Bulls bought the dips at underlying support levels, bringing Bitcoin and select altcoins back to the highs achieved earlier in the week.
Although history favors the bulls, the Whale Shadows indicator has noticed that more than
where it had been lying dormant for seven to ten years. The movement of similar-sized quantities from dormant accounts has generally resulted in a major top, according to independent ma analyst Phillip Swift.Along with keeping an eye on the crypto markets, traders should also track the performance of the U.S. stock markets for clues because Bitcoin has been closely correlated to the equity markets for the past several weeks.
Could bulls clear the overhead hurdle in Bitcoin and select altcoins and extend the strong recovery from the lows? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin turned down from the 200-day simple moving average on March 29 and dipped to the 20-day exponential moving average today. The long tail on today’s candlestick suggests that buyers are accumulating on dips.The bulls will make another attempt to push the price above the 200-day SMA.
Alternatively, if the price once again turns down from the 200-day SMA, it will suggest that bears have erected a strong barrier at this level. The pair could thereafter consolidate between the 20-day EMA and the 200-day SMA for a few days. A break and close below the 20-day EMA will suggest that the bullish momentum has weakened. That could result in a decline to the 50-day SMA .
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