Altcoins such as ETH, MATIC, TON, and OKB which are above their 200-day SMA could start a recovery if Bitcoin sustains above $20,000 in the near term.
) corrected sharply from $1.56 on Feb. 18 and reached the 200-day SMA on March 10. The long tail on the day’s candlestick shows that the bulls are fiercely defending the level.The bulls will try to push the price to the 20-day EMA where the bears are likely to mount a strong defense. If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.
This level may again act as a strong resistance but if bulls arrest the next decline above $1.05, it will suggest that the downtrend could be over. That may open the gates for a possible rise to $1.30. Conversely, if the price continues lower and plummets below the triangle and the 200-day SMA , it will suggest that bears are in command. That may pull the price toward $1.30. Such a move will indicate that the triangle behaved as a reversal setup.The downsloping 20-EMA and the RSI in the negative territory on the 4-hour chart show that bears have the upper hand. If the price turns down from the current level and breaks below $2.18, the drop is likely to extend to $2.
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