A massive gathering of soldiers, fighter jets, Russian equipment and military exercises near Ukraine’s borders increased fears of a possible invasion in the coming days. This may have triggered a resumption of Bitcoin (BTC) sales, which fell below strong support of $ 39,600.

In the midst of doom and gloom, there is a glimmer of hope for cryptocurrency investors as data from Glassnode shows that more than 60% of the bitcoin supply has not been used in any transaction in over a year. This indicates that long-term fraudsters will not get rid of their positions during a downward trend.

See daily crypto market data. Source: Coin360
Mike McGlone, head of commodities strategist at Bloomberg Intelligence, warned that Bitcoin could have a “tough week ahead” and warned that “inflation is unlikely to decline unless risky assets fall.” However, McGlone expects bitcoin to be stronger this year.

Can bitcoin and altcoins bounce back and catch aggressive bears? Let’s take a look at the lists of the 5 best cryptocurrencies that can participate in the relief rally.

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Bitcoin / US dollar
The fact that buyers did not defend the strong support of $ 39,600 indicates that Bitcoin is still facing strong sales from the bears. The 20-day exponential moving average ($ 41,193) began to decline and the Relative Strength Index (RSI) plunged into negative territory, indicating that the bears had the upper hand.

BTC / USDT daily chart. Source: Trading View
If the price stays below $ 39,600, sales may pick up and the BTC / USDT pair may fall to an immediate support zone between $ 36,250 and $ 35,507,01.

Bulls are expected to aggressively defend this area as a breach below it could open the January 32 intraday low of $ 32,917.17. The longer the price stays below $ 39,600, the greater the chance of a bearish move.

Contrary to this assumption, if the price bounces from the current level and rises rapidly above $ 39,600, this will indicate a strong build-up at the lower levels. The bulls will then try to push the price above the 20-day moving average.

The bulls must break the $ 45,821 upper barrier to signal the start of a new upside move.

4-hour BTC / USDT chart. Source: Trading View
The bulls’ inability to recover strongly from the $ 39,600 support level indicates a lack of demand at higher levels. This may have encouraged the Bears, who pushed the price below $ 39,600.

The RSI has gone deep into the oversold zone, indicating that short-term trading may be oversold. This indicates a small boost or consolidation in the short term.

If speculators manage to defend the retest of the breakout level on the next return, sales could intensify and the pair could fall to $ 36,000. These negative prospects will be void in the short term if the bulls push the pair over $ 41,000.

LEO / US Dollars
UNUS SED LEO (LEO) corrected after reaching a new all-time high of $ 8.14 on February 8th. The Bears pushed the price below the 50% Fibonacci retracement of $ 5.74, but the bulls aggressively defend the 20-day moving average ($ 5.45)). ).

LEO / USD daily chart. Source: Trading View
20-day moving average and RSI in positive territory indicate a slight bullish lead. If buyers push the price above $ 6.24, the LEO / USD pair may try to resume their upward movement. The pair can then rise to $ 7.

Conversely, if the bulls fail to sustain the current bounce, the bears will feel an opportunity and try to take the pair during the 20-day EMA. If they manage to do so, the overall sentiment may become bearish and the pair may fall to 61.8% retracement level of $ 5.18.

LEO / USD, 4-hour chart. Source: Trading View
On the 4-hour chart, you can see that the pair is in the range of $ 5.52 to $ 6.24. The 20-EMA and 50 Simple Moving Average have leveled off, and the RSI is close to the midpoint, indicating a balance between supply and demand.

This balance will tip in favor of the Bears if they push the price back and continue below $ 5.52. The pair can then drop to 200-SMA.

Conversely, if buyers push the price and continue above 50-SMA, the pair could rise to $ 6.24. The bulls must overcome this obstacle to show that they are back in the driver’s seat.

MANA / US Dollars
The Decentraland Index (MANA) fell from its downtrend on 16 February, indicating that sentiment remains bearish and that traders are selling when prices rise to mid-April.

Source: CoinTelegraph

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