- Bitcoin has been trading in a tight range for the past three days
- The supply of Bitcoin is shifting to stronger hands
- Uncertainty regarding Bitcoin’s next move may have kept traders at bay
- Several altcoins are showing signs of recovery
Bitcoin’s price analysis:
- The bulls have sustained the price above the 20-day exponential moving average, but failed to start a strong rebound
- A break below the 20-day EMA could tilt the advantage in favor of the bears
- A rise above the 50-day simple moving average could signal that buyers are back in control
Chainlink’s price analysis:
- Chainlink surged above the downtrend line, indicating a potential trend change
- The moving averages have completed a bullish crossover
- The bulls are likely to buy the dips to the 20-day EMA
Maker’s price analysis:
- Maker turned down from the overhead resistance at $1,370
- If the price rebounds off the 20-day EMA, it will suggest a change in sentiment
- The support to watch for on the downside is the 20-day EMA
Arbitrum’s price analysis:
- Arbitrum is in a downtrend, but bulls are trying to hold on to their positions
- If buyers push the price above the downtrend line, a recovery is likely
- The support on the downside is $0.80
Theta Network’s price analysis:
- Theta Network soared above the 20-day EMA, indicating a comeback
- If the price turns up and climbs above the 50-day SMA, a retest of $0.70 is possible
- The 20-day EMA is the important support to watch for on the downside
Note: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
