bearish pressure first. Stochastic RSI fell towards the oversold zone but a bullish crossover was expected in the upcoming sessions.
On the positive side, OBV rose steadily after lows in the last week of April. This constant pressure to buy was a positive sign of LTC’s short- and medium-term development. If it retook the area above $ 300, LTC would likely be heading for $ 350.
A rebound was underway in the polkadot market after the price fell to $ 26 in late April. At the time of writing, the rebound was held in check at the Fibonacci retracement level of 50% ($ 37.4). According to OBV’s On a flat move, buying pressure matched selling pressure in recent sessions as the bears held DOT below their overhead resistance level.
However, ADX The indicator hit 20 as bullish strength increased. In such a situation, no dips are expected; instead, resistance levels would be in the spotlight. One such level was at 61.8% Fibonacci near $ 40. If this area is successfully retaken, DOT could rise towards its next target at $ 44.
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