Altcoins Price AnalysisBitcoin Price Analysis

Five digital currencies that traders should monitor this week


An uptrend in the bitcoin price preparation phase warns of a resurgence of the historic ceiling. This stimulus to climb will be able to raise the price of a group of coins with it.

The fundamental view of Bitcoin was heightened by the passage of the $ 1.9 trillion stimulus package on March 7 by the US Senate. If traders react similarly to the initial stimulus package in April 2020, the digital currency market may once again see a strong uptrend.

In addition to investors, a growing number of large companies are determined to protect their traditional foreign exchange reserves (Fiat) by buying bitcoins. Following the recent acquisitions of Tesla, Microstrategy and Square, a Chinese listed company called Meitu has announced that it has invested $ 40 million in Bitcoin and Ethereum.

If other companies around the world follow suit and invest part of their treasury reserves in bitcoin and the digital currency market, the balance between supply and demand will be upset and prices may experience explosive growth again. In the following, we examine the top 5 digital currencies that have the ability to continue their upward trend in the short term.

Bitcoin (BTC)

Bitcoin prices have fallen below the 20-day moving average (EMA 20 – blue line in the picture) on March 5 and 6 (March 15 and 16), but the high candle wicks in the daily timeframe indicate that buyers are ready to enter the market. It is priced at lower levels. In the current situation, buyers have raised the price to the upside resistance at $ 52,040.

Five digital currencies that traders should monitor this week
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While the 20-day moving average has moved horizontally, the Relative Strength Index (RSI) has moved up to the 60 level. This shows the buyers’ efforts to re-emerge in the market.

If buyers manage to push the price above this resistance, there is a possibility that the historical price ceiling at $ 58,341 will be seen again. A breakout (breakout) above this level may trigger the next uptrend in the price target of $ 72,112.

On the other hand, if the price moves down from the upward resistance and breaks the support of $ 46,313, the price is likely to fall to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 42,861. This level is known as strong price support.

If the price jumps upwards from this support, there is a possibility of its transverse fluctuations and entering the consolidation phase for a few days. But if traders lower the price below $ 41,959.63, traders will be able to pull out of their positions aggressively. This will probably change the price trend.

Five digital currencies that traders should monitor this week
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The price chart in the four-hour timeframe has formed a reversal pattern that will be activated by breaking and stabilizing the price above $ 52,040. The target for this template will be $ 61,075. The 20-day moving average has moved up and the relative strength index (RSI) has jumped above the 60 level. The combination of these factors shows the relative superiority of buyers.

The view of a price rise will be eliminated by turning it from current levels or resistance above and falling below the level of $ 47,000. Such a move would open the way for a fall in support to $ 41,959.

Uniswap (UNI)

The Uniswap price finally broke the resistance yesterday after entering the consolidation phase near the level of $ 29 for three days. If the price manages to stabilize above this resistance, the view that the price will continue to rise will be strengthened.

Five digital currencies that traders should monitor this week
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The slope of both moving averages has been bullish and the Relative Strength Index (RSI) has entered the buy saturation zone. This shows the relative superiority of the buyers. If the price moves above the $ 33 level, the next price targets will be $ 38 and above $ 46.

This uptrend will be eliminated by moving the price down from the current levels and falling below the 20-day moving average (EMA 20 – blue line in the picture) at $ 25.31. Under such conditions, the price is likely to continue to fall to the level of $ 22 and below it to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 19.78.

Five digital currencies that traders should monitor this week
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The four-hour price chart shows the potential and strong defense of sellers from the high resistance at $ 32. However, if buyers do not allow the price to fall below the 20-day moving average, it can be said that the strength of the uptrend has been maintained. Breakout (breakout) and stabilization above the resistance level of $ 32 to $ 33, will be able to start the next wave of price uptrend.

The bullish view of the price will be eliminated by turning it and breaking below the 20-day moving average. Such a move indicates that traders are saving profits in uptrends. In this case, there is a possibility of falling prices up to a simple 50-day moving average.

