Bitcoin bulls lead with SOL, AR, GRT and FTM flash bullish signals.

Bitcoin (BTC) is up more than 8% this week, indicating that lower levels continue to attract buyers. Typically, within a certain range, traders buy near support and sell near resistance. This means the price could reach the upper end of the range at $73,777, but clearing this hurdle may be difficult.

Analysts are divided on what’s next for Bitcoin. Some believe the correction is over and Bitcoin will hit new all-time highs, while others expect Bitcoin to retest the $60,000 support and fall. It is difficult to predict with certainty the direction of the breakout in a specific range. Therefore, it may be wise to wait until the price starts a new trend before building a large trading position.

As Bitcoin consolidates, traders may look to altcoins for short-term trading opportunities. Although the full-fledged alt season has not yet arrived, some altcoins are likely to offer trading opportunities.

Could Bitcoin’s potential rise above its near-term resistance level boost sentiment in the cryptocurrency sector? Let’s study the top five cryptocurrencies that look promising on the charts.

Bitcoin Price Analysis

Bitcoin faces resistance near $68,000, but a positive sign is that the bulls are not giving ground to the bears. This means bulls are holding on to their positions in anticipation of a higher rise.

The 20-day exponential moving average ($64,109) has begun to rise, and the Relative Strength Index (RSI) is in positive territory, indicating that the path of least resistance is upward. A break above the $68,000 level could lead the BTC/USDT pair to retest the massive overhead resistance at $73,777.

If you want to stop a downtrend, you must quickly drop the price below the moving average. That could push the price down to $59,600 and later to the intraday low of $56,552 on May 1.

Both moving averages are rising on the 4-hours chart and RSI is in positive territory, indicating bulls are in control. An important support level to watch for downtrends is the 20-EMA. If the price bounces from this level, the chances of a bounce above $68,000 will increase.

Conversely, if the price falls below the 20-EMA, it is a sign that the bullish momentum is waning. The pair may decline towards the 50 simple moving average and then support near $59,600.

Solana Price Analysis

Solana (SOL) rose above its moving average on May 15 and bulls are trying to maintain strength.

There is small resistance at $176, which is where the bears are trying to start a correction. The essential level to watch for downside is the $162 breakout level. If the price bounces strongly from this level, it means that the bulls are trying to turn $162 into support. That increases the chances of a rally above $176. The SOL/USDT pair could then move towards $185.

This positive view is invalidated in the short term if the price declines and falls below the moving average. This could lead to a longer liquidation period, pushing the pair up to $140.

The pair broke from the overhead resistance near $176 and fell below the 20-EMA. A breakout level of $162 is likely to be retested where buyers are expected to intervene and arrest the decline. Buyers would need to push the price above $176 to resume the uptrend.

If the pair falls below $162, it means the bulls may lose control. There is some support at the 50-SMA, but if it breaks, the pair could plummet to $140.

Arweave price analysis

Arweave (AR) has been on the rise over the past few days. The bulls pushed the price above the May 17 resistance of $47.51, but failed to sustain it higher.

The bears are trying to push the price up to the 20-day EMA ($40), which is an important level to keep an eye on. If the price bounces back strongly from this level, it means the bulls are buying the dip. This will increase the chances of a breakout above the psychological resistance of $50. If that happens, the AR/USDT pair could surge to $68.

Contrary to this assumption, if the price declines sharply and plummets below the 20-day EMA, it means that the bulls are rushing for the exit. This could trigger a correction towards the 50-day SMA ($35).

The 4-hour chart shows the formation of a rising wedge pattern. 20-EMA is an immediate support level to watch out for on the downside. A breakdown of this level could cause the pair to slide towards the support line of the wedge. A breakout and close below the wedge could start a downward move to $38 and then to $36.

Instead, if the price rises from the 20-EMA or support line and breaks above the wedge resistance line, it is a sign that the uptrend remains under control. This will invalidate the negative setup and start a move towards $68.

Related: Bitcoin’s $66.9K price remains strong, raising doubts about a ‘serious correction’.

graph price analysis

Graph (GRT) began a relief rally on May 15 after bulls pushed the price above the moving average.

The 20-day EMA ($0.29) has started to rise and the RSI has risen into positive territory, indicating that the bulls are attempting a rebound. Buyers will try to push the price towards the $0.35 resistance level, where the bears could again put up a strong defense.

The 20-day EMA remains key support for the bears. If the price declines and falls below that level, it means that the downtrend will continue to sell. The GRT/USDT pair could then fall to $0.26 and then to $0.23.

Looking at the 4-hour chart, we can see that the pair has been stuck between $0.22 and $0.31 for some time. The bulls pushed the price above the range but failed to sustain it higher. If the price plunges and remains below the 50-SMA, it means that a breakout has been rejected. The pair could then fall to $0.26.

Alternatively, if the price shows strength at the moving average, the bulls will strike at $0.31 once again. If this level clears, the pair could jump to $0.35 and later to the pattern target of $0.40.

Phantom Price Analysis

Phantom (FTM) broke the moving average and horizontal resistance of $0.79 on May 16, signaling the beginning of recovery.

The moving averages are on the verge of a bullish crossover and the RSI is rising into positive territory, indicating that the bulls are back in the game. But it seems like the bears won’t give up easily. They will try to bring the price back to $0.79. If the bulls turn this level into support, the FTM/USDT pair could rise to $1.04.

Conversely, if the price declines and falls below the moving average, it means the bears remain active at higher levels. That could push the pair up to $0.60.

The bears are attempting to initiate a correction on the 4-hours chart, but the bulls are likely to push towards the 20-EMA. If that happens, the pair is expected to gain momentum and rise towards the overhead resistance of $1.04.

Instead, if the price continues to move lower and falls below the 20-EMA, it means the bulls are losing control. The pair may fall to the $0.79 breakout level. This is an essential level for bulls to defend against. That’s because falling below this level means the recovery is weak.