Bitcoin attempts to break out of a bullish chart formation, opening the door for TON, STX, MNT, MKR and other altcoins to follow.) is down about 2% this week, but a positive sign for the bulls is that the price is off the weekly low of $64,493. Several analysts expect the next trigger to be Bitcoin halving. However, cryptocurrency exchange Coinbase cautions that Bitcoin’s price actionWhile the upside looks open, the downside may be limited.
On the other hand, if buyers pierce the $5.69 resistance, the TON/USDT pair may start the next leg of the uptrend toward $7.09.The 4-hour chart shows that the price has been swinging between $5.60 and $4.72 for a while. The moving averages have started to turn up gradually, indicating that the bulls have the upper hand. This enhances the prospects of a break above $5.69. If that happens, the pair may climb to $6.48.
Alternatively, if the price turns down from the 50-SMA, it will suggest that the bears are selling on rallies. A break below $3.05 will strengthen the bears, and the selling is likely to accelerate below $2.90. The 50-SMA remains the key support to watch on the downside. A break below this support will suggest that the bulls are losing their grip. The pair could then drop to the strong support near $1.15.The MKR/USDT pair could correct to the 20-day EMA , an important level to watch out for. If the price rebounds off this support, it will suggest that the sentiment remains positive and traders are buying the dips. The pair could then retest the overhead resistance of $4,074.
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