Bitcoin’s sell-off could be nearing an end, and the technical analysis patterns shown on BNB, EOS, QNT and CHZ could be a sign that a short-term recovery is in order.
) is in a short-term uptrend. The bulls purchased the drop to the 50-day SMA and are attempting to resume the up-move.If the price sustains above the 20-day EMA , it will suggest that the correction may be over. The QNT/USDT pair could first rise to $124 and then retest the important resistance at $133. If bulls clear this hurdle, the pair could rally to the overhead resistance zone between $154 and $162.
If the price sustains below the 50-SMA, the pair could slide to the 20-EMA. This is an important level to watch out for. If the price rebounds off this level, it will suggest that the short-term trend has turned in favor of the buyers. Contrary to this assumption, if the price fails to rise above $0.20, it will suggest that bears are selling on rallies. The bears will be back in the driver’s seat if they sink the pair below the 20-day EMA. The pair could then decline to the 50-day SMA .The bulls are trying to defend the uptrend line but the recovery is facing strong resistance at the moving averages.
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