Has a new crypto bull market started? Analysis suggests that sharp downside price movements in Bitcoin price will be viewed as dip buying opportunities by most investors.
but it is unlikely that the trend is reversed. In Bitcoin’s case too, a drop to trap the aggressive bears is possible but there is a low possibility that the bear market will resume.
What are the important levels to watch out for on the upside and the downside in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.After a two-day consolidation, Bitcoin has risen above the $28,500 overhead resistance on March 22. This suggests that the bulls have asserted their dominance.The upsloping 20-day exponential moving average and the relative strength index in the overbought zone indicate the path of least resistance is to the upside.
In case of a correction, the first support to watch on the downside is $25,250. If the price rebounds off this level, it will suggest that the neckline of the head and shoulders pattern has flipped into support. The problem will arise if the $25,250 level cracks because that may trigger the stops of several bulls. The BTC/USDT pair could then nosedive to the 200-day simple moving average .) bounce off $1,717 suggests that the bulls are purchasing the minor dips and not waiting for a deeper correction to buy. However, buyers failed to overcome the obstacle at $1,842, indicating that bears are protecting this level with all their might.
If buyers thrust the price above $1,842, the ETH/USDT pair may jump to $2,000 and later attempt a rally to $2,200. This bullish view will invalidate in the near term if the price turns down and plunges below the 20-day EMA. The pair may then fall to $1,600.
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