Top 5 cryptocurrencies to watch this week: BTC, UNI, LUNA, THETA, FIL
Bitcoin (BTC) has been facing stiff resistance almost the $60,000 level for the past few days. This suggests that market place participants are cautious at these levels and a positive trigger may exist needed to bulldoze the price higher and start the adjacent leg of the uptrend.
Ane of the developments that could be bullish for Bitcoin is that Brazil followed in the footsteps of Canada and gave the light-green lite for the launch of a Bitcoin exchange-traded fund. The ETF will be managed past QR Asset Management and is expected to first trading in Q2 2021.
The Bitcoin ETFs launched by various countries are likely to put pressure on the U.Due south. Securities and Exchange Commission to corroborate a Bitcoin ETF because if they exercise not practice that, institutional investors may use the alternatives available in neighboring countries.
Although Bitcoin is showing some fragility well-nigh $60,000, Cointelegraph contributor Marcel Pechman analyzed derivatives data from various exchanges to testify that top traders are nonetheless adding long positions near $57,000.
Bitcoin seems to be consolidating its recent gains earlier starting the next trending move. Simply there are several cryptocurrencies that are in an uptrend and may keep their march due north. Permit's report the charts of top-5 cryptocurrencies that could remain bullish in the brusque term.
BTC/USD
Bitcoin is in an uptrend and the bulls continue to buy the dips to the 20-day exponential moving average ($55,282). The long tail on today's candlestick also shows that the bulls used the dips to accumulate.
The bulls will now endeavour to propel the price above the $60,000 to $61,825 resistance. If they succeed, the BTC/USD pair could starting time the next leg of the uptrend that may reach $72,112.
Another possibility is that the price again turns down from the overhead resistance and the pair remains stuck in a tight range. If that happens, the next breakout is likely to result in a strong trending motility.
The but bearish development visible on the nautical chart is the negative divergence on the relative strength indicator (RSI). This bearish prediction could come into play subsequently the cost breaks and sustains below the twenty-24-hour interval EMA.
If that happens, the pair could drib to the 50-day elementary moving average ($49,497), which is a disquisitional support to go along an eye on. A break below this level could challenge the $43,006 support.
The four-hour chart shows the formation of a symmetrical triangle, which usually acts as a continuation pattern. The cost has bounced off the back up line of the triangle, indicating that the bulls are defending this support.
If the bulls can propel the price to a higher place the moving averages, the pair could again attempt to ascension above the resistance line of the triangle. If that happens, a movement to the all-fourth dimension high at $61,825 is possible. A breakout and shut above this resistance could resume the up-move.
Alternatively, if the price turns downward from the moving averages, the bears will endeavor to sink the price beneath the triangle. If they manage to do that, the pair could driblet to $53,288 and so $44,752.
UNI/USD
Uniswap (UNI) is currently consolidating between $27.97 and $35.20. The bulls attempted to resume the uptrend on March 20 but the long wick on the candlestick and a close in the blood-red suggests profit-booking near $35.20.
Even so, there hasn't been any follow-up selling today. Both moving averages are sloping up and the RSI is in the positive zone, which suggests the path of to the lowest degree resistance is to the upside.
If the bulls can propel the price higher up $35.20, the UNI/USD pair could commencement the next leg of the uptrend that could take it to $42.43 and then $46.
Contrary to this assumption, if the toll turns down and breaks below the 20-day EMA ($30), the pair could driblet to $27.97. This is an important support to watch out for because if it cracks, traders may rush to the exit and that could result in a deeper correction to the 50-day SMA ($25.39) and then $22.
The moving averages on the iv-hour chart have flattened out and the RSI is simply higher up the midpoint. This suggests a remainder between supply and demand.
If the price dips beneath the moving averages, a driblet to $27.97 is possible. A bounce off this support could extend the stay of the pair inside the range.
The next trending move could outset after the bulls push the cost above $35.20 or the bears sink the pair below $27.97. Until so, the price may oscillate between the support and resistance levels of the range.
LUNA/USD
VORTECS™ data from Cointelegraph Markets Pro turned positive every bit the signal for LUNA rose above 70 on March 18, indicating a positive outlook when the price was all the same undecided almost the side by side move fr $18.17.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of celebrated and current market conditions derived from a combination of data points including market sentiment, trading volume, recent cost movements and Twitter activity.
