Bears continue to pressure BTC price but any signs of consolidation could lead to a breakout in AVAX. ALGO and XTZ as China has attempted to suppress the crypto sector’s growth on several occasions in the past 12 years. This shows that no one country, even if it is the second-largest economy in the world, can halt the emergence and growth of crypto currencies.
BTC/USDT
Bitcoin has again bounced off the 100-day simple moving average of $41,002, suggesting that bulls are attempting to defend this level aggressively. The bulls will try to push the price above the 20-day exponential moving average of $45,178.
The down trending 20-day EMA and the relative strength index (RSI) in the negative zone suggest that bears have the advantage. If the price turns down from the 20-day EMA, the possibility of a break below the 100-day SMA will increase. Such a move will complete the bearish head and shoulders pattern, which has a target objective at $32,423.05.
AVAX/USDT
AVAX is trading inside an ascending channel pattern. The long tail on today’s candlestick suggests that bulls are aggressively buying on dips to the 20-day EMA ($61). The rising moving averages and the RSI in the positive zone specifies an advantage to buyers. The AVAX/USDT pair could now try to retest the all-time high at $79.80.
ALGO/USDT
ALGO is trading below the 20-day EMA of $1.77 but the long tail on to If bulls drive and sustain the price above the downtrend line, it will suggest that the short-term correction could be over. The ALGO/USDT pair could then rise to $2.15 and then to $2.55.day’s candlestick suggests that bulls are attempting to defend the support at $1.51.
