Crypto traders shift their focus to altcoins while Bitcoin price consolidates

October 9, 2022 Coin Telegraph

Bitcoin

Traders shift their focus to XRP, UNI, QNT and EGLD while Bitcoin continues to consolidate around the $20,000 level.

It has been difficult for Bitcoin (BTC) and the cryptocurrency markets to start a strong sustained recovery while the United States dollar is near its multi-year high and the U.S. equities markets are near their June lows. This shows that the sentiment remains negative and traders are not interested in taking on risk in their portfolios.

The U.S. equities markets fell sharply on Oct. 7 following the release of September’s nonfarm payroll data but they did manage marginal gains for the week. The S&P 500 rose 1.5% and the Nasdaq Composite climbed 0.7% last week. Meanwhile, Bitcoin is on track to finish the week with marginal gains of about 2%.

*Crypto market data daily view. Source:* *Coin360*

In the past few days, Bitcoin has managed to avoid a collapse even when the U.S. equities markets were being clobbered. This is the first indication that the selling pressure may be reducing and traders may not be willing to part with their holdings at lower levels.

However, for a sustained recovery, Bitcoin will need some support from the return of the risk-on sentiment. Until then, volatile range-bound action is likely to continue with certain altcoins offering trading opportunities. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

Bitcoin is struggling to stay above the 50-day simple moving average ($19,961), indicating that the bears have not yet given up. The sellers pulled the price below the 20-day exponential moving average ($19,628) on Oct. 7 but they could not extend the decline to the support at $18,626. This suggests that bulls are buying on dips and are trying to form a higher low in the short term.

The flattish 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a balance between supply and demand. Buyers will have to push and sustain the price above the downtrend line to gain the upper hand. The BTC/USDT pair could then rally to $22,800 where the bears may again mount a strong defense.

On the downside, the bears may find it difficult to sink the price below the zone between $18,626 and $17,622 because the bulls are expected to defend the zone with all their might. Still, if the zone cracks, the pair could start the next leg of the downtrend. The pair could then decline to $15,000.

*BTC/USDT 4-hour chart. Source: TradingView*

The failure of the pair to rise above the $20,475 resistance may have tempted short-term traders to book profits and that pulled the price below the moving averages. However, a minor positive is that the bulls are buying the dip to the uptrend line.

If the price breaks above the moving averages, the pair could again rise to $20,475. The bulls will have to push and sustain the price above this resistance to complete an ascending triangle pattern. If that happens, the pair could rally to the pattern target of $22,825.

This bullish pattern will be negated on a break and close below the uptrend line. If that were to happen, the selling could intensify and the pair may slide to the strong support of $18,125.

XRP/USDT

XRP bounced off the 20-day EMA ($0.47) on Oct. 3, indicating that lower levels are attracting buyers. The upsloping 20-day EMA and the RSI near the overbought zone suggest that bulls have the upper hand.

If the price rises and breaks above the overhead resistance at $0.56, the XRP/USDT pair could soar to $0.66. This level may again pose a strong challenge but if bulls overcome it, the up-move could extend to $0.80.

Instead, if the price turns down from $0.56, the bears will again pull the pair to the 20-day EMA. If this support gives way, the pair could drop to the breakout level of $0.41. A strong bounce off this level could keep the price range-bound between $0.41 and $0.56 for some time.

*XRP/USDT 4-hour chart. Source: TradingView*

The pair has been gradually climbing toward the overhead resistance at $0.56. Both moving averages are sloping up gradually and the RSI is in the positive territory, indicating that buyers have the edge.

The pair turned down from $0.53 but the bulls successfully defended the 20-EMA. If buyers drive the price above the $0.53 to $0.56 resistance zone, the up-move could pick up momentum.

A break and close below the 20-EMA will be the first sign that the bulls may be losing their grip. The pair could then drop to the 50-SMA and later to $0.44.

UNI/USDT

Uniswap (UNI) has been trading above the moving averages, indicating that the bulls are attempting to resume the recovery. This is one of the reasons for including it.

The price turned down from the overhead resistance at $7 but the bulls are attempting to stall the correction at the 20-day EMA ($6.42). If the price rebounds off the current level with strength, it will indicate that buyers are using the dips to accumulate.

The bulls will then again attempt to propel the price above the overhead resistance zone between $7 and $7.36. If they succeed, the UNI/USDT pair could rally to $8.67. Conversely, if the price turns down and breaks below $6, the pair could drop to the strong support at $5.66.

