Top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, FTT, ETC
The United States equities markets recovered from their intra-week lows last week, suggesting demand exists at lower levels. On similar lines, Bitcoin (BTC) also recovered from $18,910 last week, indicating that traders may be getting back into risky assets.
However, analysts remain divided in their opinion on the recovery in Bitcoin. While some believe that the relief rally is a bull trap, others expect the up-move to retest the crucial resistance at the 200-week moving average ($22,626).
The current bear phase has damaged sentiment as seen from the Crypto Fear and Greed Index, which has remained in the “extreme fear” zone since May 6. According to Philip Swift, creator of on-chain analytics platform LookIntoBitcoin, the time spent in the “extreme fear” category is longer than during the 2018 Bitcoin bear market.
Could the sentiment stage a turn around boosting crypto prices higher? Let’s study the charts of the top-5 cryptocurrencies to identify potential breakout assests.
Bitcoin rose above the 20-day exponential moving average ($20,894) on July 15, but the bulls have not been able to build upon this advantage. The bears are likely to defend the resistance line of the symmetrical triangle with vigor.
The 20-day EMA has flattened out and the relative strength index (RSI) has risen close to the midpoint. This suggests a balance between supply and demand.
The first sign of strength will be a break and close above the 50-day simple moving average ($23,445). That could clear the path for a possible rally to the pattern target at $28,171. Such a move will suggest that the BTC/USDT pair may have bottomed out at $17,622.
Alternatively, if the price turns down and breaks below the 20-day EMA, the pair could extend its stay inside
Read more on cointelegraph.com