THETA

Theta prices are on a strong uptrend. Although the price has turned downwards on March 7, the high wick of the price candle on March 8 (March 18) indicates the buying trend at lower levels. Corrections in a strong uptrend usually take between one and three days, after which the uptrend resumes.

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) near the buy saturation zone indicate the superiority of buyers. If buyers manage to push the price above $ 4.72, there is a possibility that the price will continue to rise with a target of $ 5.73.

On the other hand, if the price moves down from the upside resistance area at $ 4.50 to $ 4.72, the price is likely to fall to the 20-day moving average (EMA 20 – blue line in the picture) at $ 3.58 . A strong jump in prices from this average indicates that market sentiment remains positive and buyers are entering the market in the fall.

If traders push the price below this average, a deeper correction to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 2.82 will be possible. Such a move indicates a weakening of the price momentum and may delay the continuation of the uptrend.

Five digital currencies that traders should monitor this week
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The four-hour chart shows that the slope of the exponential moving average is increasing and the Relative Strength Index (RSI) is in its positive area. If buyers manage to move the price above the downtrend line, the $ 4.72 level is likely to be seen again. Breakout of the price above this resistance also means the beginning of the next wave of price increases.

On the other hand, if the price starts to correct, there is a possibility of supporting it on the 20-day moving average. In such a situation, buyers will try again to push the price above the downtrend line. However, a break below the 20-day moving average could push the price down to $ 3.85.

Wei China (VET)

China is currently trading in the open range in the range of $ 0.0345 to $ 0.060774. The price has hit the resistance of this range, but the price candle yesterday shows the flow of trading profit near the level of $ 0.060774.

Five digital currencies that traders should monitor this week
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However, the uptrend of moving averages and the entry of the Relative Strength Index (RSI) into its positive area indicate the possibility of a continuation of the uptrend. If buyers manage to move the price above $ 0.060774, there is a possibility of starting the next bullish wave.

The first target price on the way to the climb is $ 0.087048 and with this level seen, the price will likely rise to $ 0.10. On the other hand, if the price moves above current levels, it may fall to the $ 2047 moving average on the 20-day moving average (EMA 20 – blue line in the picture). A jump in price from this support would mean that the uptrend will remain intact, but a price break below that could lead to cross-price fluctuations.

Five digital currencies that traders should monitor this week
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The four-hour chart shows trading profit near the $ 0.060 level, but the good news is that the market cows have not allowed the price to fall further. If the price jumps above the 20-day moving average, buyers will once again try to push the price above the upward resistance.

If the price stabilizes above $ 0.060774, the next uptrend will begin. However, if the price moves below the 20-day moving average, the sell-off may increase and the price may pull back to its next support in the 50-day moving average (SMA 50 – red line in the picture).

Luna (LUNA)

Luna’s price is currently in the consolidation phase in the range of $ 5 to $ 8.5. The slope of both moving averages is bullish and the Relative Strength Index (RSI) is located near the buy saturation zone. This indicates the possibility of continuing the upward trend in prices.

Five digital currencies that traders should monitor this week
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Market cows pushed the price above this range on March 5, but failed to stabilize the price. Finally, on March 6, the price is below $ 8.50 again. This indicates a lack of demand at higher price levels.

However, if buyers prevent further price declines, traders can expect shallow price corrections to enter the market. In such a situation, buyers will once again try to start the next bullish wave with a target of $ 12.

Five digital currencies that traders should monitor this week
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The long wick of price candles indicates the flow of trading profit at higher levels above $ 8.50. Buyers are also currently trying to defend the 20-day moving average. If the price jumps from current levels, the market cows will once again try to continue the uptrend by pushing the price above the resistance level of $ 8.50 to $ 9.

On the other hand, if the price moves below the 20-day moving average and stabilizes, there is a possibility that the decline will continue until the simple 50-day moving average (SMA 50 – red line in the picture). If the price jumps from this support, there is a possibility that the price will enter the consolidation phase in the upper half of this range within a few days. With the price falling below this average, it is possible for the price to fluctuate in the range of 5 to 6 dollars.

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