Top 5 cryptocurrencies to watch this week: BTC, FTT, XTZ, KCS, HNT
Bitcoin (BTC) is threatening to drop to its worst weekly close since December of 2020. The crypto markets are in are held firmly in a vice grip and the selling accelerated following a higher-than-expected inflation report from the United States on June 10.
It is not only the crypto markets that are facing the brunt, even U.S. equities markets finished the week ending June 10 with sharp losses. Risky assets may remain volatile in the near term as traders await the outcome of the U.S. Federal Open Market Committee meeting on June 14 and June 15.
Bloomberg Intelligence senior commodities strategist Mike McGlone warned that if the stock markets continue to drop, then it will signal that most assets may have seen their peak exuberance in the past two years.
Could Bitcoin find support at lower levels and will that attract buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that are likely to move up if the sentiment improves.
Bitcoin broke below the trendline on June 10 which negated the developing ascending triangle pattern. The bears maintained their selling pressure and pulled the price below the strong support of $28,630 on June 11.
The long tail on the June 12 candlestick shows that bulls are attempting to defend the support at $26,700. If buyers propel the price back above the breakdown level of $28,630, it will suggest that the BTC/USDT pair may remain range-bound between $32,659 and $26,700 for some time.
On the other hand, if the price turns down from $28,630, it will suggest that bears have flipped the level into resistance. That could increase the possibility of a break below $26,700. If that happens, the selling could intensify and the pair may drop to $22,000 and later to $20,000.
The pair
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