The chart to a higher place shows the VORTECS™ score climbed steadily from 62 to 76 on March eighteen, well before the price picked up momentum on March xix.
Since then, the VORTECS™ score has remained bullish and has non fallen below 65. Meanwhile, LUNA continued to move up and reached $22.32 on March 21 in tandem with the VORTECS™ score, which hit 77.
LUNA is in a strong uptrend as it continues to make tape highs on a daily basis. The bears attempted to stall the uptrend on March 17 only could not keep the price down for more than a day, which suggests potent ownership on every minor dip.
The long wick on the March xix candlestick besides shows profit-booking at college levels, but the bulls again bought the dip and have pushed the price to a new all-time loftier today. This suggests the trend remains intact.
Both moving averages are sloping up and the RSI is above 84, indicating that bulls are in control. The next target objective on the upside is $27.46.
Withal, vertical rallies are rarely sustainable. Therefore, traders may look for a correction or a consolidation to initiate fresh positions rather than chase the price higher. A break below $18.51 could result in a drop to the 20-day EMA ($xiv.79).
A stiff rebound off this back up will suggest the sentiment remains bullish as traders are buying the dips. But a break below the twenty-twenty-four hours EMA could betoken the first of a deeper correction.
The 4-hr chart shows the LUNA/USD pair is in a potent uptrend. The bulls have not allowed the price to dip below the xx-EMA during the most contempo leg of the uptrend, which is a positive sign.
Therefore, traders should go along a shut eye on the twenty-day EMA because a break below it volition be the first sign that the momentum may exist ebbing. The next support on the downside is the 50-SMA. A break below $17 could suggest that the bears take the upper mitt.
THETA/USD
THETA has been in a strong uptrend for the past few days. The token rose to a new all-time high at $8.97 on March 19 but witnessed profit-booking at higher levels as seen from the long wick on the twenty-four hours's candlestick.
All the same, the shallow correction on March twenty showed that traders were ownership the dips and not rushing to the get out. During strong uptrends, the pullbacks are more often than not short-lived.
The bulls have again pushed the price to a new best high today, which shows the resumption of the uptrend. The THETA/USD pair could rally to $10.35 and and then to $12.35. The upsloping moving averages and the RSI in the overbought zone advise the bulls are in command.
This bullish view will invalidate if the bears sell at college levels and pull the price dorsum below $seven.99. If that happens, it will suggest the electric current breakout was a bull trap.
The four-hour nautical chart shows the price bounced off the breakout level at $vii.999 and the bulls did not allow the pair to driblet beneath the 20-EMA. The bears attempted to stall the upwardly-motility at the downtrend line but failed.
Strong buying past the bulls has pushed the price above the downtrend line and the $9 overhead resistance. This suggests the next leg of the uptrend may take begun.
Opposite to this assumption, if the toll turns down and breaks below the 20-EMA, it will indicate that the momentum has weakened. A break below the l-SMA will suggest that the bears are attempting to brand a comeback.
FIL/USD
Filecoin's FIL token is in a potent uptrend. After its sharp rally on March xvi and 17, short-term traders seem to have booked profits, which has resulted in a pocket-sized correction on March 18. Nevertheless, the shallow pullback is a positive sign equally information technology shows that the majority of the traders are not rushing to the exit.
The bulls are attempting to continue the FIL/USD pair above $73.79, which is simply beneath the 38.2% Fibonacci retracement level at $75.74. If the bulls succeed, the pair could once again rise to $96.66.
A breakout and close above this resistance could get-go the next leg of the uptrend, which could reach $128.55.
On the contrary, if the bears sink the price below $73.79, the pair could driblet to the 20-day EMA ($59.95). A strong rebound off this support will bespeak that the trend remains positive only a break below information technology volition advise a curt-term top may be in identify.
The rebound off the $73.79 support indicates strong demand at lower levels. However, the bears are not relenting as they are aggressively defending the $86 level. If the bears sink the price below the 20-EMA, the pair could again drop to $73.79. A break below this level volition propose advantage to the bears.
Alternatively, if the pair rebounds off $73.79, information technology may extend its stay inside the range for a few more than days. The flattening twenty-EMA and the gradually weakening RSI also point to a possible consolidation. A break in a higher place $86 could signal resumption of the uptrend.
The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading motility involves take a chance, y'all should conduct your own research when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-uni-luna-theta-fil
Posted by: smithpolornet.blogspot.com
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