THETA, LIDO, KLAY and EGLD flash bullish signs as Bitcoin recaptures $23K

cointelegraph.com:

The cryptocurrency markets and the United States equities markets witnessed profit-booking this week as the macroeconomic data hinted toward continued rate hikes by the Federal Reserve. Bitcoin (BTC) is down more than 4% and the S&P 500 fell 2.7% to record its worst week of the year. 

The CME FedWatch Tool shows a 73% probability of a 25 basis points rate hike by the Fed in the March meeting but after the hotter-than-expected inflation readings in two weeks, the probability of a 50 basis point rate hike has started to slowly gain traction.

During periods of uncertainty, some coins enter a deeper correction while a few buck the trend and continue to outperform the markets. Hence, it becomes important to select the right coins to trade.

A few coins that have witnessed a shallow correction or have bounced sharply off the support have been selected in this list. Let’s see their charts and determine the levels to watch out for.

Bitcoin plunged below the 20-day exponential moving average ($23,391) on Feb. 24 but the bears could not build upon this advantage and sustain the price below the strong support at $22,800.

The price bounced off $22,800 on Feb. 25 and the bulls are trying to push the price above the 20-day EMA. If they manage to do that, it will indicate that the BTC/USDT pair may consolidate between $25,250 and $22,800 for a few days.

The flattening 20-day EMA and the relative strength index (RSI) near the midpoint also suggest a range-bound action in the near term.

Alternatively, if the price slips below $22,700, the selling could intensify and the pair may plummet to the next strong support at $21,480.

The 20-EMA has turned down on the 4-hour chart and the RSI is in the negative territory. This indicates an advantage to