Bitcoin and altcoin prices corrected slightly ahead of today’s FOMC announcement, but a snap-back rally could be on the cards if Fed Chair Jerome Powell’s issues encouraging statements about inflation and the U.S. economy.
only in 2014 and 2020. If history repeats itself, the possibility of a positive close in February is high but the pace of the rally may slow down.
Could Bitcoin and altcoins stay range-bound and consolidate the gains or will traders book profits, dragging prices lower? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin dipped below the breakout level of $22,800 on Jan. 30 but the bulls purchased at lower levels and pushed the price back above $23,000 on Jan. 31.The upsloping moving averages and the relative strength index near the overbought zone suggest that bulls are in control.
A strong rebound off the current level or the 20-day EMA could again launch the pair toward the overhead resistance of $24,000. A break and close below the 20-day EMA could be the first sign that the bulls may be rushing to the exit. There is a minor support at $21,480 but if that gives in, the pair could retest the psychologically critical level of $20,000.
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