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On February 10, Bitcoin plummeted to a strong support level of $21,480. Therefore, the area between $20,347 and $21,480 will likely attract aggressive bullish buying.
The first upward barrier is $22,347.
This must be crossed to indicate that bulls are back in control. There is a minor stumbling block at $22,800, but if that is scaled back, the BTC/USDT pair could retest $24,255.
The bears are expected to defend the $24,255 to $25,211 zone with all their might because breaching this barrier could signal a potential trend change.
If the price falls below the 200 and 50 MA, this would indicate that the bears are back in the game.
The pair could return to the critical support zone of $18,000 to $16,000.
Chart showing performance of BTC/USDT(on a 4-hour Time Frame). Source: Trading View
Polygon (MATIC) has only recently experienced a minor pullback, indicating that traders are not exiting their positions quickly and are buying on minor dips.
The ascending moving averages indicate that the bulls are in command. The negative divergence on the RSI is concerning, but the fact that the bears have not been able to push the price below $1.17 is a positive sign.
This increases the likelihood of a break above the overhead zone between $1.30 and $1.35. If the bulls succeed, the MATIC/USDT pair could begin an uptrend to $1.50 and then to $1.70.
A break and close below $1.26 will be the first sign of weakness. This clears the way for a drop to $1.05.
Chart showing performance of MATIC/USDT(on a 4-hour Time Frame). Source: Trading View
The 4-hour chart shows that bears are providing formidable resistance in the $1.30 to $1.35 range, but buyers have not given up much ground to the bears, which is a positive sign.
This indicates that the bulls are anticipating a move higher. If they can push the price above $1.35, the pair may begin the next leg of its uptrend.
If bears want to seize control in the short term, the price must fall below $1.20. This could increase the likelihood of a drop to $1.05. A minor support level near $1.15 is present, but it may not hold.
Learn and stay accustomed to these basic trading abbreviations and terminologies here.
⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding.