Traders are watching to see if BTC’s bounce of the 20-day moving average resumes the uptrend. Meanwhile, SOL, AVAX and ALGO are preparing for a move higher. Bitcoin continues to face strong selling as bulls attempt to flip the psychological level at $60,000 into support.
BTC
Bitcoin has faced a strong rejection in the $64,854 to $67,000 zone. The price could drop to the 20-day exponential moving average of $58,315 which is a crucial level to watch out for. If the price bounces off this level with strength, it will signal that sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to push the price above the overhead zone
SOL
The long wick on Solana’s candlestick suggests that bears are aggressively defending the overhead resistance of $216. The altcoin formed an inside-day candlestick pattern indicating indecision among the bulls and the bears. This uncertainty resolved to the downside today and the price could drop to the breakout level at $177.79.
AVAX
AVAX broke and closed above the descending channel suggesting that the correction may be over. The bulls will try to restart the uptrend. The long wick on the candlestick suggests that demand dries up at higher levels. AVAX could decline to the moving averages.
ALGO
ALGO has been trading inside a symmetrical triangle for the past few days. The price has turned down from the resistance line of the triangle today, indicating that bears are unwilling to let bulls have their way. If the price dips below the moving averages, ALGO could drop to the support line of the triangle.
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