Bitcoin
Top 5 cryptocurrencies to watch this week: BTC, MATIC, THETA, CRO, LEO
Bitcoin (BTC) bulls have efficiently defended the $30,000 degree previously few days however the failure to obtain a powerful rebound has some merchants apprehensive that the worth will ultimately dip to new lows.
In a sequence of tweets, Ecoinometrics mentioned that the present correction “looks very similar to 2013” when Bitcoin took 197 days to rise to a brand new all-time excessive and a backside fashioned after a 69% correction from the all-time excessive.
If historical past repeats itself, then merchants may have to be affected person as a result of the present correction has solely been in play for 95 days. At $30,000, Bitcoin has simply dropped 54% from its all-time excessive, and a 69% correction may sink it down to $20,000.
Crypto market information day by day view. Supply: Coin360
In a brand new report, Delphi Digital highlighted that buying and selling exercise had collapsed with spot alternate volumes having fallen greater than 60% from the highs in Might. The derivatives market has additionally seen an exodus of leverage merchants and the Bitcoin futures open curiosity is again to the early 2021 ranges.
Delphi Digital considers this a bullish signal as they imagine that “stronger-handed participants are the ones primarily contributing to current open interest levels.”
Let’s examine the charts of the top-5 cryptocurrencies which will outperform within the quick time period.
BTC/USDT
Bitcoin is making an attempt to bounce off the $31,000 help however the lengthy wick on as we speak’s candlestick suggests that purchasing dries up at increased ranges. The bears will now as soon as once more strive to sink the worth under the $31,000 help.
BTC/USDT day by day chart. Supply: (*5*)TradingView
The 20-day exponential transferring common ($33,174) is sloping down and the relative power index (RSI) is within the damaging zone, suggesting that bears have the higher hand. If sellers sink the worth under $31,000, the BTC/USDT pair may drop to the following help at $28,000.
The $31,000 to $28,000 zone is vital for the bulls as a result of if this zone cracks, the sentiment will bitter additional and may lead to lengthy liquidation. That would intensify promoting and end in a drop to $20,000.
Opposite to this assumption, if bulls maintain the rebound and push the worth above the 50-day easy transferring common ($34,925), it is going to sign that the promoting strain is lowering. That would improve the potential for a break above $36,670.
BTC/USDT 4-hour chart. Supply: (*5*)TradingView
The bulls pushed the worth above the 20-EMA on the 4-hour chart however they may not clear the hurdle on the 50-SMA. This means that bears proceed to promote on rallies. The bears will now once more strive to sink the worth under the $31,000 help.
In the event that they succeed, the pair may drop to $30,000 after which to $29,000. The primary signal of power shall be a break and shut above the 50-SMA. The short-term pattern will shift in favor of the bulls if the pair rises above the downtrend line.
MATIC/USDT
Polygon (MATIC) has been correcting for the previous few days and the worth has reached the robust help zone at $0.74 to $0.68. The bulls are possible to defend this zone aggressively.
MATIC/USDT day by day chart. Supply: TradingView
Though the transferring averages are sloping down, the RSI is making an attempt to rebound off the oversold territory. This means that aggressive bulls are trying to begin a aid rally.
The primary resistance on the upside is the 20-day EMA ($1). If the worth turns down from this degree and breaks under the help zone, the downtrend may resume and the MATIC/USDT pair could drop to $0.54 after which $0.34.
Alternatively, if bulls propel the worth above the 20-day EMA, the pair may rise to the 50-day SMA ($1.26). A break above this resistance may open the doorways for an up-move to $1.71.
MATIC/USDT 4-hour chart. Supply: TradingView
The rebound off $0.78 is going through resistance on the 20-EMA on the 4-hour chart. This means that bears are unwilling to let go of their benefit and are promoting on rallies. The bears will now strive to sink the pair to $0.74.
Conversely, if the worth turns up from the present degree, the bulls will as soon as once more strive to push the worth above the 20-EMA. In the event that they handle to try this, the pair may rise to the 50-SMA. Above this resistance, the aid rally could attain $1.05.
THETA/USDT
THETA has been in a downtrend since topping out at $15.88 on April 16. The down transfer has reached the robust help zone at $4.57 to $3.85, which may entice shopping for.