*UNI/USDT 4-hour chart. Source: TradingView*

The pair turned down sharply from the overhead resistance at $7 and broke below the moving averages. This suggests that the bears have the upper hand in the near term. If the price turns down from the moving averages, the selling could pick up and the pair may fall to $6.20 and later to $6.

To avoid this negative occurrence, the bulls will have to push and sustain the price above the moving averages. If that happens, the pair could once again retest the stiff resistance at $7. If this obstacle is cleared, the pair could rise to $7.36.

QNT/USDT

Quant (QNT) completed the inverse head and shoulders pattern on Sept. 27 and flipped the neckline into support on a retest on Oct. 2. The up-move resumed after the price broke above $147 on Oct. 8, indicating that buyers are in control.

The rally of the past few days has sent the RSI into the overbought territory and the QNT/USDT pair is near the overhead resistance at $162. This could cause trouble for the bulls but the dips are likely to be bought.

If the price rebounds off the 20-day EMA, it will suggest that the sentiment has shifted from selling on rallies to buying on dips. That could increase the likelihood of a break above $162. If that happens, the pair could rally to $200 and thereafter to the pattern target of $230.

If bears want to invalidate this positive view, they will have to pull the price back below the neckline and the 50-day SMA ($112).

*QNT/USDT 4-hour chart. Source: TradingView*

The pair has witnessed a sharp rally since breaking out of $147. Vertical rallies are rarely sustainable and result in a consolidation or correction. In this case, the price may drop to the 20-EMA, which is an important support for the bulls to defend.

If the price rebounds off this support, it will suggest that bulls continue to view the dips as a buying opportunity. A break and close above $162 could start the next leg of the up-move.

Alternatively, if the price turns down sharply from the current level and breaks below the 20-EMA, it will suggest that the bulls may be rushing to the exit. That could sink the pair to $130.

EGLD/USDT

Elrond (EGLD) broke above the moving averages on Oct. 3 and the 20-day EMA ($51) has started to turn up, indicating a potential trend change in the near term. This is the reason for its selection.

The EGLD/USDT pair has been facing resistance near $57 but a positive sign is that the bulls have not given up much ground. This suggests that traders are not dumping their positions as they expect the recovery to resume.

If bulls thrust the price above $57, the pair could pick up momentum and rally to $62 and thereafter to $70.

On the other hand, if the price turns down from $57 and plummets below $53, the bears will pull the pair to the moving averages. If this support gives way, the pair could drop to the $47 to $45 zone.

*EGLD/USDT 4-hour chart. Source: TradingView*

After the sharp rally from $47 to $57, the pair has been correcting inside a descending channel pattern. If buyers thrust the price above the channel, the pair could retest the resistance at $57. A break above this level could indicate the resumption of the uptrend.

Contrarily, if the price turns down and breaks below the 20-EMA, it will suggest that the pair may spend some more time inside the channel. The bears will have to sink the price below the channel to open the doors for a possible decline to $50.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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5 altcoins that could turn bullish if Bitcoin price stabilizes

September 25, 2022 Coin Telegraph

Algorand

If Bitcoin price stabilizes and begins to consolidate, these five altcoins could see strong upside.

The major United States stock market indices continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.

Although Bitcoin (BTC) has only declined marginally this week, it risks closing at the lowest level since 2020. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.

While Bitcoin is nearing its yearly lows, certain altcoins are holding up well. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

The Bitcoin bulls have successfully defended the $18,626 to $17,622 support zone in the past few days but they continue to face strong selling at the 20-day exponential moving average ($19,720). This suggests that bears continue to sell on minor rallies.

The downsloping moving averages indicate that bears have the upper hand but the positive divergence on the relative strength index (RSI) suggests that the bearish momentum could be weakening.

A break and close above the 20-day EMA will be the first sign that the bears may be losing their grip. The BTC/USDT pair could then rise to the 50-day simple moving average ($21,043) and later to $22,799. Buyers will have to overcome this barrier to set the stage for a rally to $25,211.

Conversely, if bears sink the price below the June low of $17,622, the selling could intensify and the pair may resume its downtrend. The pair could then plummet to $14,500.

The bulls are buying the dip below $18,626 but the bears continue to stall the recovery at the 50-SMA. This has squeezed the price between these two levels but this tight range trading is unlikely to continue for long.

