Bitcoin price is expected to face a few short-term challenges, but BTC’s price consolidation could create opportunities for MATIC, $HBAR, LDO and $BIT.
HBAR/USDT daily chart. Source: TradingView
Conversely, if the price plummets below the breakout level, it will indicate that bears continue to sell on rallies. The pair could then tumble to the 20-day EMA.The 4-hour chart suggests that traders are booking profits near the psychological resistance at $0.10. The pair could pull back toward the 20-EMA, which is close to the breakout level. Buyers are likely to purchase the dip to this level. If they do that, the pair may try to rise above $0.10 and resume the up-move.
Sellers are likely to have other plans. They will try to pull the price back below the moving averages and retest the support at $2.20. If this level cracks, the pair could drop to $2. Such a move will point to a possible range-bound action in the near term.While several cryptocurrencies have given back a part of their recent gains, BitDAO has managed to remain above its immediate support at the 20-day EMA . This suggests that the bulls are not hurrying to book profits.
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