If Bitcoin dips to $24,800, select major altcoins could break below their respective support levels.
. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.
Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts to find out.The S&P 500 Index broke above the moving averages on Aug. 29, indicating that bulls have started a strong relief rally.If buyers sustain the price above the moving averages, it will suggest that the sentiment remains positive and traders are buying on minor dips. That will enhance the prospects of a rally above the overhead resistance at 4,607.
Resuming the uptrend is likely to be a difficult task as the bears will try to yank the price below the moving averages. If they do that, the pair may slump to the strong support at 4,325. The bears will have to break this level to start a new downtrend.The U.S. dollar index bounced off the downtrend line on Aug. 30 and 31, indicating that the bulls have flipped the level into support.The bulls will next try to propel the price above 104.45 and start a rally to the overhead resistance at 106.
The important support to watch for on the downside is the downtrend line. If this support crumbles, the index ma descend to the 50-day SMA and eventually to the critical support at 100.82.Bitcoin is trading near the support of the large range between $24,800 and $31,000. When the price trades inside a range, bulls generally purchase the drop near the support and sell close to the resistance.The $24,800 level will witness an intense battle between the bulls and the bears.
Another possibility is that the price turns up from the current level. If bulls surmount the barrier at $26,833, the pair could accelerate to the 50-day SMA . Such a move will suggest that the pair may extend its stay inside the $24,800 to $31,000 range for even longer.
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