The recovery of Bitcoin and most major counterfeit currencies has stopped near their respective upper resistance levels, indicating that bears are active at a higher level.The US stock market rebounded significantly on May 17th and May 18th due to hopes of a possible debt ceiling agreement, but the market gave up some of its gains on May 19th due to reports of temporary suspension of negotiations

The recovery of Bitcoin and most major counterfeit currencies has stopped near their respective upper resistance levels, indicating that bears are active at a higher level.

The US stock market rebounded significantly on May 17th and May 18th due to hopes of a possible debt ceiling agreement, but the market gave up some of its gains on May 19th due to reports of temporary suspension of negotiations.

The US dollar index (DXY), which has been rising for the past three days, fell on May 19th after Federal Reserve Chairman Jerome Powell hinted at an end to the rally. During a speech at a meeting in Washington, D.C., Powell stated that the pressure on the banking system may limit raising interest rates to the extent of 'achieving our goals in other ways'.

Daily cryptocurrency market performance. Source: Coin360

Although the short-term outlook for Bitcoin (BTC) is uncertain, analysts are still optimistic about the long-term outlook. Blockstream CEO and co founder Adam Back recently stated that 'super bitcoin' may soon arrive. This will boost demand for Bitcoin, causing its prices to soar. Back pointed out that the number of 'wholesalers' has been steadily increasing, and if this trend continues, there may be 10 million people attempting to purchase a Bitcoin within a few years, which' will make prices unattainable '.

Does the K-line trend chart indicate that Bitcoin and Shanzhai coin may recover in the short term? Let's study the encrypted K-line trend chart of the top 10 to find the answer.

Bitcoin Price Analysis

On May 17th, bulls once again attempted to push prices into a symmetrical triangle pattern, but bears firmly held onto this level and pulled Bitcoin down on May 18th.

BTC/USDT daily chart. Source: TradeView

The BTC/USDT currency pair will continue to witness intense competition between long and short positions in the region between the support line and $25250.

The downward sloping 20 day moving average of the index (US $27590) and the Relative strength index (RSI) of the negative region indicate that short sellers have a slight advantage. However, the failure of bears to maintain prices below $26500 indicates that selling pressure is falling at a lower level.

If the buyer breaks through the resistance above, the currency pair may begin to rebound to the 50 day simple moving average ($28412) and then rise to the resistance line. Breaking through the triangle will turn the situation around and benefit bulls.

Ethereum Price Analysis

In the past few days, bulls have been trying to push the Ethereum (ETH) up above the 20-day moving average ($1840), but bears do not allow this to happen.

ETH/USDT daily chart. Source: TradeView

The long tail on the candlestick from May 16th to May 18th indicates that bulls continue to buy on dips. This enhances the prospects of breaking the 20 day moving average. If this obstacle is cleared, the ETH/USDT pair may rise to a downward wedge resistance line.

This is a key level that requires close attention, as breaking through and closing above this level will indicate the beginning of a new upward trend. On the downside, bears will have to pull prices below the support line to begin a downward trend to $1600.

BNB Price Analysis

BNB (BNB) continues to trade in a downward channel pattern. The price fell from the 20 day moving average ($315) on May 18, indicating that market sentiment is still bearish.

BNB/USDT daily chart. Source: TradeView

The first sign of strength will be to break through and close above the 20 day moving average. This may clear the way for a possible rebound to the resistance line. It is expected that bears will once again effectively protect this level. If the price drops sharply from the resistance line, it indicates that the BNB/USDT currency pair may remain in the channel for a period of time.

Short sellers may have other plans. They will attempt to lower the price below the channel support line and challenge the key support level of $280.

Price Analysis of Ripple Coins

After struggling near the 20 day moving average ($0.45) on May 17th, buyers cleared the obstacles on May 18th. This indicates that XRP (XRP) is witnessing a comeback in bullish trading volume.

XRP/USDT daily chart. Source: TradeView

The flattening 20-day moving average and positive RSI indicate that selling pressure is easing. There is a hard resistance zone between the downward trend line and the 50 day moving average ($0.48), but it is likely to be breached. If this happens, the XRP/USDT currency pair may start moving northward to $0.54.

