Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive.After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not.
Which altcoins are showing promise in the near term? Let’s study the charts of Bitcoin and select altcoins to see which could extend their up-move in the next few days.Bitcoin has been trading above $22,800 since Jan. 25, which suggests that bulls are trying to flip the level into support.The upsloping 20-day exponential moving average indicates that bulls are in command but the relative strength index in the overbought territory suggests that the rally may be overextended in the near term.
If buyers kick the price above $23,816, the BTC/USDT pair could start its northward march toward $25,211. This level may act as a formidable resistance. On the downside, the 20-day EMA is an important level for the bulls to defend because if it cracks, the pair may fall to the psychological support at $20,000.The RSI on the 4-hour chart is forming a negative divergence indicating that the buyers may be losing their grip. If bulls want to assert their dominance, they will have to push the price above the $23,816 resistance. That could start the next leg of the up-move.
Conversely, if the price turns down from the overhead resistance, the bears will try to yank the pair below the moving averages. There is a minor support at $22,715 but if this level collapses, the pair could retest $21,480.
It's just a matter of time. People just need to be patient, I'm not trying to rush things.
Bitcoin has rallied nearly 40% so far in January, which is the best start to the year since 2013. The sharp up-move has turned several on-chain signals bullish, according to on-chain analyst Cole Garner.
It looks like Bitcoin is taking off! Can't wait to see how high it'll go! Look out $24K, here we come BitcoinBulls 🚀
I think we're gonna have at lest $30K before the summer comes.
Metahero_io $HERO is heading to break the next level of resistance 🚀 🌝 🌙 !! Everyone is talking about the hero!! Well done team, keep building! One of the best gems out there 💎low supply, the next revolutionary thing scanning/gaming/medical use, printing and more.
The last chance to sell before feb 1st. It's no gonna be a soft landing.
Send et
Why only mention those?🤔 sensing some motive here🤔🤔
Well al ALT coins to rally higher.
Great to see Bitcoin pushing towards $24,000! Exciting potential for other altcoins like LTC, AVAX, $APT, and FTM to rally as well
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: BTCTN - 🏆 531. / 51 Read more »