If the price turns down and sustains below $18,626, the bears may pull the pair to the vital support at $17,622. This level may again witness a strong battle between the bulls and the bears. On the upside, if bulls thrust the price above the 50-SMA, the pair could rise to $20,400.

ATOM/USDT

Cosmos (ATOM) has been trading above the breakout level of $13.46 for the past several days, indicating that the sentiment remains positive and traders are buying on dips.

The 20-day EMA ($14.22) has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If the price breaks above $15.26, the short-term advantage could tilt in favor of the buyers. The ATOM/USDT pair could then rise to $17.20.

This level may again act as a resistance but if buyers thrust the price above it, the pair could pick up momentum and rise to $20.34 and later to $25.

Contrary to this assumption, if the price turns down and breaks below the 50-day SMA ($12.90), the advantage could tilt in favor of the bears. The pair could then decline to $10.

*ATOM/USDT 4-hour chart. Source: TradingView*

The pair has been stuck between $13.45 and $17 for some time. Buyers aggressively defended the support at $13.45 and are attempting to push the price above the 50-SMA. If they do that, the likelihood of a rally to $16 and thereafter to $17 increases.

Conversely, if the price turns down from the current level and breaks below the 20-EMA, it will suggest that bears continue to sell on rallies. That could pull the price to the strong support at $13.45. The sellers will have to sink the pair below $13 to clear the path for a possible drop to $11.50.

ALGO/USDT

The uncertainty of the range-bound action between $0.27 and $0.38 resolved to the upside on Sept. 23, indicating the start of a new up-move. If that happens, Algorand (ALGO) could still be in its first leg of the uptrend.

The important level to watch on the downside is $0.38. If bulls flip this level into support, it could increase the likelihood of the start of a new uptrend. The ALGO/USDT pair could then rally to $0.45 and later to $0.50.

This bullish view could invalidate in the near term if the price slips below $0.38 and re-enters the range. That could sink the price to the 20-day EMA ($0.33). If the price rebounds off this level, the bulls will again try to clear the overhead resistance.

*ALGO/USDT 4-hour chart. Source: TradingView*

The price rose above the overhead resistance at $0.38 but the bulls could not build upon this momentum. This shows that the bears have not yet given up and they continue to sell on rallies near $0.41.

If bears pull the price below the 20-EMA, the pair could drop to $0.36. This is an important level for the bulls to defend because a break below it could open the doors for a possible drop to the 50-SMA.

On the upside, the bulls will have to push the price above $0.41 to signal the resumption of the up-move.

CHZ/USDT

Chiliz (CHZ) recovered sharply from its June lows and the bulls cleared the overhead resistance at $0.26 on Sept. 22, signaling the resumption of the up-move. When a coin moves against the market sentiment, it warrants a close look.

The bears have been trying to sink the price below the breakout level of $0.26 for the past three days but the bulls have held their ground. This shows that bulls are viewing the dips as a buying opportunity. The rising moving averages and the RSI in the positive territory indicate that buyers are in command.

If the price turns up and breaks above $0.28, the CHZ/USDT pair could rally to the next stiff resistance at $0.33.

Conversely, if the price turns down and breaks below $0.26, it will suggest that traders may be rushing to the exit. The pair could first drop to the 20-day EMA ($0.23) and later to the 50-day SMA ($0.21).

*CHZ/USDT 4-hour chart. Source: TradingView*

Both moving averages are sloping up indicating advantage to buyers but the negative divergence on the RSI shows that the bullish momentum may be weakening. If bears sink the price below $0.26, the pair could drop to the 50-SMA. This is a key level for the bulls to defend because if it gives way, the pair could drop to $0.22.

On the other hand, if the price rebounds off $0.26 and rises above $0.28, the up-move could resume. The pair could then rally to $0.32.

QNT/USDT

Quant (QNT) is showing strength as it is trading above both moving averages. Even when the sentiment across the cryptocurrency sector has been negative, it has managed to charge higher.

The bears had been defending the $112 level for the past many days but the bulls pierced through the resistance on Sept. 24 and pushed the price to the downtrend line. The long wick on the day’s candlestick shows that the bears are trying to stall the up-move at this level.

A minor positive is that the bulls bought the dip to $112 on Sept. 25, suggesting that buyers are trying to flip this level into support. The QNT/USDT pair could once again rise to the downtrend line. If this hurdle is cleared, the pair could soar to $133 and later to $154.

Alternatively, if the price turns down and breaks below $112, the next stop could be the 20-day EMA ($106). A break below this support could pull the pair to $95.

