Bitcoin, Ethereum and select altcoins eye a relief rally but will the uptrend return?
While the downside looks limited, the bulls may not have it easy at higher levels because of the high risk of a recession and the possibility of the banking crisis erupting again. That may keep the price stuck inside a range, which may act as a base for the next leg of the rally when that happens.
What are the important support and resistance levels to watch out for on Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin broke below the moving averages on May 7 and nosedived to the support line of the symmetrical triangle pattern on May 8. The bulls are trying to defend this level with vigor but the recovery may face difficulties at higher levels.
This is an important level to keep an eye on because if it cracks, the selling could intensify and BTC price can plunge to the psychologically important level of $20,000. Conversely, if bulls thrust the price above the resistance line, it will suggest that the corrective phase may be over. The pair could first rally to $30,000 and then attempt an up-move to $32,400.
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