Bitcoin has been holding the bulk of its recent gains, a sign that the rally toward $30,000 could resume.
Could Bitcoin reach $30,000 and pull altcoins higher, or is a correction likely in the near term? Let’s study the charts to find out.The S&P 500 index rallied from 3,808 on March 13 and rose above the 200-day simple moving average on March 16 but the bulls could not clear the hurdle at the 20-day exponential moving average .A positive sign is that the bulls purchased the dip below the 200-day SMA and are again attempting to overcome the obstacle at the 20-day EMA.
The bears are likely to have other plans. They will try to halt the recovery at the 20-day EMA and sink the price back toward the support zone between 3,800 and 3,764. If this zone gives way, the selling could intensify and the index may plummet toward 3,600.The U.S. dollar index has been trading near the 20-day EMA for the past few days, indicating indecision among the bulls and the bears.If bears sustain the price below 103.44, the index may slip to the next support at 102.50.
Alternatively, if the price turns up and breaks above 105.10, it will clear the path for a possible rally to the 200-day SMA . The bulls may encounter strong selling in the resistance zone between the 200-day SMA and the 61.8% Fibonacci retracement level of 108.43.Bitcoin has been holding above the breakout level of $25,250 since March 17, which is a positive sign.
If the price turns down from the current level or the overhead resistance, the key level to watch out for is $25,250. If the price rebounds off this level with strength, it will suggest that bulls have flipped $25,250 into support. The level will thereafter act as a floor during future declines.
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