Bitcoin price is oversold, meaning a relief rally could trigger a short-term bounce in $LUNA, $ATOM, FTM and LEO, but generally the overall trend remains bearish.
Could Bitcoin and altcoins witness a bounce after the recent carnage? Let’s study the charts of the top-5 cryptocurrencies that may outperform if a relief rally starts.Bitcoin plunged below the $39,600 to $37,332. support zone on Jan. 21, indicating panic selling. The selling continued on Jan. 22 and the price dipped to $34,008.The sharp fall of the past few days has pulled the relative strength index near the 20 level, suggesting that the selling may have been overdone in the short term.
The bears will then attempt to resume the downtrend and sink the BTC/USDT pair to the major support at $30,000. A break and close above the 20-day exponential moving average will be the first indication that bears may be losing their grip.The 4-hour chart shows that the pair is trading inside a descending channel pattern. The bears pulled the price below the channel but have not been able to sustain the lower levels.
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