The general mood of the market is fully consistent with this Extreme Fear. The Internet is talking again about the death of bitcoin. According to Google Trends, the number of search queries on this topic has returned to its maximum levels, close to December 2017. Recall that at that moment, approaching the coveted $20,000, the main cryptocurrency turned around and flew down, losing more than 40% of its value in a few days. The only difference with that long-standing situation is that bitcoin was approaching the $20,000 level from below then, and it is from above now. And the market was looking for a top then, and for a bottom now. Moreover, according to a number of influencers, it is not at all necessary that the bottom is at this particular mark.
Chainlink (LINK) is in a downtrend, but it is trying to form a bottom near $5.50. The bears pulled the price below this level on June 13, June 14 and June 18, but they could not sustain the lower levels. This suggests that bulls are buying on dips. The positive divergence on the RSI suggests that the bearish momentum may be weakening. The buyers will try to push the price toward the downtrend line, which is likely to act as a stiff resistance. If the price turns down from the downtrend line, the bears will again attempt to sink and sustain the LINK/USDT pair below the $5.50 support. If that happens, it will suggest the resumption of the downtrend. Alternatively, if buyers thrust the price above the downtrend line, it will suggest a potential trend change. The pair could then rise to $10 and later to $12. The rebound in the pair has reached the 50-SMA, which may act as a minor resistance. The 20-EMA is flattening out and the RSI is near the midpoint, suggesting that the bears may be losing their grip. If buyers push the price above the 50-SMA, the pair could rise to $7.51. A break and close above this resistance will complete a double bottom pattern in the short term. This reversal setup has a pattern target of $9.50. To invalidate this bullish view, the bears will have to pull and sustain the price below the strong support at $5.50.
Solana (SOL) has been in a strong downtrend, but the positive divergence on the RSI suggests that the bearish momentum could be weakening. The bulls will try to push the price above the 20-day EMA of $36. If they succeed, it will suggest that the bulls are on a comeback. The SOL/USDT pair could thereafter rise to the 50-day SMA of $50, where the bears may again mount a strong defense. On the contrary, if the price turns down from the 20-day EMA, it will suggest that the bears are in no mood to surrender their advantage. The sellers will then again try to sink the price below $25 and start the next leg of the downtrend. The bulls have pushed the price above the moving averages on the 4-hour chart and will attempt to clear the overhead hurdle at the downtrend line. If they do that, it will suggest that the downtrend may have ended in the short term. The buyers will then try to push the price to $42.50 and later to $45. Conversely, if the price turns down from the current level or the downtrend line and breaks below the moving averages, it will suggest that bears continue to defend the overhead resistance aggressively. That could pull the price to $27.50 and later to $25.
The bears attempted to sink Litecoin (LTC) below the strong support at $40 on June 18, but the long tail on the day’s candlestick suggests that the bulls are defending the level aggressively. The relief rally has reached the 20-day EMA of $55, which is an important level to keep an eye on because a break and close above it could suggest a potential change in trend. The LTC/USDT pair could thereafter rise to the 50-day SMA of $68. Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and traders are selling on rallies. The bears will then make another attempt to sink the pair below $40 and resume the downtrend. The price has broken out of a symmetrical triangle pattern on the 4-hour chart. Although this setup usually acts as a continuation pattern, sometimes it indicates a possible reversal. The moving averages have completed a bullish crossover, suggesting an advantage to buyers. If buyers sustain the price above the triangle, the pair could rise to the pattern target of $62. This positive view could invalidate in the short term if the price turns down and re-enters the triangle. Such a move will suggest that the break above the triangle may have been a bull trap.
Bitcoin plummeted below the crucial support of $20,111 on June 18, indicating the resumption of the downtrend. A minor positive is that the bulls purchased the dip as seen from the long tail on the day’s candlestick. The buyers are attempting to push the price back above the breakdown level of $20,111. If they manage to do that, it will suggest that the drop to $17,622 on June 18 may have been a bear trap. The BTC/Tether (USDT) pair could then rally to $23,362, where the bears may again mount a strong resistance. The relative strength index (RSI) has been trading in the oversold zone for the past few days which suggests a relief rally in the near term. This positive view could invalidate if the price turns down from $20,111. That will suggest the bears have flipped the level into resistance and increase the possibility of a break below $17,622. The next support on the downside is $16,000.
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