This week’s crypto market volatility proves that bears remain quite active at higher price levels. The real question is, will bulls view the current market pullback as a buy the dip opportunity?
. Strong volume accompanied by a sharp rise in prices usually indicates aggressive buying by the bulls. This increases the likelihood that Bitcoin’s November low at $15,476 may not be breached.
How far could Bitcoin and altcoins correct and what are the important support levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin rose above the overhead resistance of $21,480 on Jan. 17 and Jan. 18 but the bulls could not sustain the higher levels as seen from the long wick on the candlesticks. This shows that the bears are protecting the level.The failure to sustain above the overhead resistance may attract profit-booking by short-term traders.
If the price springs back from this level, it will suggest that shallow dips are attracting buyers. The bulls will then again attempt to thrust the price above $21,480. If they succeed, the pair could start the next leg of the up-move to $25,000. This bullish view could be invalidated if the price continues lower and breaks below the 20-day exponential moving average .
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