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Most major cryptocurrencies are stuck in a tight range awaiting direction from Bitcoin.
Several major cryptocurrencies are facing selling at higher levels but the fact that traders are buying on the dips suggests further range-bound action is likely.
The crypto markets are expected to remain volatile this week. Hence, several short-term trading opportunities are likely to crop up.
Bitcoin price looks ready to consolidate near $9,200 for a few days before taking a shot at $10,000
Bitcoin’s decisive move today increases the possibility of a rally to $9,200
Altcoins are likely to underperform Bitcoin as it attempts to rise to $8,000
If Bitcoin breaks above its resistance, several buying opportunities are likely to pop up in altcoins
The next couple of days are critical as Bitcoin is showing some hesitation close above $7,500
Bitcoin is close to breaking out of its resistance zone, after which a quick move to $8,000 is possible
The hesitation to break out of the resistance suggests that Bitcoin might remain range-bound for a few more days