The pair picked up momentum after breaking above $112 and reached near the downtrend line. This pushed the RSI into the overbought territory, which may have tempted the short-term traders to book profits.

The price rebounded off $112, indicating that the sentiment remains positive and traders are buying on dips. The pair could rise to $121 and thereafter to the downtrend line. On the downside, a break below $112 could sink the pair to the 50-SMA and thereafter to $95.

Crypto traders eye ATOM, APE, CHZ and QNT as Bitcoin flashes bottom signs

September 11, 2022 Coin Telegraph

apecoin

Bitcoin, ATOM, APE, CHZ and QNT are facing resistance at higher levels, but the chart patterns suggest that the current recovery may extend for a few more days.

The United States equities markets rallied sharply last week, ending a three-week losing streak. The S&P 500 rose 3.65% last week while the Nasdaq Composite soared 4.14%. Continuing its close correlation with the U.S. equities markets, Bitcoin (BTC) also made a strong comeback and is trying to end the week with gains of more than 7%.

The sharp rally in the stock markets and cryptocurrency markets are showing signs of a bottoming formation but it may be too early to predict the start of a new bull move. The equities markets may remain on the edge before the release of the U.S. inflation data on Sept. 13 and the Federal Reserve meeting on Sept. 20-21.

Along with taking cues from the equities markets, the cryptocurrency space has its own important events to look forward to. Both the Ethereum’s Merge and Cardano’s (ADA) Vasil hard fork scheduled in the next few days could heighten volatility in several cryptocurrencies.

Although choppy markets increase the risk, they may offer short-term trading opportunities to nimble traders. Let’s study the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

Bitcoin soared above the 20-day exponential moving average ($20,662) on Sept. 9, which was the first indication that the selling pressure could be reducing. The bears are attempting to stall the recovery at the 50-day simple moving average ($21,946) but a positive sign is that the bulls have not given up much ground.

The 20-day EMA has started to slope up gradually and the relative strength index (RSI) is in the positive territory indicating that the path of least resistance is to the upside. If bulls propel the price above the 50-day SMA, the BTC/USDT pair could rally toward the stiff overhead resistance at $25,211. The bears are expected to defend this level with vigor.

Another possibility is that the price turns down from the 50-day SMA. If that happens, the pair may drop to the 20-day EMA. This is an important level to keep an eye on because a break and close below it could open the doors for a drop to $18,626. Alternatively, if the price rebounds off the 20-day EMA, it will increase the likelihood of a break above the 50-day SMA.

The pair picked up momentum after rising above the breakdown level of $19,520. The sharp rally pushed the RSI into the overbought territory, suggesting a minor consolidation or correction. Buyers are facing a stiff challenge near $22,000 but they have not ceded ground to the bears. This suggests that every minor dip is being purchased.

If bulls propel the price above $22,000, the pair could quickly rally toward $23,500 where the bears may again attempt to stall the up-move.

Contrary to this assumption, if the price turns down and breaks below the 20-EMA, the pair could drop to $20,576. A break below this level will suggest that the pair may consolidate in a large range between $22,000 and $18,626 for some time.

ATOM/USDT

Cosmos (ATOM) broke above the overhead resistance of $13.45 on Sept. 8, indicating demand at higher levels. The next stiff resistance is at $20.30 which leaves room for a rally.

However, before that, the bears will try to pull the price below the breakout level of $13.45. This is an important level to keep an eye on because a break and close below it will indicate that the recent breakout may have been a bull trap.

On the other hand, if the price turns up from the current level or rebounds off $13.45, it will suggest that bulls are in control and are buying on every dip. If bulls thrust the price above $17.20, the up-move may pick up momentum and reach $20.30.

The 4-hour chart shows that the ATOM/USDT pair surged after breaking above the overhead resistance at $13.45. That pushed the RSI deep into the overbought territory and started a correction but a positive sign is that the bulls have not given up much ground.

If the price rebounds off the current level, the possibility of a break above $17.20 increases. If that happens, the up-move may continue and the pair may rally toward $20.30.

This positive view could invalidate in the near term if the price continues lower and plummets below the 20-EMA. If that happens, the pair could decline to the 50% Fibonacci retracement level of $14.36.

APE/USDT

ApeCoin (APE) rebounded strongly off the support at $4.17, indicating aggressive buying at lower levels. This suggests that the corrective phase could be ending, making it an interesting candidate for the short term.

