Bitcoin and altcoin prices corrected ahead of today’s Federal Reserve minutes, the real question is will markets rebound once market participants digest the tone of the central bank’s notes?
) closed above the neckline of the inverse H&S pattern on Feb. 19 but the bulls could not build upon this momentum.The bears sold the breakout and pulled the price back below the neckline on Feb. 22. If the price fails to quickly rise back above the neckline, the bulls may bail out of their positions. That could start a deeper correction toward the $5.50 to $5.87 zone.
Instead, if the price turns up and rises above the neckline, it will indicate that the sentiment remains positive and traders are buying the dips. The DOT/USDT pair could pick up momentum after buyers overcome the barrier at $8. The pair may then soar to $9.50.) has been stuck inside a large range between $0.000007 and $0.000018 for the past several months. The bulls tried to push the price to the resistance of the range but the bears had other plans. They stopped the rally near $0.000016.
The flattening 20-day EMA and the RSI near the midpoint suggest that the bullish momentum has weakened. If buyers want to take control, they will have to quickly push the price above $0.000014. If they do that, the pair may rally to $0.000016 and then to $0.000018. The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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