The sustained rally in Bitcoin and altcoins could be a sign that the longer-term downtrend is finally over.
. The number of Ethereum sharks, holding between 100 and 10,000 Ether, has risen by 3,000 since November 22, according to Santiment data.Many times, traders miss a bottom because they remain in denial. If traders want to catch a trend early, they should keep a close eye on the price action because a sequence of higher highs and higher lows may indicate a bullish sentiment.
Are Bitcoin and altcoins showing signs of starting a new uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin is on the path of recovery. Strong buying by the bulls propelled the price above the stiff overhead resistance at $18,388 on Jan. 12. This is the first indication that the bears may be losing their grip.
If bulls do not allow the price to dip below the breakout level of $18,388, it will suggest a change in sentiment from selling on rallies to buying on dips. The BTC/USDT pair could then continue its recovery toward the next major resistance at $21,500. If bears want to slow down the positive momentum, they will have to quickly pull the price back below $18,388. The pair could then drop to the 20-day exponential moving average .Ether soared above the overhead resistance of $1,352 on Jan. 11 and followed that up with a break above the downtrend line on Jan. 12. This suggests that the bulls are on a strong comeback.The bears will try to stall the recovery and pull the price back below the breakout level of $1,352.
The positive view could invalidate if the price turns down and plummets below the moving averages. Such a move could indicate that the recent breakout may have been a bull trap.
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