Is Bitcoin safe from the catacombs? Despite a minor relief rally, data indicates a visit to lower lows is still possible.
) has been stuck between the moving averages since June 24. This suggests that bears are selling on rallies to the 50-day SMA and bulls are buying on dips to the 20-day EMA .The moving averages are close to a bullish crossover and the relative strength index is near the midpoint, suggesting that bulls are attempting a comeback. If buyers propel the price above the 50-day SMA, the SOL/USDT pair could rise to $60.
This level may again act as a stiff resistance but if bulls clear this hurdle, the momentum could pick up. On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that bears have overpowered the bulls. The pair could then slide to $33.) broke and closed above the 20-day EMA on June 25. The buyers extended the recovery on June 26 and pushed the price to the 50-day SMA but the long wick on the candlestick suggests that bears are defending the level with vigor.
Alternately, if the price fails to sustain above the 50-day SMA, it will suggest that bears continue to sell on rallies. The bears will then try to pull the price back below the 20-day EMA.
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