Crypto prices sold-off as the SEC announced a crackdown on Kraken exchange, but charts suggest that the downtrend could end once BTC and altcoins flip the 200-day SMA to support.
in the first half of the year but may face challenges in the latter half. Along with Bitcoin and Ether, Hayes is also bullish on altcoins but he said the trick is to get the timing right.
What are the important support levels to watch out for Bitcoin and altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.The $22,800 support cracked on Feb. 9 and Bitcoin plunged to the strong support near $21,480. A lack of a strong bounce off this level suggests that the correction may deepen further.Below $21,480, the selling could accelerate and the BTC/USDT pair could fall to the moving averages.
The moving averages have completed a golden cross but the bulls need to flip the 200-day simple moving average into support if they want to remain in the game. A strong rebound off the zone between $21,480 and the 200-day SMA will suggest that bulls are trying to form a higher low. The pair could then gradually move back toward $24,255. The bulls will have to surmount the $25,211 resistance to suggest that the downtrend is over.
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