Based on a cryptocurrency analysis, most digital assets are trying to break above their resistance levels which showed the comeback of bulls.
Analysts forecasted that if the price of Bitcoins fell from its current level, the BTC/USDT pair could fluctuate again to $36,670.
Then, it could stabilize between the range of $36,670 and $42,451.67 for the preceding days.
Also, the moving averages have finished a bullish crossover and the relative strength index rose to the overbought zone which indicates that the bulls came back.
This positive outlook will be invalid if the price breaks out under the moving averages that will bring the large gap between $28,805 and $42,451.67 into the game.
Last July 26, Ether declined from its downtrend line, however, the bears could not shrink and maintain the price under the moving averages.
Therefore, this shows that the bulls are buying on its minor dips.
These moving averages are about to complete a bullish crossover and the relative strength index rose to the positive zone, which indicates that the bulls have the advantage.
In addition, the momentum may pick up if they drive the price of Ether above the downtrend line which could pave the way for a possible rally of $3,000.
However, if the price dropped from its current level and dips under the moving averages, then the ETH/USDT could slip to its critical support level of $1,728.74.
Moreover, the bulls defended Binance Coin’s 20-day EMA of $304 last July 27 and attempted to push the price over the 50-day SMA of $312 last July 28.
A breakout and close higher than $340 will pave the way for a possible rally of $400 to $433.
But, this positive view will be invalidated if the price fluctuates from its current level and breaks below the $20-day EMA which could result in a $254.52 drop.
Bitcoin Recovery
Furthermore, an analyst said that the recovery of Bitcoin continues, which means that the 50-day SMA will also flick up.
He added that since late June, BTC/USD recovered wherein two death cross EMAs started to flick upwards.
Therefore, if it continues to hold these rallies then a golden cross may happen as soon as mid-August.
Another analyst stated that a golden cross is formed by the rising 50-day moving average which crosses above the 200-day moving average.
This is the opposite of the death cross which caused a debate when it entered the BTC/USD chart last June of this year.
He also said that this week’s climb in Bitcoin price paved the way for a possibility that a golden cross and its linked bullish implications were not insignificant.
