Bitcoin price has retraced after failing to make it over a crucial hurdle. The downtrend was cut short, though, due to the presence of a demand zone. A bounce off this zone is likely to provide Ethereum, Ripple and other altcoin traders a brief opportunity to go long.
Litecoin price set a higher low as it dipped inside a demand zone, indicating that the bullish outlook is intact. Going forward, investors can expect LTC to climb higher as the crypto markets flip bullish.
Binance Custody announced the addition of new cryptocurrencies to its managed assets, providing greater security to investors. Shiba Inu price exploded shortly after the announcement, fueling a bullish narrative for the meme coin’s price among traders.
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Algorand price has formed a bearish chart pattern, projecting a 38% correction on the horizon. The bears could push ALGO to as low as $0.50 following a slice below a critical line of defense. Algorand must revisit $0.94 in order to invalidate the bearish thesis.
Uniswap price is currently retesting the 3-day demand zone, extending from $7.31 to $9.69. A quick recovery could push UNI to $10.31 before contemplating a directional bias. A breakdown of this barrier is likely to result in a 25% crash to $5.61.
AVAX price to revisit $64.59, indicating the ongoing crash to steepen. The breaker will likely reject any short-term throwback, extending from $77.60 to $83.35. A four-hour candlestick close above $83.35 will invalidate the bearish thesis for Avalanche.
Russia has approved to introduce a bill that would regulate cryptocurrencies instead of banning the new asset class. The Russian finance ministry has submitted a draft bill on Bitcoin regulation.
Bitcoin price slips below the 50-day SMA as it eyes a retest of the $36,398 to $38,895 demand zone. Despite the crash, long-term investors are bullish as the supply of BTC on exchanges hits a three-year low. A breakdown of the $34,752 support level will invalidate the bullish thesis.
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