On the contrary, if the price drops from the current level, it indicates that bears continue to sell at high points. This may cause the currency pair to stay between the 50 day moving average and $0.40 for a period of time.

Caldano Price Analysis

The bulls attempted to maintain the Cardano (ADA) above the 20 day moving average ($0.37) on May 17th and 18th, but the bears did not let up.

ADA/USDT daily chart. Source: TradeView

The bulls have not given up on the 20 day moving average, which is an encouraging sign. This indicates that every small drop is bought. Bulls will once again attempt to push prices above the 20 day moving average. If they can succeed, the ADA/USDT currency pair may first climb to the 50 day moving average ($0.39) and then attempt to rise to $0.44.

The time for a bear market is running out. If they want to seize control, they must quickly lower prices below the upward trend line. This will open the door to a possible drop to $0.30.

Price Analysis of Dog Coin

On May 17th, bulls attempted to push the DOGE above the 20-day moving average ($0.07), but bears held their ground.

DOGE/USDT daily chart. Source: TradeView

The bulls may try again to clear the obstacles above, and if they succeed in doing so, the DOGE/USDT currency pair may rebound to the 50 day moving average ($0.08). This level may become an obstacle, but exceeding it indicates that the currency pair continues to fluctuate widely between $0.07 and $0.11.

Contrary to this assumption, if the price drops from the current level and plummets below $0.07, it indicates that bears have overwhelmed bulls. Then the currency pair may fall to $0.06.

Polygon Price Analysis

On May 17th, buyers pushed Polygon (MATIC) above the narrow resistance level of $0.82 to $0.88. Although bears pulled prices back into this range on May 18th, a small positive factor was that bulls bought on intraday dips, starting from the long tail on the candlestick that day.

MATIC/USDT daily chart. Source: TradeView

The region between the 20-day moving average ($0.91) and $0.94 may experience strong selling of short positions. If bulls overcome this obstacle, the MATIC/USDT currency pair may rebound and hit the downtrend line.

Or, if the price fails to rise above the 20 day moving average, it indicates that market sentiment is still negative, and short sellers will sell when they rebound slightly each time. Then the seller will try again to lower the currency pair below $0.82.

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Solana Price Analysis

Solana (SOL) has significantly declined from its downward trend line on May 18th, indicating that bears are fiercely defending this level.

SOL/USDT daily chart. Source: TradeView

Short sellers will attempt to further expand their advantage by pushing prices below the strong support level of $19.85. If they succeed, the SOL/USDT currency pair may first fall to $18.70 and then fall to $16.

On the contrary, if the price rebounds from the current level and climbs above the 50 day moving average ($21.81), it indicates that bulls are active at a lower level. Then the currency pair may attempt to rebound to $24, followed by a rebound to $27.12.

Boca Price Analysis

Polkadot (DOT) has been working hard to start a recovery, indicating that demand is drying up at a high level.

DOT/USDT daily chart. Source: TradeView

Many times, tightening and consolidation near strong support often break through downwards. In this case, breaking through and closing below $5.15 will complete the downward triangle shape and open the door for a possible drop to $4.22.

If bears want to stop this decline, they will have to quickly push prices above the 20 day moving average ($5.51). If they do this, the DOT/USDT currency pair may rise to the 50 day moving average ($5.97) and then rebound to the downward trend line. Buyers will have to overcome this resistance to indicate that the correction may have ended.

Litecoin price analysis

Litecoin fell back from the upper resistance level of $96 on May 18, but a positive signal is that bulls do not allow prices to fall below the 50 day average ($89). This indicates that bulls are attempting to turn this level into support.

LTC/USDT daily chart. Source: TradeView

The 20-day moving average ($87) has started to rise, with an RSI approaching 59, indicating that bulls have the upper hand. The buyer will try again to clear the upper barrier of $96 and push the LTC/USDT currency pair up to $106.

If prices fall and fall below the moving average, this positive view will expire in the short term. This trend will indicate that the currency pair may fluctuate between $75 and $96 for a period of time.