Bitcoin flashes a bullish inverse head and shoulders pattern, which is possibly luring traders into ADA, XLM, AAVE and $CFX.
) has turned down from the overhead resistance of $82, indicating that the bears are fiercely protecting this level. They have pulled the price below the immediate support at the 20-day EMA .The AAVE/USDT pair could next slip to the 200-day SMA , which is close to the uptrend line. Buyers are likely to defend this level with vigor. If the price rebounds off the uptrend line and breaks above the 20-day EMA, the pair could reach $82.
If the 200-SMA gives way, the pair could decline further to the uptrend line. This is an important level for the bulls to defend because a break below it will further strengthen the bears. Conversely, if the price plunges and sustains below the 20-day EMA, it will suggest that the bulls may be rushing to the exit. That could attract further selling, pulling the price toward the next support at $0.30. The bulls are expected to buy the dips to this level.The 4-hour chart shows that the bears are trying to keep the price below the 20-EMA. That could pull the pair to the 200-SMA, which is likely to act as a major support.
On the downside, a break and close below the $0.30 support could attract further selling, sinking the price to $0.25.
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