. Strong volume accompanied by a sharp rise in prices usually indicates aggressive buying by the bulls. This increases the likelihood that Bitcoin’s November low at $15,476 may not be breached.
How far could Bitcoin and altcoins correct and what are the important support levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin rose above the overhead resistance of $21,480 on Jan. 17 and Jan. 18 but the bulls could not sustain the higher levels as seen from the long wick on the candlesticks. This shows that the bears are protecting the level.The failure to sustain above the overhead resistance may attract profit-booking by short-term traders.
If the price springs back from this level, it will suggest that shallow dips are attracting buyers. The bulls will then again attempt to thrust the price above $21,480. If they succeed, the pair could start the next leg of the up-move to $25,000. This bullish view could be invalidated if the price continues lower and breaks below the 20-day exponential moving average .
Anything below or near 20K is perfect DCA opportunity. This, up until the 30-40K range. Anything above is reduced profits.
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To many variables such as the verdict in the RippleXRP vs SEC and the outcome of the Genesis bankruptcy filing expected this week. Not to mention the SECGov crusade against fintech... If your in for the long-term that's fine, short term is quite risky if your not a trader.
People are thinking that 2023 is going to be a bull market just because of the past week. Crypto is overvalued right now, it is just up rn because of the CPI report.
pitbulltoken 👑💸🔥