If bulls can propel Bitcoin to a brand new all-time excessive, UNI, LUNA, THETA and FIL are prone to outperform their opponents.
Bitcoin (BTC) has been dealing with stiff resistance close to the $60,000 degree for the previous few days. This implies that market members are cautious at these ranges and a optimistic set off could also be wanted to drive the worth increased and begin the subsequent leg of the uptrend.
One of many developments that might be bullish for Bitcoin is that Brazil adopted within the footsteps of Canada and gave the inexperienced gentle for the launch of a Bitcoin exchange-traded fund. The ETF will likely be managed by QR Asset Administration and is predicted to start out buying and selling in Q2 2021.
The Bitcoin ETFs launched by varied international locations are prone to put stress on the U.S. Securities and Change Fee to approve a Bitcoin ETF as a result of if they don’t try this, institutional traders could use the alternate options out there in neighboring international locations.
Though Bitcoin is displaying some fragility close to $60,000, Cointelegraph contributor Marcel Pechman analyzed derivatives information from varied exchanges to point out that prime merchants are nonetheless including lengthy positions close to $57,000.
Bitcoin appears to be consolidating its latest positive aspects earlier than beginning the subsequent trending transfer. However there are a number of cryptocurrencies which might be in an uptrend and should proceed their march north. Let’s examine the charts of top-5 cryptocurrencies that would stay bullish within the brief time period.
Bitcoin is in an uptrend and the bulls proceed to purchase the dips to the 20-day exponential shifting common ($55,282). The lengthy tail on at present’s candlestick additionally reveals that the bulls used the dips to build up.
The bulls will now attempt to propel the worth above the $60,000 to $61,825 resistance. In the event that they succeed, the BTC/USD pair may begin the subsequent leg of the uptrend which will attain $72,112.
One other chance is that the worth once more turns down from the overhead resistance and the pair stays caught in a good vary. If that occurs, the subsequent breakout is prone to end in a powerful trending transfer.
The one bearish improvement seen on the chart is the unfavorable divergence on the relative energy indicator (RSI). This bearish prediction may come into play after the worth breaks and sustains under the 20-day EMA.
If that occurs, the pair may drop to the 50-day easy shifting common ($49,497), which is a crucial assist to regulate. A break under this degree may problem the $43,006 assist.
The 4-hour chart reveals the formation of a symmetrical triangle, which normally acts as a continuation sample. The worth has bounced off the assist line of the triangle, indicating that the bulls are defending this assist.
If the bulls can propel the worth above the shifting averages, the pair may once more try to rise above the resistance line of the triangle. If that occurs, a transfer to the all-time excessive at $61,825 is feasible. A breakout and shut above this resistance may resume the up-move.
Alternatively, if the worth turns down from the shifting averages, the bears will attempt to sink the worth under the triangle. In the event that they handle to try this, the pair may drop to $53,288 after which $44,752.
Uniswap (UNI) is at present consolidating between $27.97 and $35.20. The bulls tried to renew the uptrend on March 20 however the lengthy wick on the candlestick and an in depth within the crimson suggests profit-booking close to $35.20.
Nonetheless, there hasn’t been any follow-up promoting at present. Each shifting averages are sloping up and the RSI is within the optimistic zone, which suggests the trail of least resistance is to the upside.
If the bulls can propel the worth above $35.20, the UNI/USD pair may begin the subsequent leg of the uptrend that would take it to $42.43 after which $46.
Opposite to this assumption, if the worth turns down and breaks under the 20-day EMA ($30), the pair may drop to $27.97. This is a crucial assist to be careful for as a result of if it cracks, merchants could rush to the exit and that would end in a deeper correction to the 50-day SMA ($25.39) after which $22.
The shifting averages on the 4-hour chart have flattened out and the RSI is simply above the midpoint. This implies a stability between provide and demand.
If the worth dips under the shifting averages, a drop to $27.97 is feasible. A bounce off this assist may prolong the keep of the pair contained in the vary.
The following trending transfer may begin after the bulls push the worth above $35.20 or the bears sink the pair under $27.97. Till then, the worth could oscillate between the assist and resistance ranges of the vary.
VORTECS™ information from Cointelegraph Markets Pro turned optimistic because the sign for LUNA rose above 70 on March 18, indicating a optimistic outlook when the worth was nonetheless undecided in regards to the subsequent transfer fr $18.17.
The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.
The chart above reveals the VORTECS™ rating climbed steadily from 62 to 76 on March 18, nicely earlier than the worth picked up momentum on March 19.
