Altcoins Price AnalysisBitcoin Price Analysis

Five digital currencies that traders should monitor this week


With the Bitcoin price gaining strength and entering the consolidation phase within a flag pattern, a group of altcoins, including select coins, are moving to higher levels.

To Report Bitcoin Telegraph, the price of Bitcoin has been trading near the level of $ 19,000 over the past few days. The entry of the price into the consolidation phase near its historic high (ATH) will be a sign of strength. However, the question that has occupied the minds of all investors is whether bitcoin will move enough to reach above $ 20,000 or whether it will see a serious improvement in the short term. At present, analysts’ expectations for the next price move are different.

Although short-term price movements are still unclear, Willy Woo, a Bitcoin blockchain analyst, believes the long-term picture is higher than ever. According to Wu, bitcoin is going through the re-accumulation stage. This is one of the main reasons why prices have not seen volatile corrections during their current uptrend to the historic high (ATH). Wu also expects Bitcoin to reach $ 200,000 by the end of 2021.

Well-known investors have talked about their expectations of high Bitcoin price targets. However, Bitcoin is not the only digital currency under the radar of institutional investors. Michael Sonnenshein, CEO of Grayscale, said in a recent interview with Bloomberg that the number of investors with Ethereum’s single-currency portfolio and multi-currency investors with Ethereum is growing. Ethereum Market Capital Inflows show that institutional investors are adding more digital currencies to their portfolio or portfolio. This will be a positive sign in general, as it shows an increase in investor confidence in the field of digital currencies.

As market sentiment continues to rise, we turn to the chart of the top five currencies that could record a rising trend this week.

Bitcoin (BTC)

Bears or traders have been vigorously defending the $ 19,500 to $ 20,000 bitcoin price resistance for the past few days. On the other hand, the group failed to lower the price below the 20-day moving average (EMA 20 – blue line in the picture) at $ 18,188. This indicates the entry of buyers in every slight drop in price.

Five digital currencies that traders should monitor this week
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The price around the resistance area has formed the flag pattern in its chart. The slope of both moving averages is indicative of the superiority of buyers and the likelihood of continued price uptrend.

If buyers manage to steer and stabilize the price above this pattern, the first price target will be $ 21,140 and $ 23,043 above it. This ascending view will be eliminated by moving the price below the pattern. In such a situation, there is a slight support in the 20-day moving average (EMA 20 – blue line in the picture), which if this level is violated, the price may fall to $ 17,200.

A negative divergence in the Relative Strength Index (RSI) is the only sign of a possible momentary weakening (acceleration) of the price movement, but with these interpretations, the advantage is advantageous until the price moves below the 20-day moving average (EMA 20 – blue line in the picture). Vendors will not rotate.

Five digital currencies that traders should monitor this week
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The 20-day moving average (EMA 20 blue lines in the picture) is horizontal in the four-hour time frame, and the RSI has moved down to its mid-range. These factors show the balance between supply and demand. As buyers enter the market as prices fall to the flag pattern support line, sellers gain traction as prices move to the top of the pattern.

Since neither group has a clear advantage over the other, it is best for traders to wait for the pattern to break in one direction before entering a new position.

Ethereum (ETH)

Ethereum’s strong jump on December 5 from the 20-day moving average (EMA 20 – blue line in the picture) to $ 555 indicates a steady stream of buyers at lower levels. In the current situation, buyers will try to push the price above the resistance area from $ 622,807 to $ 635,456.

Five digital currencies that traders should monitor this week
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If successful, the next wave of $ 800 targets is likely to start. The upward slope of moving averages indicates the relative superiority of buyers.

However, market bears will not give up easily. The group has been defending the $ 622,807 resistance since November 24 and will try to lower the price once again. If the price moves below the 20-day moving average (EMA 20 – blue line in the picture) and stabilizes, the price is likely to fall to $ 488,134. Negative divergence in the relative strength index (RSI) indicator also indicates a weakening of the momentum (acceleration) of the price.

Five digital currencies that traders should monitor this week
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The four-hour chart shows an uptrend triangle pattern that will be activated by breaking (breakout) and closing above $ 622,807. This pattern shows the $ 763.61 target.

