366 Interactions, 2 today
For the past few days, Bitcoin (BTC) has seen strong resistance near the $60,000 mark. This indicates that market participants are tentative at these levels, and that a positive stimulus will be needed to propel the price higher and initiate the next leg of the uptrend.
One potentially bullish trend for Bitcoin is that Brazil has followed in the footsteps of Canada by approving the introduction of a Bitcoin exchange-traded fund. QR Asset Management will handle the ETF, which is scheduled to begin trading in Q2 2021.
The introduction of Bitcoin ETFs in different countries is likely to place pressure on the US Securities and Exchange Commission to authorise a Bitcoin ETF, since if they do not, institutional investors will turn to alternatives available in neighbouring countries.
Despite the fact that Bitcoin is displaying signs of weakness near $60,000, Cointelegraph contributor Marcel Pechman examined derivatives data from different exchanges and discovered that top traders are still adding long positions near $57,000.
Bitcoin seems to be consolidating recent gains before launching into the next trending step. However, there are many cryptocurrencies that are on the rise and will continue to rise. Let’s take a look at the charts of the top five cryptocurrencies that could stay bullish in the short term.
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.
Bulls will now attempt to push the market beyond the $60,000 to $61,825 resistance level. If they are successful, the BTC/USD pair could begin the next leg of the uptrend, which could hit $72,112.
Another probability is that the price will continue to fall from the overhead resistance and the pair will stay trapped in a narrow band. If this occurs, the next breakout would almost certainly result in a heavy trending shift.
The negative divergence on the relative strength index is the only bearish trend apparent on the table (RSI). This bearish forecast could come into play if the market breaks and holds below the 20-day EMA.
If this occurs, the pair could fall to the 50-day simple moving average ($49,497), which is an important support level to monitor. A break below this amount could put the $43,006 support in jeopardy.
The 4-hour map depicts the development of a symmetrical triangle, which is typically a continuation sequence. The price has jumped off the triangle’s support line, showing that the bulls are defending it.
If the bulls can push the price beyond the moving averages, the pair can try to break through the triangle’s resistance line once more. If this occurs, the price could rise to an all-time high of $61,825. A break and close above this resistance level could restart the uptrend.
Alternatively, if the price falls below the moving averages, the bears will attempt to push it below the triangle. If they succeed, the pair’s price could fall to $53,288 and then to $44,752.
At the moment, Uniswap (UNI) is consolidating between $27.97 and $35.20. On March 20, the bulls attempted to restart the uptrend, but the long wick on the candlestick and a close in the red signal profit-taking around $35.20.
Today, however, there has been no follow-up selling. Both moving averages are sloping upward, and the RSI is in the positive territory, indicating that the direction of least resistance is to the upside.
If the bulls can drive the price beyond $35.20, the UNI/USD pair will begin the next leg of its uptrend, which could carry it to $42.43 and then $46.
In contrast to this expectation, if the price falls and breaks below the 20-day EMA ($30), the pair might fall as low as $27.97. This is a valuable support to keep an eye on because if it cracks, traders will flee, resulting in a deeper correction to the 50-day SMA ($25.39) and then $22.
The 4-hour chart’s moving averages have flattened out, and the RSI is just over the midpoint. This implies an equilibrium between supply and demand.
If the price falls below the moving averages, it could fall to $27.97. A bounce off this help may prolong the pair’s stay inside the range.
The next trending step could begin until the bulls drive the price above $35.20 or the bears push the pair below $27.97. Before then, the price can oscillate between the range’s support and resistance levels.
LUNA is in a deep uptrend and is setting new highs on a regular basis. On March 17, the bears tried to halt the uptrend but were unable to hold the price down for more than a day, implying that any small dip could be met with heavy buying.
The long wick on the March 19 candlestick also indicates profit-taking at higher prices, but the bulls once again bought the dip and pushed the market to a new all-time high today. This indicates that the pattern is already in place.
Both moving averages are sloping upward, and the RSI is above 84, suggesting that the bulls are in control. On the upside, the next goal is $27.46.
Vertical rallies, on the other hand, are seldom sustainable. As a result, rather than chasing the price higher, traders may choose to wait for a reversal or stabilisation before entering new positions. A break below $18.51 could lead to a decline to the 20-day moving average ($14.79).
A quick bounce from this support level would indicate that buyers are still purchasing the falls, implying that momentum remains bullish. A break below the 20-day EMA, on the other hand, could mark the start of a deeper correction.
The LUNA/USD pair is in a clear uptrend on the 4-hour chart. During the most recent leg of the uptrend, the bulls did not allow the market to fall below the 20-EMA, which is a good indication.
As a result, traders should keep a close watch on the 20-day EMA, as a break below it would be the first indication that momentum is waning. The 50-SMA is the next reinforcement on the downside. A break below $17 can indicate that the bears have gained the upper hand.
THETA has been on a solid uptrend in recent days. The token reached a new all-time high of $8.97 on March 19, but profit-taking occurred at higher prices, as shown by the long wick on the day’s candlestick.
However, the shallow reversal on March 20 demonstrated that traders were purchasing the dips rather than fleeing. During solid uptrends, pullbacks are usually brief.
The bulls have driven the market to a new all-time high today, indicating that the uptrend has resumed. THETA/USD could rise to $10.35 and then to $12.35. The bulls are in charge, as shown by the upsloping moving averages and the RSI in the overbought sector.
This bullish outlook would be made null and void if the bears sell at higher prices and drive the market down to $7.99. If this continues, it would mean that the latest escape was a bull pit.
The stock bounced off the breakdown level at $7.999 on the 4-hour scale, and the bulls did not encourage the pair to fall below the 20-EMA. The bears tried but failed to halt the uptrend at the downtrend edge.
Bullish buying has accelerated the market past the downtrend line and the $9 overhead resistance. This indicates that the next leg of the uptrend has started.
In contrast to this assumption, if the price falls and breaks below the 20-EMA, it indicates the momentum has decreased. A break below the 50-day moving average indicates that the bears are trying to stage a comeback.
The FIL token from Filecoin is on a tear. Short-term traders seem to have booked gains after the sharp rebound on March 16 and 17, resulting in a small reversal on March 18. The shallow pullback, on the other hand, is a good sign since it indicates that the majority of traders are not fleeing the market.
Bulls are attempting to hold the FIL/USD pair above $73.79, which is only below the 38.2% Fibonacci retracement mark of $75.74. If the bulls are successful, the pair could climb to $96.66 once more.
A break and close over this resistance level could signal the beginning of the next leg of the uptrend, which could exceed $128.55.
In the other hand, if the bears push the market to $73.79, the pair might fall to the 20-day moving average ($59.95). A quick bounce from this support indicates that the pattern is still favourable, but a fall below it indicates that a short-term top could be in progress.
The recovery from the $73.79 support level shows that there is good demand at lower prices. The bears, on the other hand, are not backing down and are fiercely defending the $86 mark. If the bears continue to push the market below the 20-EMA, the pair could fall to $73.79. A split below this degree indicates that the bears have the upper hand.
Alternatively, if the pair recovers from $73.79, it may remain inside the range for a few more days. A potential convergence is also shown by the flattening 20-EMA and the steadily declining RSI. A break above $86 could mark the start of a new uptrend.