Crypto market update: BTC struggles under $29K, while ETH takes the lead in bullish momentum. Will Bitcoin finally crack $30K?
) has continued to grind higher toward the 61.8% Fibonacci retracement level of $6.85. This level could see strong selling by the bears.The 20-day EMA remains an important level to keep an eye on. If the price turns down from $6.85 but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying the dips.
That will increase the possibility of a break above $6.85. The DOT/USDT pair may then attempt a rally to the neckline of the inverse H&S pattern. Sellers will have to sink the price below $5.70 to gain the upper hand.) jumped off the 20-day EMA on April 1 and rose above the downtrend line. However, the bulls are facing strong resistance from the bears at higher levels, as seen from the long wick on the April 3 and April 5 candlesticks.
If bears want to prevent the up-move, they will have to quickly yank the price back below the 20-day EMA. The pair could then drop to $85. This is an important level to keep an eye on because a break below it will indicate that the bears are back in the game. The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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