a debt ceiling deal to be reached and that has boosted the price of the United States equities markets on May 26. If the risk-on sentiment sustains, it could increase demand for Bitcoin and select altcoins.
What are the crucial resistance levels in Bitcoin and the major altcoins that need to be crossed for a sustained recovery to begin? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin bounced off $25,871 on May 25, close to the strong support zone of $25,811 to $25,250. The bulls will try to push the price to the 20-day exponential moving average .This level may again attract strong selling by the bears.
The crucial level to watch on the downside is $25,250. The bulls are expected to defend this support with all their might because if this level crumbles, the BTC/USDT pair may fall to $24,000 and eventually to $20,000. On the contrary, if bulls pierce the overhead resistance at the 20-day EMA, the pair could rise to the resistance line. Buyers will have to overcome this barrier to indicate that the correction may be over.) has been trading inside a falling wedge pattern for the past several days. The bears tried to sink the price to the support line of the wedge on May 25 but the bulls aggressively purchased the dip as seen from the long tail on the candlestick.
If the price turns down from the current level or the resistance line, it will suggest that bears remain active at higher levels. That could keep the pair stuck inside the wedge for a few more days.
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