What a day in the markets! Check out what BTC and altcoins did today.
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Does the strong move in Bitcoin and select altcoins indicate the start of a new uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin bounced off the minor support at $36,155.01 and the bulls have pushed the price above the overhead resistance zone between the 20-day exponential moving average and $39,600.If the price sustains above $39,600, buying could pick up momentum and the BTC/USDT pair could rally to the 50-day simple moving average .
Contrary to this assumption, if the price turns down from the current level, it will suggest that bears continue to sell on rallies. A break and close below $36,155.01 could clear the path for a retest of the Jan. 24 intraday low at $32,917.17.Ether turned down from the 20-day EMA on Feb. 2 and dipped below the support at $2,652 on Feb. 3 but the long tail on the day’s candlestick suggests aggressive buying at lower levels.
If bulls sustain the price above the 20-day EMA, the pair could rise to the resistance line of the channel. A break above the 50-day SMA will indicate that bulls are back in the driver’s seat. This bullish view will invalidate if the price turns down from the current level and plummets below $2,550. That could open the doors for a decline to the support line of the channel.
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