Top 5 cryptocurrencies to be watching this week: BTC and ETH, SOL and MATIC, FTM

The possibility of Bitcoin’s short-term pullback is increasing. Altcoins such as ETH, SOL and MATIC could move higher while BTC prepares for the next move.
The news that a Bitcoin (BTC), exchange-traded fund (ETF), could begin trading as soon as next week sent Bitcoin prices to $62,933. However, the rally has slowed down since then. Some market participants believe that traders who bought the news of approval for a Bitcoin ETF product might sell. Source: Coin360 Source: Coin360 According to Foxbit founder Joao Kanhada, his daughter made a 6,500% profit from the one Bitcoin gift she received in 2017. Source: Coin360Joao Canhada, founder of Foxbit, said that his daughter has made a 6,500% profit on the one Bitcoin gift she received when she was born in 2017. Let’s look at the charts of the top 5 cryptocurrencies that could outperform over the short-term. Bitcoin/USDTBitcoin rose above the $58,000 resistance on Oct. 15. It also surpassed the psychological mark of $60,000 on October 15. Although the bears are trying to stop the up-move at $62,933, the positive sign is the bulls have not lost much ground. This indicates that traders are not closing down their positions after the recent up-move, as they anticipate another leg upward. BTC/USDT daily chart. Source: TradingViewBoth the moving averages are moving up, and the relative strength indicator (RSI) has moved into the overbought area. This indicates that bulls have control. The immediate support for the downside is $58,000. If the price rises from the current level, and breaks above $62,933- $64,854 resistance zone (or below), the BTC/USDT exchange pair could rally to $75,000. A break below this level could prompt traders to book profits and push the price to $75,000. An immediate support to watch on the downside is $58,000. This will indicate that sentiment is positive and traders are buying dips. The bulls will attempt to reestablish the uptrend. Contrarily, a break or close below the 20 day EMA will indicate that bullish momentum has weakened. BTC/USDT 4-hour charts. Source: TradingViewThe 4-hour chart shows that the pair has been in a steady upward trend. Since the pair broke above the symmetrical triangle, the bears have not been able lower the price below the 50 simple moving average. This will indicate that traders are not waiting for a deeper correction before buying. If bears sink and maintain the pair below 50-SMA, this bullish assumption will be invalidated. Such a move could open the doors for a drop to $54,000 and then to $52,290.ETH/USDTEther’s (ETH) break and close above the neckline on Oct. 14 completed the inverse head and shoulders pattern. The Oct. 16 candlestick’s long wick suggests that bears are trying to halt the up-move within the $4,000 to $4.027.88 area.ETH/USDT daily charts. Source: TradingView If the price drops below the current level, the USDT/ETHT pair could fall to the neckline breakout level. This is a crucial support level for the bulls. If the price bounces off this level, bulls will attempt to clear the overhead hurdle. A breakout and close above $4.027.88 could open the way for a rally towards the all-time high of $4,372.72 or the pattern target of $4,657. A break below the moving averages could lead to the price falling to $3,257. If this support is broken, the bears will win.ETH/USDT 4-hour chart. Source: TradingViewThe psychological resistance at $4,000 is being defended by the bears while the bulls seek to keep the price above 20-EMA. The RSI has fallen close to the midpoint, and the 20EMA is flattening out, indicating a possible consolidation in near term. A break and close above $4,000 could signal a resumption or continuation of the up-move. A break below the neckline will indicate that momentum is weakening. The pair could then decline to $3,400.SOL/USDTSolana (SOL) broke out and closed above the downtrend line on Oct. 15 which is the first sign that bulls are attempting a comeback. The bears attempted to bring the price below the downtrend line on October 16 but failed. Daily chart of SOL/USDT Source: TradingView If bulls maintain the price above the downtrend, the SOL/USDT pairing could reach the 61.80% resistance at $177.80. This is a crucial level for bears to defend as it allows the pair to rise to $177.80 resistance. The pair could fall to the critical support level at $116.SOL/USDT on the 4-hour chart. Source: TradingViewThe 4-hour chart shows the pair trading between $156.36 to $165.61 since breaking through the downtrend line. The uptrend could resume if buyers push and sustain the price above $165.61. A break and close below $156.36 could lead to a decline to $147.11. The pair could also decline to $147.11 if it breaks and closes below $156.36. Your altcoin wallet will be gratefulMATIC/USDTPolygon has traded in a wide range between $1.80 and $1.80 over the past few days. The 20-day EMA ($1.32) is starting to rise and the RSI has risen to the positive territory, indicating that bulls want to win the upper hand. MATIC/USDT daily chart. Source: TradingViewThe MATIC/USDT currency pair could rise to $1.80, which would be a significant obstacle. The pair could fall to the 20-day EMA if the price falls below this resistance. A strong rebound from this support will indicate that sentiment has turned positively and traders are buying dips. This will increase the chance of a break and close higher than $1.80. If that happens, the pair could begin a new uptrend at $2.40 and then retest its all-time high at 2.70. If the price drops below its current level and falls below the moving averages, it could slide to $1.20, then to the $1.MATIC/USDT 4-hour charts. Source: TradingViewBoth the moving averages are trending upwards and the RSI remains in the positive zone, suggesting that the bulls have the advantage in the short-term. The bulls drove the price higher than the overhead resistance zone of $1.45 to $1.50, but selling at higher levels has brought the price back within the zone. The bulls will attempt to resume the upward movement if the price rebounds from the 20-EMA. A breakout and close above $1.63 could open the way for a rally towards $1.80. This positive view will invalidate if the price turns down and breaks below $1.45.FTM/USDTFantom’s FTM token is in a strong uptrend. FTM/USDT daily chart. The bulls successfully defended $1.94 as the breakout price. This indicates that sentiment is positive and traders continue to buy on dips. Source: TradingViewThe positive divergence on RSI may indicate that the bullish momentum is weakening, but the moving averages are upwardly sloping. The bulls pushing the price higher than $2.45 may continue the uptrend, with the next target at $3.20. However, the negative divergence on the RSI may indicate that the bullish momentum may be weakening. If the price drops below $2.45, then the FTM/USDT pairing may fall to $1.94, and consolidate between these levels for a few more days. FTM/USDT 4-hour chart. A break or close below the 20 day EMA ($1.85) could signal a deeper correction. Source: TradingViewThe bulls are trying to keep the price above the descending channel. The pair could rise to $2.45 if they succeed. This level may act as stiff resistance but if bulls overcome it, the uptrend may resume.Alternatively, if the price fails to sustain above the channel, it will suggest that demand dries up at higher levels. The channel may allow the pair to trade within it. The pair could then trade below the channel’s close, possibly to $1.50. You should do your own research before making any investment or trading decision.

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