Bitcoin aims to flip $31,000 to support and a handful of altcoins are following with similarly-sized gains. Is it too early to say 'bull market?'
) above the breakdown level of $0.69 on June 22 but the long wick on the candlestick shows that the bears are trying to protect the level.A minor positive in favor of the bulls is that they have not allowed the price to drift much lower from the overhead resistance. This suggests that the bulls are hanging on to their positions in expectation of a move higher.
If buyers propel and sustain the price above $0.69, it may start a stronger recovery to the 50-day SMA . This level may again act as a hurdle but if cleared, the MATIC/USDT pair may soar to $1. Alternatively, if the price turns down from the overhead resistance and dips below $0.62, it will suggest that the pair may oscillate between $0.69 and $0.50 for a while longer.The bears tried to make a comeback on June 21 and 22 by defending the 50-day SMA but the bulls kept up the buying pressure in Litecoin .The 20-day EMA has started to turn up and the RSI has jumped into positive territory, indicating that the bulls are in command.
If bears want to halt the upward march, they will have to quickly pull the price back below the 20-day EMA. If they do that, the pair may slide to $75.
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