Analysis suggests LINK, FIL, SNX and THETA are preparing for a breakout even as Bitcoin's price action remains pinned below $31,000.
) is trying to form an inverse head and shoulders pattern, which will complete on a break and close above the neckline.The 20-day EMA has started to turn up gradually and the RSI is in the positive territory indicating that the path of least resistance is to the upside. If buyers thrust the price above the neckline, the FIL/USDT pair could attempt a rally to $6.50 and eventually to the pattern target of $7.30.
The bears are expected to defend this level aggressively but if bulls do not allow the price to slip below the 20-EMA, the likelihood of a rally above the neckline increases. The bears are likely to have other plans. They will try to stall the relief rally in the overhead zone and yank the price below the 20-day EMA. If they do that, the pair may tumble to the 50-day SMA .The 4-hour chart shows that the bears have pulled the price below the 20-EMA but the bulls are trying to guard the 50-SMA. This suggests that lower levels continue to attract buyers.
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