Bitcoin briefly dipped to $45.5k in recent hours but pushed back above the $46.4k level, and altcoins registered some short-term gains following this dip. If Bitcoin has indeed reclaimed the lows of the range it has been in recent days, a move to $52k could be likely over the next week. Many altcoins, one example being Chainlink, were on the verge of moving above shorter timeframe trendline resistances.
Bitcoin Cash [BCH]
Source: BCH/USDT on TradingView
Using the Fibonacci retracement tool for Bitcoin Cash’s move from $731.4 to $344.1, it can be observed that the price was right beneath the 23.6% retracement level. BCH has already faced selling pressure at its 55 SMA (green), and the 21 SMA continued to move beneath the 55 SMA on the 4-hour chart.
The $418 level held strong despite multiple tests of the level, and the OBV did not dip significantly in recent days either. Buyers were willing and able to push prices higher, and a close above $437.6 could see BCH test the trendline resistance (white).
Chainlink [LINK]
Source: LINK/USDT on TradingView
The $18.6 level is high timeframe support for Chainlink, while the $17.5 represents lower timeframe support. At the time of writing, LINK was trading at trendline resistance, and could either breakout and retest the trendline, or dip toward $19.2, form a higher low, and proceed higher. The RSI showed bullish momentum on the hourly chart as well.
In either scenario, there is a strong zone of supply from $20.1 to $21.3, which could stall the upward movement of LINK. Further resistance lies at $23.25.
Cosmos [ATOM]
Source: ATOM/USDT on TradingView
ATOM faced some resistance at the $22 level. It had dipped to $20 and found buyers in recent days, and flipping $22 to support will likely present a buying opportunity. The price approached the upper band of the Bollinger’s band even as the CMF rose, indicating both a short-term bullish momentum and buyers stepping in.
Beyond $22, the next levels of resistance lie at $23.6 and $25.2.
