Bulls are trying to sustain Bitcoin above $31,000, which may trigger a rally to $40,000. Will altcoins follow?
Usually, the leader is the first to emerge from a bear market. If the rally sustains, the sentiment among the traders improves and they start looking at other buying opportunities. After Bitcoin’s rally, the altcoins have started to show signs of life. If the trend continues, several altcoins may rally over the next few weeks.
Will the U.S. equities markets continue their march higher? Could Bitcoin and the major altcoins continue their recovery? Let’s analyze the charts to find out.The S&P 500 Index bounced off the breakout level of 4,325 on June 26, indicating that the bulls have flipped the level into support.Buyers continued their purchases at higher levels which pushed the index above the immediate resistance at 4,448. This indicates the resumption of the uptrend.
If bulls want to prevent the up-move, they will have to quickly yank the price below 4,325. If they do that, the selling could pick up momentum and the index may plummet to 4,200.The bulls pushed the U.S. dollar index above the 20-day exponential moving average on June 28, indicating strength.The bears tried to pull the price back below the moving averages on June 30 but the bulls did not relent. This suggests that lower levels are attracting buyers.
Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that bears are selling on minor rallies. That could pull the price down to the immediate support at 102.The long tail on Bitcoin’s July 2 candlestick shows that the bulls are buying the intraday dips. The buyers will try to strengthen their position by driving and sustaining the price above the overhead resistance at $31,000.
The rising 20-day EMA and the relative strength index near the overbought zone indicate advantage to buyers. Sellers will have to sink the price below the 20-day EMA to gain the upper hand in the near term. The pair may then drop to the 50-day simple moving average .
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