Altcoins are finding bullish momentum, but charts suggest Bitcoin needs to flip $20,500 back to support for a more sustained recovery to take place.
) below $6 on Oct. 13 started a recovery that has reached the 20-day EMA on Oct. 17. This level is likely to witness a tough battle between the bulls and the bears.If bulls come out on top, the DOT/USDT pair could pick up momentum and rally toward the overhead resistance at the 50-day SMA . This level could again attract strong selling by the bears. If the price turns down from this resistance, the pair could extend its stay inside the $6 to $6.64 range for some more time.
The next trending move is likely to begin after the bulls push the price above the 50-day SMA or bears sink the pair below $6. If the price slips below $6, the decline could extend to $5.36.After several unsuccessful attempts in the past few days, the bulls have finally managed to push Polygon above the downtrend line on Oct. 17. This is the first sign of a potential trend change.The MATIC/USDT pair could first rise to $0.86 and if this level is crossed, the relief rally could reach $0.94.
Contrary to this assumption, if buyers fail to sustain the price above the downtrend line, it will suggest that bears are active at higher levels. The sellers will have to sink the price below $0.75 to gain the upper hand in the near term.
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