Top 5 cryptocurrencies to watch this week
Bitcoin has established a flag pattern, but the bulls have been unable to break through it. The failure to break through the overhead resistance may have caused short-term traders to sell, causing the price to fall to the 20-day exponential moving average ($59,679). If bears push the price below the 20-day EMA, the BTC/USDT pair might fall to the pattern’s support line. It is crucial for the bulls to protect because a break below it will render the setup worthless. The pair may then fall to the next support level of $52,920.
If the price bounces off the 20-day moving average, the bulls will make another attempt to push the pair above the flag. If they are successful, the couple could revisit the all-time high of $67,000. The 4-hour chart shows the bear fighting the resistance line vigorously.
The bulls will need to push the price above the resistance line and keep it there to signal the corrective phase’s conclusion.
On Oct. 29, ether broke over the all-time high of $4,375, but the bulls could not sustain the rally. On Oct. 30, the bears dragged the price down below the breakout level, showing that sellers are aggressive at higher levels. The ETH/USDT pair might fall to the 20-day EMA, which the bulls will need to defend. If the market bounces off this level, bulls will attempt to push the pair over $4,460.47.
If this occurs, the pair may restart their trip toward the psychological milestone of $5,000. A break below the 20-day EMA, on the other hand, might result in a drop below $3,888.
Binance Coin broke above the overhead barrier at $518.90, but the bulls could not extend their lead. It indicates a lack of demand at the upper levels. The bears have dragged the price back down to $518.90. If the BNB/USDT pair falls below this level, psychological support below $500 and the 20-day EMA could be the following targets. It is a strong defense for the bulls.
If the price bounces off the 20-day EMA, it indicates that sentiment is still optimistic and traders are buying on dips. The bulls will next aim to resume the uptrend by pushing the market above the upper zone of $518.90 to $540.50.
Polygon surged and closed above the overhead resistance zone around $1.71 to $1.79, indicating the commencement of a new upswing. When the price climbs above a high resistance level, it usually reverses and retests the breakout level. The bulls will now attempt to convert the $1.79 to $1.71 zone into support and utilize it as a springboard to resume the upswing.
Fantom burst out to a new all-time high, but the bulls couldn’t keep the momentum going. The candlestick for the day features a long wick, indicating that traders profited at higher levels. Bulls typically buy dips to the 20-day EMA ($2.52) during an uptrend. The bulls will then try to push the price above the $3.48 overhead resistance level.
If they are successful, the FTM/USDT pair could restart its uptrend. The next target is $4.10, followed by a move to the psychological threshold of $5.