Bitcoin and altcoins sold-off as investor concerns over Deutsche Bank hit media headlines. Is a trend reversal in order, or is this just another dip to buy?
) price, the trend may pause if the contagion spreads. During times of panic, traders sell assets to curtail risk. At that time, if Bitcoin does not break below the $25,000 to $20,000 support zone, it will suggest that the bear phase is over.
Could Bitcoin and most major altcoins witness a minor correction? What are the important support levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin formed an inside-day candlestick pattern on March 23, indicating uncertainty among buyers and sellers. The bulls want to extend the up-move but the bears are in no mood to relent. That has kept the price inside a small range.
If the price rebounds off $26,500 with strength, the bulls will again try to start the next leg of the rally. That could propel the price to $30,000 and then to $32,500. The $25,250 support remains the key level because a break and close below it may indicate a bull trap. The BTC/USDT pair could then collapse toward the 200-day simple moving average .
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