What to Know:
- Bitcoin faces resistance around $107,000, with bears attempting to flip this level.
- Altcoins rebounded from support but encountered selling pressure at overhead resistance levels.
- Key support and resistance levels are identified for Bitcoin and major altcoins, aiding trading strategies.
Bitcoin’s recent price action indicates a struggle between bulls and bears, with recovery attempts meeting strong resistance. Despite some analysts predicting further upside, caution is warranted as Bitcoin faces potential pullbacks. Monitoring key support and resistance levels remains crucial for navigating the current market conditions.
The short-term outlook suggests potential volatility. Bitcoin’s relief rally faced a sell-off at the 20-day exponential moving average, signaling persistent negative sentiment. A break below the $100,000 support could trigger further declines, while a move above $107,000 may indicate renewed bullish momentum.
XRP is currently navigating a critical juncture, with buyers struggling to overcome resistance at the 50-day SMA. A failure to sustain prices above the 20-day EMA could lead to a retest of the $2.06 level, while a successful push above the downtrend line could signal a potential end to the corrective phase. Monitoring these levels is essential for assessing XRP’s next move.
Other altcoins, including Ether, BNB, and Solana, are also at key levels, facing resistance at moving averages and support zones that will determine their short-term trajectories. Successfully navigating these levels will be crucial for sustained upward momentum. Investors should closely monitor these levels to anticipate potential breakouts or breakdowns.
Source: Original article
