Although the trend is down, Bitcoin and altcoins are pushing back at key resistance levels, which could mark the start of a stronger relief rally.
) re-entered the channel on Jan. 25, but the recovery faltered near $400. This suggests that the bears have not yet given up and are selling on rallies.If bears sink and sustain the price below the channel, the BNB/USDT pair could again retest the critical support zone at $330 to $320. The downsloping moving averages and the RSI in the negative territory indicate that sellers hold the edge.
The pair could plummet to $250 if the $320 support gives way as several traders are likely to panic and rush to the exit. This negative view will invalidate in the short-term on a break and close above the 20-day EMA. The pair could then rise to the resistance line of the channel.The failure of the bulls to secure a meaningful rebound off the psychological support at $1 indicates a lack of aggressive buying at this level.
The ADA/USDT pair could first drop to $0.80 and then to the support line of the channel. The bulls will have to push and sustain the price above the resistance line of the channel to signal a change in trend.) has been consolidating in a tight range between $80.83 and $104.82 for the past few days. The bulls tried to push the price above the range but failed and now the bears will try to grab the opportunity and attempt to pull the altcoin below $80.83.
On the contrary, if the price rebounds off $80.83, the pair may extend its stay inside the range for a few more days. The buyers may gain strength if they push and sustain the pair above the breakdown level at $116.
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