BTC and altcoins flashed green earlier in the week, but upper resistance levels will continue to cause problems in the short-term.

After nine consecutive weeks of red weekly candles, Bitcoin (BTC) printed a green weekly candle on June 5th. Buyers maintained momentum ahead of this week with a strong weekly open that propelled the price of BTC to $31,800.

Going forward, traders can keep a close eye on the May Consumer Price Index (CPI) data due June 10th. Movement of the US Federal Reserve.

Cryptocurrency market daily indicators. Source: Coin360
Analysts are divided on the next direction for Bitcoin. While some believe that the bottom has already been reached, others expect a further decline. Analyst Bob Lucas is unlikely to be interested in the summer’s price action and expects a new cycle to begin by the end of the year.

Will the bulls be able to sustain higher levels or will the bears sell aggressively and drag the price lower? Let’s examine the charts of the top 10 cryptocurrencies to find out.

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Bitcoin/US Dollar
After two days of small ranges on June 4-5, the range widened on June 6 and bitcoin surged above the 20-day exponential moving average (E ($30,510). The bulls are trying to push the price towards of the upper resistance at $32,659.

BTC/USDT daily chart. Source: Trade View
Price action for the past few days has formed an ascending triangle pattern that will end with a breakout and close above $32,659. In this case, the BTC/USDT pair could start fresh growth. The target of the triangle breakout pattern is $38,618.

The 20-day EMA has flattened out and the Relative Strength Index (RSI) is near its midpoint, indicating that selling pressure has eased.

This bullish view may be invalidated if the price sharply reverses lower and falls below the triangular trend line. The pair could then drop to a strong support at $28,630 where the bulls could attempt to halt the decline. A break and close below this support could tip the lead in favor of the bears.

ETH/USDT
Ether (ETH) rallied from $1,737 on Jun 3, suggesting that the bulls are attempting to defend the key $1,700 support. Buyers are attempting to push the price above the upper resistance at the 20-day EMA ($1930) on June 6th.

Daily ETH/USDT chart. Source: Trade View
If they succeed, the ETH/USDT pair could gain momentum and climb to $2016. Above this level, the pair might face a hard upper resistance level at $2159. Bears are likely to defend this level aggressively. If the price breaks away from this resistance, the pair could settle between $2,159 and $1,700 for a few more days.

The long wick of the June 6 candle suggests that the bears continue to defend the 20-day EMA. This suggests that sentiment remains negative and traders are selling on the upside. Now the bears will try to take the pair below $1,700 and resume the downtrend.

BNB/USDT
BNB has formed a symmetrical triangle pattern that indicates bulls and bears indecisiveness. The bulls are trying to push the price above the resistance line, but the bears are not ready to give way.

BNB/USDT daily chart. Source: Trade View
If the price breaks away from the upper resistance level, the bears will make another attempt to drag the BNB/USDT pair below the support line. If they succeed, the pair could drop to $265 where buying could come into play.

Alternatively, if the bulls push and sustain the price above the resistance line, it would mean that the sellers are losing their footing. The pair could then rally to the $350 breakout level. This is an important level to watch as a break and close above it can signal that the downtrend may end.

XRP/USDT
Ripple (XRP) is trading inside a bearish descending triangle. The bulls are trying to push the price above the downtrend line, but the bears are posing a serious challenge as indicated by the long wick of the daily candle.

Daily XRP/USDT chart. Source: Trade View
If the bulls push the price above the downtrend line, it will negate the bearish pattern. This could result in a short squeeze, taking the XRP/USDT pair to $0.46 and then the psychological $0.50 level.

If, on the other hand, the course is from the A

Source: CoinTelegraph

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