The start of the year rally in cryptocurrencies continues to push higher and traders are hopeful that Thursday’s CPI print could add a bit more fuel to the fire.
could “play out in the next quarter” Though it is “not going to be great,” Novogratz does not believe it will trigger “a lot of selling.”
Could Bitcoin and altcoins continue their recovery or will higher levels attract strong selling? Let’s study the charts of the top-10 cryptocurrencies to find out.The bears tried to stall the recovery near $17,400 on Jan. 9 but they could not sink the price below $17,061. This suggests that bulls are buying on minor dips. The price bounced on Jan. 10 and the buyers are trying to extend the relief rally.
On the contrary, if the price turns down from the current level and breaks below the moving averages, it will suggest that the pair may continue to oscillate between $16,256 and $18,388 for a few more days.) has been trading near the overhead resistance of $1,352 for the past two days. The 20-day EMA has started to turn up and the RSI is near the overbought territory, indicating the path of least resistance is to the upside.
Contrarily, if the price turns down from the overhead resistance, the pair could again drop to the moving averages. If this support cracks, it will suggest that the pair may continue its range-bound action between $1,352 and $1,150 for a while longer.
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