Although Bitcoin and select altcoins are looking vulnerable in the short term, the weakness in the U.S. dollar index could limit their downside.
What are the important support levels where the latest leg of the correction may attract buyers? Let’s study the charts of Bitcoin and altcoins to find out.The S&P 500 index has pulled back to the 20-day exponential moving average , indicating that the bears are selling the rallies near 4,200.A minor positive in favor of the bulls is that they have not allowed the price to slip below the 20-day EMA. That improves the prospects of a break above 4,200.
On the contrary, if the price once again rebounds off 100.82, it will suggest that the bulls are protecting this level with all their might. A break and close above the 20-day EMA will suggest that the index may oscillate between 100.82 and 106 for some time.Bitcoin is stuck between the moving averages for the past few days, indicating indecision among the bulls and the bears. The bulls are buying the dips to the 50-day SMA while the bears are protecting the 20-day EMA .
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