Top 3 cryptocurrencies to watch this week: BTC, XRP, LINK

Bitcoin (BTC) and most major altcoins have been relatively quiet during the Easter period since Friday, April 15. This suggests that cryptocurrency traders are not throwing big bets during the time the US stock markets are closed. This could be due to the close correlation between bitcoin and the S&P 500 and the uncertainty surrounding the stock market trend in the coming week.

While some analysts expect to short-term weaknessothers think bitcoin could be in a deconsolidation phase before a significant increase to come.

Although bitcoin price action has been lackluster in the past few days, some altcoins have witnessed it strong trends. This suggests that the broader cryptocurrency market is waiting for new triggers to initiate a trend move.

Could Bitcoin and some altcoins begin a directional move in the coming days? We study the graphs of the three largest cryptocurrencies that could show the first signs of recovery.

BTC / USDT

On April 16, bitcoin formed an inside day candlestick pattern, indicating indecision between bulls and bears. Usually, the small interval days are followed by the interval expansion, but it is difficult to predict the direction in advance.

BTC USDT – tradingview.com

If the price rises above $ 41,000, the bulls will attempt to push the BTC / Tether (USDT) pair above the exponential moving average (EMA). 20 days of $ 42,085. If successful, the pair may begin an upward move to the upper resistance of the 200-day simple moving average (SMA) of $ 48,136 and, thereafter, to the resistance line of the ascending channel.

The downward sloping 20-day EMA and the Relative Strength Index (RSI) in negative territory indicate a slight rally for the bears.

If the price turns and falls below $ 39,200, the sale could escalate. The pair could then fall to the support line of the channel. A break and close below this support could extend the decline to $ 32,917.

XRP / USDT

Ripple (XRP) rebounded strongly from the strong support at $ 0.69, indicating strong demand at lower levels. The bulls pushed the price above the 50-day SMA ($ 0.78) on April 15, but were unable to continue rising. However, a small advantage is that the bulls try to hold the price above the 20-day EMA ($ 0.77).

XRPUSDT – tradingview.com

The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. This balance will shift in favor of the bulls if the XRP / USDT pair rises and breaks out of the $ 0.80 threshold. This could push the pair towards the 200-day SMA of $ 0.88 and then the strong resistance at $ 0.91.

Contrary to this assumption, if the price breaks and holds below the 20-day EMA, it will suggest that the bears they are active at higher levels. The sellers will then try to push the pair back towards the strong support at $ 0.69.

LINK / USDT

Chainlink (LINK) broke out of the downtrend line on March 30, but the bulls could not hold the higher levels. A strong selloff near $ 18 has brought the price back below the downtrend line, but a small bright spot is that buyers have bought the drop near $ 13.50 and are looking to form a higher low.

USDT LINK – tradingview.com

The first sign of strength will be a breakout and close above the 20-day EMA of $ 15. Such a move will suggest that the Bears they may lose their grip. The LINK / USDT pair could then move up to $ 16 and then challenge the broad resistance at $ 18. A break and close above this level could open the door for a possible rally to the $ 21 200-day SMA.

Conversely, if the price falls from the 20-day EMA, the bears will attempt to push the pair back towards critical support at $ 12.50. A break and close below this level could signal the resumption of the bearish trend.

💎 Find the best gems with our free guide!

Find out how to analyze cryptocurrencies like a pro, avoiding red flags and scams, to start or continue your adventure in the world of cryptocurrencies.

Leave a Reply

Your email address will not be published.