Buyers pushed the price above the 20-day EMA ($5) on Sept. 9 and the APE/USDT pair formed an inside-day Doji candlestick pattern on Sept. 10. This uncertainty resolved to the upside on Sept. 11 with a strong rally to the 50-day SMA ($5.85). The bears may try to stall the recovery at this level.

If the price turns down from the current level but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then again attempt to drive the price above the 50-day SMA. If they do that, the pair could soar toward the overhead resistance at $7.80.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. In that case, the pair may drop to $4.17.

*APE/USDT 4-hour chart. Source: TradingView*

The 20-EMA on the 4-hour chart has started to turn up and the RSI has risen into the overbought territory. This indicates that bulls have the upper hand but a short-term pullback is possible.

If the price turns down from the current level but rebounds off $5.30, it will suggest strong demand at lower levels. The bulls will then make another attempt to push the price above $5.83 and extend the recovery to $6.44.

Alternatively, if the price turns down and breaks below the 20-EMA, the advantage may tilt in favor of the bears.

CHZ/USDT

Chiliz (CHZ) broke above the 20-day EMA ($0.20) on Sept. 9, which was the first indication that the corrective phase may be ending. Hence, this token made it to the list.

The bears tried to pull the price back below the 20-day EMA on Sept. 10 but the bulls have held their ground. Buyers are attempting to push the price toward the overhead resistance at $0.26 but the up-move may face strong headwinds near $0.23.

If the price turns down but does not fall below the 20-day EMA, it will increase the likelihood of a rally to $0.26. Contrary to this assumption, if the price turns down and breaks below $0.20, it will suggest that bears are active at higher levels. That could pull the price to the 50-day SMA ($0.18).

The 4-hour chart shows that the bears are defending the downtrend line. If the price turns down from the current level but rebounds off the moving averages, it will suggest that bulls are attempting a comeback.

Buyers will then again attempt to drive the price above the downtrend line. If they succeed, the pair may start its northward march toward $0.23 and later to $0.26.

Alternatively, if the price plummets below $0.20, it will suggest that the pair may remain inside the falling wedge pattern. That could pull the price down to $0.18.

QNT/USDT

Quant (QNT) did not break below the strong support at $87.60, indicating that the sentiment is positive and bulls are buying on dips. That is the reason for its selection.

The sharp rebound off $87.60 broke above the 20-day EMA ($100) on Sept. 8, which was the first indication that the corrective phase may be ending. The bears posed a strong challenge near the 50-day SMA ($105) but could not sink the price back below the 20-day EMA.

This indicated that the sentiment had turned positive and the bulls are buying on dips. Buyers pushed the QNT/USDT pair above the 50-day SMA on Sept. 11. If bulls sustain the higher levels, the pair could rise to $117 and then to $124. A break above this level could open the doors for a rally to $130.

This bullish view could be invalidated if the price turns down and breaks below the 20-day EMA. If that happens, the pair could drop to the strong support at $87.60.

The 4-hour chart shows that the pair rebounded sharply off the support at $87.60. The bears posed a strong challenge near $108 but a positive sign is that the bulls purchased the dip to the 20-EMA. This indicates that traders are viewing dips as a buying opportunity.

Buyers resumed the recovery by pushing the price above the overhead resistance at $108. The pair could rally to $113 and later to $117. Conversely, if the price turns down and plummets below the 20-EMA, the pair could drop to the 50-SMA.

Here’s 5 cryptocurrencies with bullish setups that are on the verge of a breakout

August 21, 2022 Coin Telegraph

Binance Coin

Bitcoin, BNB, EOS, QNT and CHZ are flashing bullish technical analysis setups which could lure buyers if the wider market enters a relief rally this week.

The S&P 500 ended its four-week-long recovery last week after minutes from the Federal Reserve’s July meeting hinted that the central bank’s rate hikes will continue until inflation is under control. Members of the Fed said there was no evidence that inflation pressures appear be easing.

Another dampener was the statement by St. Louis Fed president James Bullard who said that he would support a 75 basis point rate hike in September’s Fed policy meeting. This reduced hopes that the era of aggressive rate hikes may be over.

Weakening sentiment pulled the S&P 500 lower by 1.29% for the week. Continuing its close correlation with the S&P 500, Bitcoin (BTC) also witnessed a sharp decline on Aug. 19 and is likely to end the week with steep losses.

