The absence of aggressive profit-booking in Bitcoin and select altcoins even after a sharp rally throughout January indicates that traders expect the up-move to continue.
. The financial services firm arrived at this conclusion by assuming that if the gains happened during U.S. trading hours, it is because institutions are buying. Using this metric, the firm said that 85% of the rally in January was due to institutional buying.
Could Bitcoin and select altcoins shrug off their range-bound action and resume the uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin soared to $23,816 on Jan. 25 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.The repeated failure of the BTC/USDT pair to maintain above $23,000 may tempt short-term traders to book profits. The immediate support is at $22,292.
This is an important level to keep an eye on because a sharp rebound off it will suggest strong demand at lower levels. The pair could then again try to resume its up-move and reach the critical overhead resistance at $25,211. On the other hand, if the price turns down and plummets below the 20-day EMA, it will signal that bulls may be rushing to the exit. The bears may gain back control below $20,400.
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