An improved outlook from institutional investors and a semi-positive start to the new year could develop into a short-term rally for Bitcoin and select altcoins.
) break below the support line of the symmetrical triangle on Dec. 28 proved to be a bear trap as the bulls purchased the dip and pushed the price above the 20-day EMA on Jan. 2.Buyers are trying to build upon the strength and overcome the obstacle at the 50-day SMA . If they manage to do that, the UNI/USDT pair could rally to the resistance line of the triangle. This level may again act as a stiff hurdle.
If the price turns down from the resistance line, the pair may stay inside the triangle for some more time. The bears will gain the upper hand if they manage to sink the pair below the $4.94 to $4.71 support zone. 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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