Bitcoin could be on the verge of starting the next leg of the up-move and this could attract further buying in select altcoins.
. Citing Glassnode data, investor Anthony Pompliano pointed out that 53% of Bitcoin’s circulating supply has not moved in the past two years.
The first important support to watch on the downside is the 20-day EMA. If this support cracks, the index could retest the vital support at the 200-day simple moving average .The U.S. dollar index continues to trade below the 20-day EMA , indicating that the short-term trend remains bearish. Sellers are likely to defend the 20-day EMA during the current relief rally.If the price turns down from the 20-day EMA, the index may drop to the vital support of 100.82.
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