Bullish historical market data for the month of April could spur buying in Bitcoin price and have a positive knock-on-effect for ETH, MATIC, HBAR and EOS in the short term.
Crypto market data daily view. Source:Although altcoins reacted positively to Bitcoin’s rise, the rally has not been equal across the board. This suggests that market participants have been selective in their purchases. As a result, traders might focus on the movers rather than the laggards.
Let’s study the charts of five cryptocurrencies that look positive in the near term. If they break above their resistance levels, they may offer short-term trading opportunities.Bitcoin is facing stiff resistance at the $29,000 level but the bulls have not allowed the price to lose ground. This suggests that the bulls are being patient as they anticipate a move higher.
Conversely, if the price turns down sharply from the current level, it will suggest that the short-term traders are selling. The BTC/USDT pair may slump to the 20-day EMA, which is an important level to keep an eye on. If this support gives way, the pair could slide to the breakout level of $25,250. This is a make-or-break level for the pair because if it collapses, the selling could intensify and the decline could extend to the 200-day simple moving average .Buyers pushed the price above the overhead resistance at $28,868 but could not sustain the higher levels. This suggests that bears are trying to keep the price below $28,868.
On the upside, a break and close above $28,868 will indicate that the bulls have overpowered the bears. That could signal the start of the next leg of the up-move. The target objective from the break above the $26,500 to $28,868 range is $31,236.
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