Bitcoin price sets up for an explosive move as ADA, XLM, AAVE and CFX turn bullish
The long weekend has not produced any fireworks in Bitcoin (BTC) price, which continues to trade inside an ever-narrowing range. Bitcoin is on track to form a third consecutive Doji candlestick pattern on the weekly chart. This suggests that the Bitcoin bulls and the bears are not clear about the next directional move.
It is not only Bitcoin that is stuck inside a range. On April 7, Jurrien Timmer, director of global macro at asset manager Fidelity Investments, tweeted that the S&P 500 Index had been stuck inside a range for the past nine months and a breakout was due “sooner or later.”
Bitcoin’s failure to break above the $30,000 level has attracted profit-booking in several altcoins but a few have witnessed shallow pullbacks. This indicates that traders are holding on to their positions expecting a move higher.
Let’s study the charts of select altcoins that may turn up and start an uptrend if Bitcoin breaks out to the upside. What are the resistance levels above which these five cryptocurrencies turn bullish?
Bitcoin has been trading inside a tight range for the past two days, indicating indecision among the bulls and the bears. Usually, tight ranges are followed by an expansion in volatility.
The 20-day exponential moving average ($27,500) is flattening out and the relative strength index (RSI) has gradually been slipping toward the center. This suggests a balance between supply and demand.
If the price tumbles below the 20-day EMA, several short-term stop losses may be triggered and the BTC/USDT pair may dive to the breakout level of $25,250.
Conversely, if the price rebounds off the 20-day EMA with strength, it will suggest that the sentiment remains positive and traders are buying the dips. A rally above $29,200 could
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