Top 5 cryptocurrencies to watch this week
Immediately after Paypal embraced the cryptocurrencies environment, JPMorgan’s Global Markets Strategy division published a report detailing how Bitcoin could offer a “considerable advantage if it competes more intensely with gold as an alternative currency.
According to analysts, the three reasons for his long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold. The utility of cryptocurrencies is increasing, and millennials prefer Bitcoin to gold in the long term.
This report shows that institutions are gradually realizing the huge potential of cryptocurrencies and are willing to take a 180-degree turn from their previous arrests.
According to Mike Novogratz, CEO of Galaxy Digital, PayPal’s decision on cryptocurrencies could force other large banks to consider ways to interact with digital assets.
Right now, investors are wondering if Bitcoin can take advantage of the current bullish momentum.
Let’s study the charts of the top 5 cryptocurrencies to find out if Bitcoin and altcoins will rise.
The price of Bitcoin (BTC) is in an uptrend. It has been holding above the breakout level of $12,460 for the past few days.
The bulls had pushed above the $13,214 level today but were unable to sustain the higher levels. This indicates that the bears are defending the $13,200 level.
However, as the trend is bullish, the bulls are likely to buy on dips to the breakout level of $12,460. Even if this support breaks, the bulls can step in again.
If the BTC/USD pair bounces off any level, the bulls will still try to push and hold the price above $13,214. If they are successful, a raise to $14,000 could be at stake.
This positive view will be reversed if the bears sink the price below the 20-day EMA. Such a move will imply that the current breakout was a bearish trap.
Ether (ETH) broke above the $308-$396 range on October 22, suggesting that the bulls have dominated the bears. Although the bears have stalled the bullish move at $420, they have not been able to bring the price down below $396.
This suggests that the bulls are buying dips to $400. The rising 20-day EMA ($383) and the RSI above 59 also indicate that the bulls have the upper hand.
Although XRP has yet to start an uptrend, it has formed a possible reverse shoulder, head, and shoulders pattern. It will complete when the price breaks out and closes above the resistance at $0.26.
If that happens, the XRP/USD pair could pick up momentum and climb to $0.30. A series of higher highs and lows from the lows on September 23 indicates a small advantage for the bulls. The bulls will attempt to carry the price above $0.26.
Litecoin (LTC) completed a reverse shoulder, head and shoulders pattern when it broke out and closed above the overhead resistance at $51.50 on October 21. It targets a level of $61.50, and if it is crossed, the uptrend move can extend to $64.
Stellar Lumens (XLM) has repeatedly risen above the resistance at $0.084584 in recent days. However, the bulls have been unable to capitalize on the move and start a new uptrend. This indicates that the bears are defending this resistance.
However, the rising 20-day EMA ($0.080) and the RSI in positive territory suggest that the bulls have the upper hand.
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