Cryptocurrencies went through the biggest crash in the second half of May, which sent down to a fraction of their value before the crash. The decline eventually stopped, with Bitcoin putting a base at $30,000.

Cryptos have tried to reverse higher after the crash, but  they have failed to keep the bullish momentum going during the moves higher. Moving averages have been doing a good job keeping cryptos down, with the 20 SMA (gray) and the 50 SMA (yellow) providing resistance on the H4 chart.

As a result, cryptocurrencies have been bouncing up and down, although in the last several days we are seeing an attempt at resuming the larger bullish trend. Certain cryptos like Doge are already back on the bullish trend, which is a positive sign for the whole market.

Bitcoin Live Chart

This shows that the pressure remains to the upside for digital currencies, but the moving averages are still being an obstacle. BITCOIN is trading right at the 100 SMA (green) on the H4 chart wight now, where it has been stuck for several hours.

The previous H4 candlestick closed as un upside-down pin, which points to a bearish reversal, but there hasn’t been such a thing yet. If Bitcoin manages to hold the gains and remain above the 100 SMA, then buyers will gain further confidence and will push the price higher eventually, although we are still below $40,000 now.