. Rather than the knee-jerk reaction to the event, it will be of interest to note where Bitcoin’s price settles down.When the price enters and remains inside a range for an extended period, the breakout from it usually ends up with a strong trending move. It is difficult to predict the direction of the breakout with certainty. Hence, it is best to wait for the price to escape the range before initiating large bets.
Traders need to be careful because sometimes the first breakout tends to be a fake move. What are the important levels to watch out for in Bitcoin and the altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.The bulls have protected the 50-day simple moving average of $29,134 for the past two days, but they have failed to start a strong rebound. This indicates that the bears are keeping up the pressure.
The downsloping 20-day exponential moving average of $29,840 and the relative strength index in the negative territory indicate that the path of least resistance is to the downside. If the 50-day SMA gives way, the BTC/USDT pair may tumble to $27,500 and then to $26,000. If bulls want to prevent the decline, they will have to quickly kick the price above the 20-day EMA. If they do that, the pair may rise to the overhead resistance zone between $31,000 and $32,400. This zone may act as a major barrier, but if bulls overcome it, the pair may resume its uptrend.
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: Utoday_en - 🏆 295. / 63 Read more »