Bitcoin and select altcoins are witnessing accumulation at lower levels, indicating a shift in sentiment from selling on rallies to buying on dips.
Several analysts believe that the extended period of low volatility in Bitcoin could be followed by anbut John Bollinger, the creator of Bollinger Bands, thinks otherwise. Responding to a tweet by Wolf of All Streets podcast host Scott Melker, Bollinger said that “prolonged squeezes are rarely valuable signs.”
Are Bitcoin and altcoins showing signs of a breakout or will they remain stuck inside the range for some more time? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin rose above the moving averages on Jan. 4 but the bulls could not clear the hurdle at $17,061. This shows that bears are fiercely defending the overhead resistance.Although the price tumbled below the moving averages on Jan. 6, the long tail on the candlestick shows buying at lower levels.
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