BTC continues to lose ground, but if the $40,000 level is regained, LEO and MANA could be the first to recover. Russia’s massive build-up of soldiers near Ukraine’s borders escalated fears of a possible invasion within the next few days. That could have renewed selling in BTC, which dropped below the strong support at $39,600.
BTC
The failure of the buyers to protect the strong support at $39,600 specifies that Bitcoin continues to face strong selling by the bears. The 20-day exponential moving average of $41,193 has started to turn down and the RSI has slipped into the negative territory, signifying that bears have the upper hand. If the price sustains below $39,600, the selling could pick up momentum and BTC could fall to the immediate support zone between $36,250 and $35,507.01.
LEO
LEO has been correcting since making a new all-time high at $8.14. The bears pulled the price below the 50% Fibonacci retracement level at $5.74 but the bulls are aggressively defending the 20-day EMA of $5.45. The rising 20-day EMA and the RSI in the positive territory indicate that bulls have a slight edge.
MANA
MANA turned down from the downtrend line on the 16th of Feb signifying that the sentiment remains bearish and traders are selling on rallies to stiff resistance levels. The bears have pulled the price below the 50-day SMA of $2.83, which opens the door for a possible downside to the strong support zone between $2.44 and $2.20.
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