The crypto recovery is not limited to Bitcoin and Ether. Several altcoins have risen sharply from their respective lows, indicating solid buying at lower levels. This implies that the bearish sentiment may be waning.
The first sign of weakness will be a break and close below $29,500. If that happens, the pair may slide to the 20-day EMA. This remains the key level to keep an eye on because if it gives way, the pair may drop to the 50-day simple moving average .The pair is stuck between the 20-day EMA and $31,000, but this tight-range trading is unlikely to continue for long. A range break above the $31,000-to-$31,500 zone could start the next leg of the uptrend.
If bears want to prevent the rally, they will have to quickly drag the price below the moving averages. That may hit the stops of the aggressive bulls, resulting in a correction to the strong support at $1,700.The four-hour chart shows that the price is stuck inside the range between $1,936 and $1,861. The rising moving averages and the RSI in the positive zone suggest that the path of least resistance is to the upside.
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