MATIC, THETA, CRO and LEO could push higher this week if Bitcoin price holds above the $30,000 livello.
Bitcoin (BTC) bulls have successfully defended the $30,000 level in the past few days but the failure to achieve a strong rebound has some traders worried that the price will eventually dip to new lows.
In a series of tweets, Ecoinometrics said that the current correction “looks very similar to 2013” when Bitcoin took 197 days to rise to a new all-time high and a bottom formed after a 69% correction from the all-time high.
If history repeats itself, then traders may need to be patient because the current correction has only been in play for 95 giorni. A $30,000, Bitcoin has just dropped 54% from its all-time high, e a 69% correction could sink it down to $20,000.
In un nuovo rapporto, Delphi Digital highlighted that trading activity had collapsed with spot exchange volumes having fallen more than 60% from the highs in May. The derivatives market has also seen an exodus of leverage traders and the Bitcoin futures open interest is back to the early 2021 livelli.
Delphi Digital considers this a bullish sign as they believe that “stronger-handed participants are the ones primarily contributing to current open interest levels.”
Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.
BTC / USDT
Bitcoin is attempting to bounce off the $31,000 support but the long wick on today’s candlestick suggests that buying dries up at higher levels. The bears will now once again try to sink the price below the $31,000 supporto.
La media mobile esponenziale a 20 giorni ($33,174) is sloping down and the relative strength index (RSI) is in the negative zone, suggerendo che gli orsi abbiano il sopravvento. If sellers sink the price below $31,000, the BTC/USDT pair could drop to the next support at $28,000.
Il $31,000 per $28,000 zone is critical for the bulls because if this zone cracks, the sentiment will sour further and could lead to long liquidation. That could intensify selling and result in a drop to $20,000.
Contrariamente a questa ipotesi, if bulls sustain the rebound and push the price above the 50-day simple moving average ($34,925), it will signal that the selling pressure is reducing. That could increase the possibility of a break above $36,670.
The bulls pushed the price above the 20-EMA on the 4-hour chart but they could not clear the hurdle at the 50-SMA. This suggests that bears continue to sell on rallies. The bears will now again try to sink the price below the $31,000 supporto.
Se ci riescono, la coppia potrebbe scendere a $30,000 e poi a $29,000. The first sign of strength will be a break and close above the 50-SMA. The short-term trend will shift in favor of the bulls if the pair rises above the downtrend line.
MATIC / USDT
Poligono (MATIC) has been correcting for the past few days and the price has reached the strong support zone at $0.74 per $0.68. The bulls are likely to defend this zone aggressively.
Although the moving averages are sloping down, the RSI is attempting to rebound off the oversold territory. This suggests that aggressive bulls are attempting to start a relief rally.
The first resistance on the upside is the 20-day EMA ($1). If the price turns down from this level and breaks below the support zone, the downtrend could resume and the MATIC/USDT pair may drop to $0.54 e poi $0.34.
In alternativa, if bulls propel the price above the 20-day EMA, the pair could rise to the 50-day SMA ($1.26). A break above this resistance could open the doors for an up-move to $1.71.
The rebound off $0.78 is facing resistance at the 20-EMA on the 4-hour chart. This suggests that bears are unwilling to let go of their advantage and are selling on rallies. The bears will now try to sink the pair to $0.74.
al contrario, if the price turns up from the current level, the bulls will once again try to push the price above the 20-EMA. Se riescono a farlo, the pair could rise to the 50-SMA. Al di sopra di questa resistenza, the relief rally may reach $1.05.
THETA / USDT
THETA has been in a downtrend since topping out at $15.88 in aprile 16. The down move has reached the strong support zone at $4.57 per $3.85, which could attract buying.
The down sloping moving averages suggest that bears are in command but the oversold levels on the RSI indicate the possibility of a countertrend rally. The first resistance on the upside is the 20-day EMA ($5.68).
Se il prezzo scende da questa resistenza, the bears will make one more attempt to sink the THETA/USDT pair below the support zone. Una pausa sotto $3.85 will signal the start of the next leg of the downtrend that could reach $2.60.
Anzi, if bulls thrust the price above the 20-day EMA, the pair could rise to the downtrend line. A breakout of this resistance will suggest a possible trend change.
The pair has been consolidating in a tight range between $4.33 per $4.62. The RSI has formed a positive divergence on the 4-hour chart, indicating that the bearish momentum may be weakening.
If bulls push and sustain the price above the 20-EMA, the pair could rise to the 50-SMA. This level may act as a resistance but if buyers can overcome this hurdle, the pair could rise to the next overhead resistance at $6.
al contrario, if bears sink and sustain the price below $4.33, the selling could intensify and the pair may drop to the psychological support at $4.
Crypto.com Coin (CRO) è stato delimitato da un intervallo tra $0.14 e $0.08 negli ultimi giorni. The price turned down from $0.13 a luglio 14 but the positive sign is that the bulls are trying to stall the correction near the moving averages.
Both moving averages have flattened out and the RSI is just below the midpoint, indicando un equilibrio tra domanda e offerta. If the price turns down from the current level and breaks below $0.10, the pair could slide to the strong support at $0.08.
al contrario, if bulls push and sustain the price above the moving averages, the CRO/USDT pair could rise to the overhead resistance zone at $0.13 per $0.14. È probabile che gli orsi difendano questa zona in modo aggressivo. Se il prezzo scende da questa zona, the range-bound action may continue for a few more days.
The bears pulled the price below the support at $0.108 but they could not build up on the advantage. The price recovered and rose to the 20-EMA but the bulls could not clear this hurdle. This suggests that bears have not given up and are selling on rallies.
If bears sink and sustain the price below $0.108, the pair could start its journey toward the critical support at $0.08.
Anzi, if bulls drive the price above 20-EMA, the pair could rise to the 50-SMA. A break above this level will increase the possibility of a retest of the overhead resistance zone.
Relazionato: Ecco un modo per scambiare Bitcoin anche se il prezzo di BTC vacilla su un abisso
Unus Sed Leo (LEO) has been trading near the resistance of the large range between $2.03 per $2.95 negli ultimi giorni. Generalmente, a tight consolidation near the overhead resistance indicates that bulls are not booking profits as they anticipate a breakout.
Both moving averages have turned up and the RSI is above 63, indicating advantage to the buyers. If bulls sustain the price above $2.96, the LEO/USD pair could start its journey toward the next resistance at $3.32.
This positive view will invalidate if the price turns down from the current level and breaks below the 20-day EMA ($2.78).
Such a move will suggest that buyers have given up on the prospects of a breakout and are booking profits. That could pull the price down to the 50-day SMA ($2.59).
The 4-hour chart shows the tight consolidation between $2.85 e $2.95 has resolved to the upside. If buyers sustain the price above $2.96, the bullish momentum could pick up and the pair may rise to $3.10 a breve termine.
The 20-EMA has started to turn up gradually and the RSI is above 62, indicando un vantaggio minore per i tori. Contrariamente a questa ipotesi, if the price turns down and plummets below $2.80, the pair could slide to $2.67.
Le opinioni e le opinioni qui espresse sono esclusivamente quelle dell'autore e non riflettono necessariamente le opinioni di Cointelegraph. Ogni mossa di investimento e trading comporta dei rischi, dovresti condurre le tue ricerche quando prendi una decisione.
Test di blocco degli annunci (Perché?)