Since then, the VORTECS™ rating has remained bullish and has not fallen under 65. In the meantime, LUNA continued to maneuver up and reached $22.32 on March 21 in tandem with the VORTECS™ rating, which hit 77.
LUNA is in a powerful uptrend because it continues to make file highs every day. The bears tried to stall the uptrend on March 17 however couldn’t preserve the worth down for greater than a day, which suggests sturdy shopping for on each minor dip.
The lengthy wick on the March 19 candlestick additionally reveals profit-booking at increased ranges, however the bulls once more purchased the dip and have pushed the worth to a brand new all-time excessive at present. This implies the pattern stays intact.
Each shifting averages are sloping up and the RSI is above 84, indicating that bulls are in management. The following goal goal on the upside is $27.46.
Nonetheless, vertical rallies are hardly ever sustainable. Due to this fact, merchants could await a correction or a consolidation to provoke recent positions reasonably than chase the worth increased. A break under $18.51 may end in a drop to the 20-day EMA ($14.79).
A powerful rebound off this assist will recommend the sentiment stays bullish as merchants are shopping for the dips. However a break under the 20-day EMA may sign the beginning of a deeper correction.
The 4-hour chart reveals the LUNA/USD pair is in a powerful uptrend. The bulls haven’t allowed the worth to dip under the 20-EMA throughout the latest leg of the uptrend, which is a optimistic signal.
Due to this fact, merchants ought to preserve an in depth eye on the 20-day EMA as a result of a break under it is going to be the primary signal that the momentum could also be ebbing. The following assist on the draw back is the 50-SMA. A break under $17 may recommend that the bears have the higher hand.
THETA has been in a powerful uptrend for the previous few days. The token rose to a brand new all-time excessive at $8.97 on March 19 however witnessed profit-booking at increased ranges as seen from the lengthy wick on the day’s candlestick.
Nonetheless, the shallow correction on March 20 confirmed that merchants had been shopping for the dips and never speeding to the exit. Throughout sturdy uptrends, the pullbacks are usually short-lived.
The bulls have once more pushed the worth to a brand new all-time excessive at present, which reveals the resumption of the uptrend. The THETA/USD pair may rally to $10.35 after which to $12.35. The upsloping shifting averages and the RSI within the overbought zone recommend the bulls are in command.
This bullish view will invalidate if the bears promote at increased ranges and pull the worth again under $7.99. If that occurs, it should recommend the present breakout was a bull lure.
The 4-hour chart reveals the worth bounced off the breakout degree at $7.999 and the bulls didn’t permit the pair to drop under the 20-EMA. The bears tried to stall the up-move on the downtrend line however failed.
Robust shopping for by the bulls has pushed the worth above the downtrend line and the $9 overhead resistance. This implies the subsequent leg of the uptrend could have begun.
Opposite to this assumption, if the worth turns down and breaks under the 20-EMA, it should sign that the momentum has weakened. A break under the 50-SMA will recommend that the bears are trying to make a comeback.
Filecoin’s FIL token is in a powerful uptrend. After its sharp rally on March 16 and 17, short-term merchants appear to have booked income, which has resulted in a minor correction on March 18. Nonetheless, the shallow pullback is a optimistic signal because it reveals that almost all of the merchants usually are not speeding to the exit.
The bulls are trying to maintain the FIL/USD pair above $73.79, which is just under the 38.2% Fibonacci retracement degree at $75.74. If the bulls succeed, the pair may once more rise to $96.66.
A breakout and shut above this resistance may begin the subsequent leg of the uptrend, which may attain $128.55.
Quite the opposite, if the bears sink the worth under $73.79, the pair may drop to the 20-day EMA ($59.95). A powerful rebound off this assist will point out that the pattern stays optimistic however a break under it should recommend a short-term prime could also be in place.
The rebound off the $73.79 assist signifies sturdy demand at decrease ranges. Nonetheless, the bears usually are not relenting as they’re aggressively defending the $86 degree. If the bears sink the worth under the 20-EMA, the pair may once more drop to $73.79. A break under this degree will recommend benefit to the bears.
Alternatively, if the pair rebounds off $73.79, it might prolong its keep contained in the vary for a number of extra days. The flattening 20-EMA and the step by step weakening RSI additionally level to a attainable consolidation. A break above $86 may sign resumption of the uptrend.
The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails threat, you must conduct your personal analysis when making a call.