Bitcoin’s bounce off the 20-day EMA indicates strength and that may prove to be positive for select altcoins such as SOL, AVAX, FIL and EOS.
) exchange-traded fund may not prove to be a game changer for the crypto space. Panigirtzoglou cites lackluster interest in the spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact even in the U.S.
The bears are likely to have other plans. They will try to protect the overhead resistance and tug the price below the $29,500 support. If this level gives way, stops of several short-term bulls may be hit. That could sink the pair to the 50-day simple moving average .The 4-hour chart shows that the pair is trading between $29,500 and $31,500. Generally, a tight range trading is followed by a range expansion but it is difficult to predict the direction of the breakout with certainty.
On the downside, $18.70 is the important support to keep an eye on. A break and close below this level may open the doors for a possible drop to the strong support zone between $16.18 and $15.28.Both moving averages are sloping up and the RSI is in the positive territory on the 4-hour chart. This suggests that the bulls are in command. However, the bears have not yet given up and have pulled the price to the 20-EMA.
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