Bitcoin and select altcoins look ready to bounce off their respective supports, resulting in a range formation in the short-term.
) plummeted sharply on June 5, which yanked the price below the strong support at $280. There was a meek attempt to start a recovery on June 6 but the bears did not allow the price to sustain above $280.The selling resumed on June 7 and the bears have dragged the price below the crucial support at $265. This is a negative sign as it suggests the start of a new downward move to $240 and then to the vital support at $220.
If bulls want to make a comeback, they will have to push the price back above the breakdown level of $265. If they can pull it off, the BNB/USDT pair could pull back to $280 and later to the 20-day exponential moving average .In an up-move, traders generally buy the dip to the 20-day EMA and they did just that in XRP on June 5 and 6 as seen from the long tail on the candlesticks.However, the bears are not ready to give up easily.
Meanwhile, buyers are likely to have other plans. They will try to clear the overhead hurdle and if they do that, it will indicate the start of a new uptrend. The XRP/USDT pair could rally to $0.60 and then to $0.80.
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