Bitcoin and most major altcoins have been struggling to recover from the sharp fall. This indicates that traders may be nervous to buy at current levels due to the uncertainty regarding the new heavily-mutated coronavirus strain identified in South Africa.
BTC
Bitcoin has been correcting in a descending channel for the past few days. The bulls are attempting to defend the 100-day simple moving average of $54,064 for the past two days but the shallow bounce indicates a lack of urgency to accumulate at the current level. The down trend of the 20-day exponential moving average of $58,521 and the RSI below 39 indicate that bears are in control. If the price rebounds off the current level, the bulls may hit a wall at the 20-day EMA.
BNB
BNB is seeing a battle between the bulls and the bears near the 20-day EMA of $590. Although the price dipped and closed below the 20-day EMA the bears could not build upon this advantage. The bears again pulled the price below the 20-day EMA today but the long tail on the candlestick shows accumulation at lower levels. The flat 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand.
LUNA
Terra’s LUNA token is trading inside an ascending channel pattern. The bulls successfully defended the support line of the channel and have pushed the price above the 20-day EMA of $44.33 today. If bulls endure the price above the 20-day EMA, LUNA could rise to $52 and then retest the all-time high at $54.95.
MANA
MANA turned down from $5.90 but the long tail on the candlesticks of the past two days shows that bulls are trying to defend the zone between the 38.2% Fibonacci retracement level at $4.48 and the 50% retracement level at $4.05.The bulls will now attempt to drive the price above the all-time high at $5.90 and resume the uptrend
The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Crypto News. Every investment and trading move involves risk, The reader should conduct their own research when making a decision.
