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Thursday

13 May 2021

Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K

Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K


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Although the price plunged below the moving averages on April 18, the bulls aggressively bought at lower levels as seen from the long tail on the day’s candlestick.

If the bulls can push and sustain the price above $40, the LINK/USDT pair could retest $44.33.

This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA.

Such a move could pull the price down to the 50-day simple moving average ($31.42) and delay the start of the next leg of the uptrend.

The bulls had pushed the price above the overhead resistance of the range on April 15 and 16 but they could not build up on the breakout.

The sellers pulled the price back into the range on April 17, trapping the aggressive bulls.

Long liquidations could be one of the reasons for the sharp fall on April 18 that momentarily dropped below the $11.50 support.

The pair could once again move up to $20.62 where the bears are again likely to mount a stiff resistance.

A breakout and close above $21 could open the gates for the resumption of the uptrend.

QTUM’s Doji candlestick pattern on April 19 indicated that the uptrend could be losing steam.

If the bears sink the price below the 20-day EMA, the QTUM/USDT pair could slump to the 50-day SMA ($10.47) where the buyers may step in to stall the decline

A strong rebound off the 50-day SMA could keep the pair range-bound for a few days while a break below the support will suggest the bears are back in the game

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cointelegraph.com
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