Bitcoin and select altcoins are showing signs of a short-term up-move following a tentative deal between the White House and House Republicans on the US debt ceiling. The cryptocurrency sector is attempting a recovery, with buying not limited to Bitcoin alone. However, sustaining the rally at higher levels may prove difficult for the bulls. Traders are likely to focus their attention on the Federal Reserve’s rate hikes after the debt ceiling deal, with hot Personal Consumption Expenditures data increasing the likelihood of a rate hike at the Fed’s June meeting.
– Bitcoin has reached the overhead resistance zone between the 20-day exponential moving average ($27,146) and the support line of the symmetrical triangle.
– XRP has formed an inverse head and shoulders pattern, which will complete on a break and close above the neckline.
– Arbitrum has potential for a recovery with the bulls pushing it back above the 20-day EMA ($1.17).
– EOS has been oscillating between $0.78 and $1.34 for the past several months, with traders buying near support and selling close to resistance.
– Aave has been falling inside a descending channel pattern, which generally behaves as a bullish setup.