THETA/USDT day by day chart. Supply: TradingView
The down sloping transferring averages recommend that bears are in command however the oversold ranges on the RSI point out the potential for a countertrend rally. The primary resistance on the upside is the 20-day EMA ($5.68).
If the worth turns down from this resistance, the bears will make another try to sink the THETA/USDT pair under the help zone. A break under $3.85 will sign the beginning of the following leg of the downtrend that would attain $2.60.
Quite the opposite, if bulls thrust the worth above the 20-day EMA, the pair may rise to the downtrend line. A breakout of this resistance will recommend a attainable pattern change.
THETA/USDT 4-hour chart. Supply: TradingView
The pair has been consolidating in a decent vary between $4.33 to $4.62. The RSI has fashioned a optimistic divergence on the 4-hour chart, indicating that the bearish momentum could also be weakening.
If bulls push and maintain the worth above the 20-EMA, the pair may rise to the 50-SMA. This degree could act as a resistance but when consumers can overcome this hurdle, the pair may rise to the following overhead resistance at $6.
Conversely, if bears sink and maintain the worth under $4.33, the promoting may intensify and the pair could drop to the psychological help at $4.
CRO/USDT
Crypto.com Coin (CRO) has been range-bound between $0.14 and $0.08 for the previous few days. The value turned down from $0.13 on July 14 however the optimistic signal is that the bulls try to stall the correction close to the transferring averages.
CRO/USDT day by day chart. Supply: TradingView
Each transferring averages have flattened out and the RSI is slightly below the midpoint, indicating a stability between provide and demand. If the worth turns down from the present degree and breaks under $0.10, the pair may slide to the robust help at $0.08.
Conversely, if bulls push and maintain the worth above the transferring averages, the CRO/USDT pair may rise to the overhead resistance zone at $0.13 to $0.14. The bears are possible to defend this zone aggressively. If the worth turns down from this zone, the range-bound motion could proceed for just a few extra days.
CRO/USDT 4-hour chart. Supply: TradingView
The bears pulled the worth under the help at $0.108 however they may not construct up on the benefit. The value recovered and rose to the 20-EMA however the bulls couldn’t clear this hurdle. This means that bears haven’t given up and are promoting on rallies.
If bears sink and maintain the worth under $0.108, the pair may begin its journey towards the vital help at $0.08.
Quite the opposite, if bulls drive the worth above 20-EMA, the pair may rise to the 50-SMA. A break above this degree will improve the potential for a retest of the overhead resistance zone.
Associated: Right here’s a method to commerce Bitcoin whilst BTC worth teeters over an abyss
LEO/USD
Unus Sed Leo (LEO) has been buying and selling close to the resistance of the big vary between $2.03 to $2.95 for the previous few days. Often, a decent consolidation close to the overhead resistance signifies that bulls aren’t reserving earnings as they anticipate a breakout.
LEO/USD day by day chart. Supply: TradingView
Each transferring averages have turned up and the RSI is above 63, indicating benefit to the consumers. If bulls maintain the worth above $2.96, the LEO/USD pair may begin its journey towards the following resistance at $3.32.
This optimistic view will invalidate if the worth turns down from the present degree and breaks under the 20-day EMA ($2.78).
Such a transfer will recommend that consumers have given up on the prospects of a breakout and are reserving earnings. That would pull the worth down to the 50-day SMA ($2.59).
LEO/USD 4-hour chart. Supply: TradingView
The 4-hour chart exhibits the tight consolidation between $2.85 and $2.95 has resolved to the upside. If consumers maintain the worth above $2.96, the bullish momentum may choose up and the pair could rise to $3.10 within the quick time period.
The 20-EMA has began to flip up step by step and the RSI is above 62, indicating a minor benefit to the bulls. Opposite to this assumption, if the worth turns down and plummets under $2.80, the pair may slide to $2.67.
The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails danger, it’s best to conduct your personal analysis when making a choice.
Title: Top 5 cryptocurrencies to watch this week: BTC, MATIC, THETA, CRO, LEO
Sourced From: cointelegraph.com/information/top-5-cryptocurrencies-to-watch-this-week-btc-matic-theta-cro-leo
Printed Date: Solar, 18 Jul 2021 23:43:46 +0100
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