Bitcoin and altcoins are selling off today, but technical analysis suggests that traders still view dips as buying opportunities.
totaling 1.65 million barrels per day until the end of the year. Some analysts expect this move to tighten supply, resulting in higher prices at the pump. That may in turn boost inflation, warranting a continued hawkish stance from central banks.
Could Bitcoin overcome the obstacle at $30,000 and start a bull run? Will altcoins also join the party? Let’s study the charts to find out.The S&P 500 index picked up momentum after breaking out of the wedge pattern. Buyers will try to push the price to 4,200 which is likely to act as a strong barrier.If the price turns down from 4,200 but rebounds off the 20-day exponential moving average , it will suggest that the sentiment has turned bullish.
On the other hand, the bulls will try to push the price back above the 20-day EMA. If they manage to do that, the index could rise to the 200-day SMA . The bears are expected to mount a strong defense at this level.The bears could not even pull Bitcoin to the 20-day EMA on April 3, suggesting that the bulls are buying the intraday dips.The rising 20-day EMA and the RSI in the positive zone indicate that the bulls are in control. Buyers will try to clear the overhead hurdle at $29,185.
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