Bitcoin’s breakout above its descending channel boosted the world’s largest digital asset back toward the $39,000 mark. Alts such as MATIC and THETA posted gains on the back of bullish sentiment.
Bitcoin saw an early breakout from a descending channel and cleared its first hurdle at 23.6% Fibonacci level ($37,494) on its 12-hour chart. The next target at 38.2% level ($42,763) was a critical area to retake over the coming sessions. A successful breakout could push the king coin back toward its 200-SMA (green) and above $50,000.
RSI was on a steady recovery since 19th May and even formed a bullish divergence with regardsto BTC’s price action. MACD continued its ascent toward the half-line and was at its highest level since the crypto-crash. While these were positive signs for a recovery, BTC’s next leg upwards was of particular significance as it approached an important resistance mark.
A successful breakout above 38.2% level could trigger a 20% price hike toward the next ceiling at the 61.8% level ($51,279). On the other hand, a failed breakout would likely push the coin back towards its down-channel.
Like Bitcoin, MATIC also at the helm of a crucial development. A break above its 20-SMA (red) and $1.46 could result in some additional gains towards 50-SMA (yellow) and $1.65-resistance. An extremely bullish outcome would see the cryptocurrency head back towards its 15 May swing high of $1.89. Overall, the rise would represent gains of 30% when calculated from its current price level.
MACD’s bullish crossover was a step in the right direction in terms of a breakout. However, RSI was restricted below 50 at the time of writing. This suggested that MATIC could face some stiff opposition in its attempt to climb north over the coming days.
A previous analysis on THETA mentioned the possibility of a rise towards $9 and the cryptocurrency did not disappoint market bulls. At the time of writing, THETA jumped by 11% over the last 24 hours and climbed above its 20-SMA (red). However, the 12-hour chart presented a few challenges in form of 200-SMA (green) and $10.56-ressitance. Rejection at those levels could push the cryptocurrency back towards a defensive line of $8.15.
According to Awesome Oscillator, bearish momentum was on the up over the past week. Even though the index did not fall below half-line, it did not indicate bullish strength either. On the other hand, MACD closed in a bullish crossover and backed a favorable outcome. A rise above 200-SMA and $10.56-resistance could push the cryptocurrency towards the next ceiling at $13.26.