Will bulls use the dips to accumulate at lower levels? If they do, let’s study the charts of the top-5 cryptocurrencies that may attract buyers because of their bullish setups.

BTC/USDT

Bitcoin slipped below the 20-day exponential moving average ($22,864) on Aug. 17 and then below the 50-day simple moving average ($22,318) on Aug. 19. The bulls are attempting to arrest the decline at the support line of the ascending channel.

The 20-day EMA has started to turn down and the relative strength index (RSI) is in negative territory, indicating advantage to bears. If the price reverses direction from the moving averages, it will suggest that bears are selling on rallies.

That could increase the possibility of a break below the support line of the channel. If that happens, the crucial support zone of $18,626 to $17,622 may come under attack.

To avoid this situation, the bulls will have to push and sustain the price above the moving averages. If they do that, the BNB/USDT pair could rise toward the resistance line of the channel.

The buyers are aggressively defending the support line of the channel but the downsloping moving averages and the RSI in the negative territory suggest that higher levels are likely to attract selling by the bears.

If the price turns down from the current level or the 20-EMA, the likelihood of a break below the channel increases. If that happens, the bearish momentum could pick up and the pair could drop toward $18,626.

The first sign of strength will be a break above the 20-EMA. Such a move will indicate that the selling pressure may be reducing. That could improve the prospects of a rally to the 50-SMA.

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance at $338 but the bulls successfully defended the strong support at $275. This indicates a positive sentiment as the bulls are viewing the dips as a buying opportunity.

The recovery may face resistance at the 20-day EMA ($301). If the price turns down from this level, the bears will again try to sink the BNB/USDT pair below $275. If that happens, it will suggest that the pair may oscillate in a large range between $183 and $338 for some time.

On the contrary, if bulls push the price above the 20-day EMA, the pair could rise to $338. A break and close above this level could complete a bullish head and shoulders pattern. That could start a rally to $413 and then to the pattern target at $493.

*BNB/USDT 4-hour chart. Source: TradingView*

The 20-EMA on the 4-hour chart has started to turn up and the RSI is near the midpoint, indicating that the selling pressure may be reducing. If the price sustains above the 20-EMA, the pair could rise to the 50-SMA. A break and close above this resistance could increase the possibility of a rally to $338.

Conversely, if the price turns down and breaks below the 20-EMA, the pair could again drop to the critical support at $275. If this level cracks, the pair will complete a bearish heads and shoulders pattern and drop toward $240.

EOS/USDT

EOS has formed the bullish inverse head and shoulders setup. The buyers pushed the price above the overhead resistance at $1.46 on Aug. 17 but the long wick on the day’s candlestick shows strong selling at higher levels.

The bears pulled the price back below the breakout level of $1.46 on Aug. 19 but the positive sign is that the buyers did not allow the EOS/USDT pair to sustain below the 20-day EMA ($1.32). This indicates that lower levels are attracting buyers.

If bulls sustain the price above $1.46, the positive momentum could pick up and the pair may rally to $1.83. If this resistance is also scaled, the rally could extend to the pattern target of $2.11.

This positive view could invalidate if the price turns down and breaks below $1.24. The pair could then decline to the 50-day SMA ($1.17).

*EOS/USDT 4-hour chart. Source: TradingView*

The rally above $1.46 on Aug. 17 pushed the RSI on the 4-hour chart to deeply overbought levels. This may have tempted short-term buyers to book profits, which pulled the price to the strong support at $1.24. The bulls purchased the dip to this level and have again propelled the pair above the overhead hurdle at $1.46.

The pair could now rally to $1.56 and then to the important resistance at $1.83. Alternatively, if the price turns down from the current level and breaks below the moving averages, it will suggest that the pair could remain range-bound for a few days.

QNT/USDT

The series of higher highs and higher lows suggest that Quant (QNT) is in a short-term uptrend. The bulls purchased the drop to the 50-day SMA ($100) and are attempting to resume the up-move.

If the price sustains above the 20-day EMA ($111), it will suggest that the correction may be over. The QNT/USDT pair could first rise to $124 and then retest the important resistance at $133. If bulls clear this hurdle, the pair could rally to the overhead resistance zone between $154 and $162.

Contrary to this assumption, if the price fails to sustain above the 20-day EMA, it will indicate that traders may be closing their positions on rallies. The bears will have to sink the price below $98 to gain the upper hand and signal the start of a deeper correction to $79.

