Bitcoin has extended its decline during the weekend and is now on track for its sixth successive weekly loss, the first such occurrence since 2014.
The BTC/Tether pair has a minor support at $34,322 but if bulls fail to defend this level, the decline could extend to $32,917.
If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.
This negative view could invalidate in the short term if the bulls push and sustain the price above the 20-day EMA.
The downsloping moving averages indicate that bears are in command but the oversold levels on the RSI suggest that a relief rally or a consolidation is possible in the near term.
The buyers will have to push and sustain the price above $40,000 to signal that the downtrend may be over.
Algorand has been trading inside a descending channel pattern for the past few days.
If buyers sustain the price above the 50-day SMA of $0.76, the ALGO/USDT pair could rally to the resistance line of the channel.
On the other hand, if the price turns down from the resistance line, it will suggest that the pair may extend its stay inside the channel for a few more days.
The 20-EMA has turned up and the RSI is in the positive territory, indicating advantage to buyers.
If the price rebounds off this level, it will suggest that the sentiment has turned in favor of buyers.
The bulls will have to push and sustain the price above the 20-day EMA of $223 to suggest that the corrective phase may be over.
On the contrary, if the price turns down from the current level or the 20-day EMA, it will suggest that the bears have not yet given up.
If bulls drive the price above the resistance line of the triangle, it will suggest that the downtrend could be over.
Conversely, if the uncertainty of the triangle resolves to the downside, it will suggest that the triangle had acted as a continuation pattern.
The 20-EMA has flattened out and the RSI has formed a bullish divergence on the 4-hour chart suggesting that the negative momentum is weakening.
Although the 20-day EMA of $2.57 is sloping down, the RSI is attempting to form a bullish divergence, indicating that the selling momentum is weakening.
This level may again act as a strong resistance but if buyers clear this hurdle, the bullish momentum may pick up.
Contrary to this assumption, if the price turns down from the 20-EMA or the downtrend line, it will suggest that bears continue to sell on rallies.