The bounce off strong support levels in Bitcoin and select altcoins suggests that the bulls have not given up and that a relief rally is likely.
What are the important support and resistance levels that need to be crossed for a trending move to start in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.The long tail on Bitcoin’s Aug. 22 candlestick is a positive sign as it shows that the bulls are fiercely trying to protect the support at $24,800.However, the bulls will remain under pressure until they clear the overheard hurdle at $26,833 and then at the 20-day exponential moving average .
Although the downsloping 20-day EMA indicates advantage to bears, the oversold levels on the relative strength index point to a possible recovery in the near term. The bears will have to sink and sustain the price below $24,800 to further strengthen their hold. That could open the doors for a potential drop to $20,000.
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