The pair has been correcting inside a falling wedge pattern. The buyers pushed the price above the resistance line of the pattern but could not sustain the breakout. This suggests that bears are active at higher levels.

If the price sustains below the 50-SMA, the pair could slide to the 20-EMA. This is an important level to watch out for. If the price rebounds off this level, it will suggest that the short-term trend has turned in favor of the buyers.

A break and close above $118 could indicate that the corrective phase may be over. Conversely, if the price slips below the 20-EMA, the pair may drop to $100.

CHZ/USDT

Chiliz (CHZ) soared to $0.23 on Aug. 18 which pushed the RSI deep into the overbought territory. This may have tempted short-term traders to book profits and that pulled the price back below the breakout level of $0.20.

A minor positive is that the bulls are attempting to defend the 20-day EMA ($0.17) and push the price back above $0.20. If they succeed, it will suggest that the sentiment remains positive and traders are buying on dips. That increases the likelihood of a retest of $0.23. If bulls clear this hurdle, the CHZ/USDT pair could pick up momentum and rally to $0.26.

Contrary to this assumption, if the price fails to rise above $0.20, it will suggest that bears are selling on rallies. The bears will be back in the driver’s seat if they sink the pair below the 20-day EMA. The pair could then decline to the 50-day SMA ($0.13).

The bulls are trying to defend the uptrend line but the recovery is facing strong resistance at the moving averages. The moving averages completed a bearish crossover on the 4-hour chart and the RSI is in the negative territory, indicating a minor advantage to sellers.

If the price turns down and breaks below the uptrend line, the selling could intensify and the pair may drop to $0.16 and then to $0.14. Such a move will indicate that the bears remain in control.

Instead, if the price breaks above the moving averages, the bulls will try to push the pair to $0.21 and later challenge the resistance at $0.23.

Cardano, Chainlink and Two Additional Altcoins in Strong Uptrends With More Rallies in Sight: Top Analyst

August 10, 2022 The Daily Hodl

Top 5 cryptocurrencies to watch this week: BTC, FLOW, THETA, QNT, MKR

August 7, 2022 Coin Telegraph

Bitcoin

Select altcoins such as FLOW, THETA, QNT, and MKR could rally if Bitcoin breaks above the stiff overhead resistance at $24,668.

The United States jobs data on Aug. 5 was above market expectations, indicating that inflation has not cooled down. The strong numbers reduce the possibility that the U.S. Federal Reserve will slow down its aggressive pace of rate hikes. After the release, the likelihood of a 75 basis points hike in September has risen to 68%, according to CME Group data.

However, analysts at Fundstrat Global Advisors have a different view. They highlighted that three out of six times, the S&P 500 bottomed out six months before the Fed’s last rate hike. Therefore, the firm anticipates the S&P 500 to witness a strong rally to 4,800 in the second half of the year.

If the tight correlation between the equities markets and the cryptocurrency markets maintain, the recovery in the crypto markets may have some more room to run. On-chain monitoring resource Material Indicators said in a Twitter update on Aug. 5 that if Bitcoin (BTC) rises above $25,000, there is no major resistance till the $26,000 to $28,000 range.

Could Bitcoin climb above the overhead resistance and extend its recovery, pulling select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.

BTC/USDT

Bitcoin has been trading close to the 20-day exponential moving average ($22,719) for the past few days, indicating a tough battle between the bulls and the bears. Although the bulls have held the level, they have not been able to achieve a strong rebound off it. This indicates a lack of demand at higher levels.

Both moving averages have flattened out and the relative strength index (RSI) is just above the midpoint, indicating a balance between buyers and sellers. The advantage could tilt in favor of the buyers if they push and sustain the price above $24,668.

If they manage to do that, the BTC/USDT pair could rally to $28,000 and then to the next overhead resistance at $32,000.

Contrary to this assumption, if bears pull the price below the 20-day EMA, the pair could decline to the 50-day simple moving average ($21,719). If this support also gives way, the next stop could be the uptrend line.

The price is stuck between $22,400 and $23,648 on the 4-hour chart. Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If bulls drive the price above $23,648, the pair could rise to the overhead resistance at $24,668.

Conversely, if the price turns down and breaks below $22,400, it will tilt the short-term advantage in favor of the bears. The pair could then decline to the uptrend line, which could act as a strong support.

FLOW/USDT

The tight range trading in Flow (FLOW) resolved to the upside with the range expansion on Aug. 4. This indicates accumulation at lower levels and the start of a new up-move.

