Bitcoin and altcoins sold-off sharply in anticipation of the release of the Federal Reserve minutes and the projected bearish impact they would have on equities markets.
) rebounded off the 20-day EMA on April 4 but the bulls could not overcome the barrier at $23. This may have tempted short-term traders to book profits.The DOT/USDT pair has plunged below the 20-day EMA today and the RSI has entered the negative territory. This suggests that the bulls are losing their grip. The next stop could be the 50-day SMA . The bulls are likely to defend this level with vigor but if the support cracks, the decline could extend to $16.
Alternatively, a strong rebound off the 50-day SMA could suggest that the pair may consolidate between $19 and $23 for a few days. The bulls will have to push and sustain the price above $23 to signal the start of a potential new uptrend.) soared above the overhead resistance at $0.17 on April 5 but the bulls could not clear the hurdle at the 200-day SMA . This may have attracted profit-booking by the short-term bulls and selling by the aggressive bears, resulting in the sharp reversal today.
This positive view will invalidate if the price continues lower and breaks below the 20-day EMA. Such a move could open the doors for a possible drop to $0.12. The pair could then remain stuck between $0.10 and $0.18 for a few more days. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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