Is this the perfect time for bottom fishing? 🎣 Let’s see which Web3 coins are showing signs of strength!👇 By CMCAlexandria Author: anshrathod__ Editor: YousraAASheikh GMT BAT FLUX FIL DOT BTT
Bitcoin has been consolidating in a tight range between $28,500 and $32,000 for the past few weeks which could be an indication that a significantly volatile move may be seen soon. After an unexpected rally of 7.5% on Monday, Bitcoin broke out for a very short period from the range however the breakout was not sustained and it was back below the $30,000 mark after just a day, hence, investors must refrain from any fresh buys until the $32,000 mark is captured by the bulls.
Traders should not expect any powerful moves until a close on the 4H chart above $1,75 is seen. If GMT breaks the demand zone at $80, expect a strong bearish move towards $0.55.is trading at the same price level as it was last week thus the overall price analysis will be consistent with that of last week.
After the free-fall seen earlier this month, BTT has not recovered any of the losses as it was still trading near the price zone as it was after the fall. Another free fall could be witnessed in BTT if it breaks the support level thus investors should steer clear from BTT for the time being. If a close above $0.44 is seen expect a strong impulsive move however if another rejection is seen it could end with BAT breaking the support at $0.37.FLUX seems to have started its next leg in its downtrend after it gave up all the gains from the rally last week. FLUX had one last resistance that it failed to break which could be the reason for the sharp drop in price seen this week.
FIL is forming a bearish RSI divergence which is indicating that the support could be broken soon which may result in FIL heading for new lows soon. BTT has formed a very tight range which could result in a huge move once a breakout is seen. However, any long positions should be taken only once the resistance at $0.44 is taken out. It is looking like BTT will break down once again and may not recover like it did the last time it broke down.
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