The bears are attempting to stall the up-move near $3 but a minor positive is that the bulls have not given up much ground. This indicates that traders are not hurrying to book profits after the recent rally.

The 20-day EMA ($2.07) has started to turn up and the RSI is near the overbought zone, indicating that bulls have the upper hand. If buyers drive the price above the $3 to $3.30 resistance zone, the FLOW/USDT pair could pick up momentum and rally toward $4.60.

*FLOW/USDT 4-hour chart. Source: TradingView*

The pair has turned down from the overhead resistance near $3 but is finding support at the 20-EMA on the 4-hour chart. If bulls push the price above $2.80, the pair could retest the overhead resistance at $2.99. A break above this level could signal the resumption of the uptrend.

Alternatively, if the price slips below the 20-EMA, the pair could drop to the 50% Fibonacci retracement level of $2.41, and then to the 61.8% retracement level of $2.27. A break below this level could tilt the advantage in favor of the bears and sink the pair to $2.

THETA/USDT

Theta Network (THETA) broke and closed above the stiff overhead resistance at $1.55 on Aug. 5, indicating that the range had resolved in favor of the bulls. The bears tried to sink the price back below the breakout level on Aug. 6 but the bulls held their ground.

The 20-day EMA ($1.39) has started to turn up and the RSI is in the positive territory, indicating advantage to buyers. If bulls sustain the price above $1.65, the THETA/USDT pair could start a new uptrend toward the pattern target of $2.10. This level may pose a strong challenge but if bulls clear this overhead hurdle, the pair could extend its rally to $2.60.

To invalidate this positive view, the bears will have to pull and sustain the price below $1.55. If that happens, the aggressive bulls may get trapped and the pair could slide to the moving averages.

*THETA/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls purchased the dip to the 20-EMA, indicating buying on dips. Both moving averages on the 4-hour chart are sloping up and the RSI is near the overbought territory, indicating that the path of least resistance is to the upside. If bulls maintain the price above $1.65, the up-move may resume.

The first sign of weakness will be a break and close below the 20-EMA. If that happens, the pair could drop to the 50-SMA. The bears will have to sink the price below this level to signal that the uptrend may have ended in the near term.

QNT/USDT

Quant (QNT) made a strong recovery from its intraday low of $40 made on June 13. The bears tried to stall the up-move at $115 but the bulls aggressively purchased the dip below the 20-day EMA ($103) on July 26.

The bulls maintained their momentum and pushed the price above the overhead resistance at $115 on Aug. 6. This indicated the resumption of the uptrend. The QNT/USDT pair could rally to the overhead resistance zone between $154 to $162 where the bears may mount a strong defense.

Alternatively, if the price turns down from the current level, the bulls will attempt to flip the $115 level into support. If that happens, the pair could resume its uptrend. The bears will have to sink and sustain the price below the 20-day EMA to gain the upper hand.

The pair is in an uptrend but the RSI on the 4-hour chart jumped into the overbought territory, indicating the possibility of a near-term correction. The bulls are expected to buy the dips to the 20-EMA. If they do that, it will suggest that the sentiment remains positive and traders are buying on dips. That will increase the likelihood of the resumption of the uptrend.

On the contrary, if the price turns down from the current level and breaks below the 20-EMA, the pair could slide to the 50-SMA. This is an important level to keep an eye on because a break below it could result in a fall to $100.

MKR/USDT

Maker’s (MKR) recovery is facing stiff resistance near $1,100 but a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1,044).

The moving averages are sloping up and the RSI is in the positive territory, indicating that buyers have the upper hand.

If bulls push and sustain the price above the overhead resistance zone between $1,100 and $1,188, the MKR/USDT pair could rally to $1,400 and then to the pattern target of $1,570. Such a move will suggest that the pair may have bottomed out.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 20-day EMA, the pair could slide to the trendline. A break and close below this level will invalidate the bullish setup.

*MKR/USDT 4-hour chart. Source: TradingView*

The pair has formed a symmetrical triangle on the 4-hour chart. The 20-EMA is sloping up gradually and the RSI is in the positive zone, indicating a slight advantage to the bulls.

If buyers drive the price above the resistance line, the pair could rally to the overhead resistance at $1,188. A break and close above this level could indicate the resumption of the uptrend.

Conversely, a break below the support line of the triangle could tilt the advantage in favor of the sellers. The pair could then decline to the psychological level at $1,000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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