Sellers in the current situation are trying to drive the price to the bottom of the triangle pattern. Violation of this support will eliminate the price rise scenario. However, if the price jumps from this support, buyers will try to push the price above the high resistance. In this case, there is a possibility of starting the next wave of upward movement.

Monroe (XMR)

Monroe has been trading at $ 135.50 for the past four days near the upstream resistance. The price has formed a reverse head and shoulders pattern that will be activated when the price closes above $ 135.50 and the target will be $ 167.

Five digital currencies that traders should monitor this week
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While the slope of the 20-day moving average (EMA 20 – blue line in the picture) is increasing, the 50-day simple moving average (SMA 50 – red line in the picture) is horizontal and the relative strength index (RSI) is slightly above its mid-range. Is located. These factors show the balance between supply and demand.

If the price stays above $ 135.50, buyers will be in the lead, and if the price moves below the simple 50-day moving average at $ 122, sellers will have the upper hand.

On the downside, the first support level will be at $ 110 and below it at $ 105. Any price break below this level will indicate the possibility of starting a new downtrend.

Five digital currencies that traders should monitor this week
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The four-hour chart shows that the bears are still entering the market near the resistance of $ 135.50. If these people manage to push the price below the simple 50-day moving average (SMA 50 – red line in the picture), the price is likely to fall to $ 123.73. A break below this level could be a continuation of the downtrend to $ 120 and below $ 112.50.

On the other hand, if the price jumps above this moving average, buyers will try again to push the price above the resistance level of 135.50 to 142.80 dollars. If successful, there is a possibility that the next price wave will start.

Wei China (VET)

In the current situation, buyers are trying to push the price of Wei China above the resistance of $ 0.01755. If this group succeeds in stabilizing the price above this level, the cup and handle pattern will be activated in the price.

Five digital currencies that traders should monitor this week
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The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) in its positive area will indicate the superiority of buyers. With the price stabilizing above this resistance, the price is likely to rise to $ 0.02292 and above that to the target of the pattern at $ 0.02618.

However, sellers may have other decisions to make. If the bear moves the price below the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.0150, the price is likely to fall in the first stage to $ 0.014 and below to the simple 50-day moving average. (SMA 50 – red line in the picture) will be available at $ 0.0125.

On the other hand, if the price jumps above the 20-day moving average, buyers will try again to push the price above the high resistance.

Five digital currencies that traders should monitor this week
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The four-hour chart shows the Bears’ strong defense against the $ 0.01755 resistance and their attempt to push the price below the 20-day moving average (EMA 20 – blue line in the picture). In such circumstances, there will be a possibility of falling prices to the uptrend line.

With the price jumping from this dynamic support, buyers will once again try to push the price above the resistance area of ​​0.01755 to 0.01861963 dollars. In such a situation, there will be a possibility of starting the next upward wave of prices.

On the other hand, if traders push the price below the uptrend line, there is a possibility of a deeper correction of the price up to $ 0.0145 and below it up to $ 0.0125.

AAVE

The price of AVI is in an upward trend in the current situation due to the fact that it is building higher floors and ceilings in its chart. The upward slope of the 20-day moving average (EMA 20 – blue line in the picture) and the relative strength of the relative strength indicator indicate the superiority of buyers. With the price penetrating above $ 94,875, the price is likely to rise to $ 124,075.

Five digital currencies that traders should monitor this week
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However, the bear market has been defending the resistance at $ 94,875 for the past three days. If these people manage to push the price below $ 79.20, there is a possibility that the price will fall to the moving average of 20 periods (EMA 20 – blue line in the picture) at $ 74. A jump in the price of this moving average will also mean that buyers will try again to continue the uptrend.

On the other hand, if market bears manage to lower the price below the 20-day moving average (EMA 20 – blue line in the picture) at $ 74, they will prove their superiority and can lower the price up to $ 50.

Five digital currencies that traders should monitor this week
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The four-hour price chart shows that buyers enter the market by falling to the uptrend line, and sellers take advantage by moving the price towards the downtrend line. If the bear manages to push the price below the uptrend line, the price is likely to fall to the simple 50-day moving average (SMA 50 – red line in the picture) and below $ 72. Failure of the price below this level will mean a deeper price correction.

Conversely, if the price jumps above the uptrend line, buyers will try to push the price above the downtrend line and above it up to the resistance of $ 94,875. If successful, prices will likely continue to rise.

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