Expectations that the Fed may start cutting rates before the year end has Bitcoin bulls gearing up to propel BTC price above $30,000.
) broke above the 20-day EMA on March 29 and the bulls thwarted attempts by the bears to pull the price back below the level on March 30.The 20-day EMA has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. The DOT/USDT pair could oscillate between $5.70 and $6.70 for a few days.
A break and close above the $6.70 resistance will open the doors for a potential rise to the neckline of the inverse H&S pattern. Contrarily, if the price turns down and slips below $5.70, the pair may decline to $5.15.The bulls once again defended the 20-day EMA on March 30, indicating strong demand for Litecoin at lower levels.Buyers will have to propel the price above $96 to signal that the short-term corrective phase may be over.
Alternatively, if the price turns down from the current level or the downtrend line, it will suggest that bears are not willing to give up. That will increase the prospects of a break below the 20-day EMA. The pair may then slump to $75. The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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