Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS
Bitcoin (BTC) continues to face up potent selling every bit bulls try to flip the psychological level at $sixty,000 into support. Some analysts believe that Bitcoin could enter a correction as traders book profits following final week's successful launch of Bitcoin commutation-traded funds.
On Dec. 18, 2022, the launch of a Bitcoin futures product by the Chicago Mercantile Exchange ended a strong bull run and marked the start of a multi-year bear market. A similar crash of a lesser magnitude was seen after the Coinbase IPO (Coin) on Apr iv, 2022. This suggests that the old aphorism "buy the rumor, sell the news" could be repeated in the real globe once again.
Withal, several analysts are unperturbed past the pullback. Crypto market intelligence house Decentrader said that "at that place are cipher instances of Bitcoin breaking significant previous all-time highs and failing to continue higher." They anticipate the Bitcoin bull run to continue with a possible target objective at $72,000 and and then $88,000.
Simply not that every metric is flashing bullish at the moment. Data from Bybt shows that Bitcoin reserves rose to 400,000 Bitcoin on Binance, suggesting that traders may exist looking at closing their positions.
Could Bitcoin stage a strong comeback that boosts sentiment in the crypto sector? Permit's analyze the charts of the elevation 5 cryptocurrencies that could remain in focus for the next few days.
BTC/USDT
Bitcoin has faced a stiff rejection in the $64,854 to $67,000 zone. The price could drop to the 20-day exponential moving average (EMA) ($58,315), which is a key level to watch. If the toll bounces off this level with strength, it volition signal that sentiment remains positive and traders are ownership on dips.
The bulls volition and so brand one more attempt to push the price above the overhead zone. If they can pull information technology off, the BTC/USDT pair may resume its uptrend. The pair could then rally to its target objective at $84,533.12.
The upsloping moving averages and the relative strength index (RSI) in the positive zone signal that buyers accept the upper hand.
Contrary to this supposition, if the price turns down and breaks below the 20-day EMA, information technology will suggest that the break above $64,854 may accept been a bull trap. The pair could then go on its slide to the 50-day simple moving average (SMA) ($50,927).
The pair is correcting inside a descending channel. The immediate support is at $58,739.17 and if this level cracks, the pair could drop to the support line of the aqueduct. This is an important level for the bulls to defend because a break below it could intensify selling.
The 20-EMA has turned downwards and the RSI has dipped into the negative territory, indicating that bears have the upper hand. This negative view will invalidate if the price breaks above the channel and the moving averages. Such a move will increase the possibility of a retest of the overhead zone.
SOL/USDT
The long wick on Solana's (SOL) Oct. 22 candlestick suggests that bears are aggressively defending the overhead resistance at $216. The altcoin formed an inside-day candlestick pattern on Oct. 23, indicating indecision among the bulls and the bears.
This uncertainty resolved to the downside on October. 24 and the cost could driblet to the breakout level at $177.79. If the price rebounds off this level, it will suggest that sentiment remains bullish and traders are buying on dips.
The bulls will then once more try to drive the price above $216. If they succeed, the SOL/USDT pair could rise to $239.83. The marginally rising twenty-24-hour interval EMA ($168) and the RSI in the positive territory point reward to buyers.
This positive view will be negated if the cost continues lower and breaks below the 20-day EMA. That could pull the price down to the trendline of the triangle.
The bears take pulled the price below the 20-EMA on the four-hour chart. If sellers sustain the price below the xx-EMA, it will propose that the bullish momentum has weakened. The pair could and so slide to $177.79 where buying may sally.
The first sign of strength volition be a interruption and shut above the downtrend line. Such a move will suggest that traders are ownership on dips. That could push the cost to $205.78 and if this resistance is crossed, the pair may rally to the all-time high.
AVAX/USDT
Avalanche (AVAX) bankrupt and closed in a higher place the descending channel on Oct. 21, suggesting that the correction may be over. The bulls will now endeavor to resume the uptrend.
The long wick on the Oct. 22 and 23 candlestick suggests that need dries up at higher levels. The AVAX/USDT pair could decline to the moving averages.
A stiff rebound off this support will suggest that traders continue to buy on dips. The bulls will and so brand one more attempt to resume the up-move by pushing the price to a higher place $69.eighteen. If they succeed, the pair could rally to $73.41 and so retest the best high at $79.80.
Reverse to this assumption, if the price breaks below the moving averages, the pair could drop to the potent support at $51.04. If this level as well gives way, the next stop could be the support line of the channel.
The bulls pushed the price above the downtrend line of the descending triangle, invalidating the surly setup. Still, the recovery was brusque-lived as bears have pulled the price back below the 20-EMA. This suggests selling at higher levels.
The pair could now drib to the 50-SMA. If this support is breached, the bears will try to pull the price back into the triangle. If that happens, it will suggest that the breakout above the triangle was a bull trap.
On the contrary, if the price rises from the current level or rebounds off the downtrend line, it volition bespeak that bulls are accumulating on dips. The buyers will then effort to propel the cost to a higher place $69.18. A break and close above this resistance will point that bulls accept the upper hand. The pair could and so beginning its journey toward the all-time high.
Related: Shiba Inu surges over 45% in 2 days to achieve an all-fourth dimension loftier
ALGO/USDT
Algorand (ALGO) has been trading within a symmetrical triangle for the by few days. The price has turned down from the resistance line of the triangle on Oct. 24, indicating that bears wre unwilling to permit bulls have their fashion.
If the price dips below the moving averages, the ALGO/USDT pair could drop to the support line of the triangle. This is an of import level for the bulls to defend because if it cracks, the bears will try to pull the price to $1.51 and and then to $ane.20.
Alternatively, if the price turns upwards from the current level or the back up line and breaks higher up the triangle, it volition advise that bulls are in command. The pair could and so rally to $ii.22 and afterward retest the all-time high at $ii.55.
The price is getting squeezed inside the triangle, indicating that the pair could be getting set for a strong directional motility. The crisscrossing moving averages and the RSI most the midpoint do not project a clear advantage either to the bulls or the bears.
A break above the triangle will suggest that bulls accept absorbed the selling by the bears and that could prepare the pair for the resumption of the up-move. Conversely, a break beneath the triangle volition suggest that supply exceeds demand and that could start a deeper correction.
AXS/USDT
Axie Infinity (AXS) has formed a symmetrical triangle blueprint, which indicates indecision amid the bulls and the bears. It is difficult to predict the direction of the breakout but unremarkably, the triangle acts equally a continuation pattern.
If the price rebounds off the support line, the bulls will brand one more than attempt to button the AXS/USDT pair above the triangle. If they succeed, it will signal a resumption of the uptrend. The pair may then retest the best high at $155.27.
The bullish momentum could option up if buyers articulate this overhead hurdle. The pair may then rally toward the pattern target at $186.05.
Conversely, a break and shut below the triangle will exist the offset sign of a deeper correction. The pair may start drib to $103.22 and and then to the breakout level at $94.67.
The moving averages have flattened out on the iv-hour chart and the RSI has been oscillating betwixt 40 and 62. This suggests a land of equilibrium where traders are buying on dips to $115 and selling near $140.
A break and close below $115 could signal that the uncertainty has resolved to the downside. That could pull the price down to the pattern target at $xc. On the contrary, a break in a higher place $140 will signal that bulls are back in the game. The pair may rally to $155.27 and so to the pattern target at $165.
The views and opinions expressed hither are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves adventure, you should acquit your own research when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-sol-avax-algo-axs
Posted by: smithnalled.blogspot.com
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