Bitcoin (BTC), which has lost some of its gains in recent times, but Ecoinometrics, an on-chain data resource, stated that whales are buying Bitcoin because they think the price is attractive long-term.
Analyst Willy Woo thinks that $33,000 is a good price for Bitcoin. Credible Crypto, a popular Twitter trader, stated that Bitcoin’s chances of falling below $30,000 are low citing PlanC data.
Daily view of crypto market data. Source:Coin360
Chris Kuiper, Head of Research at Fidelity Digital Assets believes that Bitcoin’s downside risks are minimal compared to other digital assets. However, it could rally significantly if it can replace gold as a store-of-value.
Is it possible that Bitcoin and other altcoins could make a comeback after the recent pullback. Let’s look at the charts of top five cryptocurrencies that could attract investors’ attention in the near term.
Bitcoin fell below $45,456 overhead resistance, but the bulls have not allowed it to fall below the 20-day exponential moving mean ($41,383). This is a minor plus.
Daily chart of BTC/USDT Source: TradingView
The bulls will attempt to push the BTC/USDT pair higher than $45,456 if the price rebounded from the current level. A bullish inverse head-and-shoulders pattern will be completed if the price closes above this level.
The price could rally to $52,088, where bears will likely mount a strong challenge. The pair could then begin its northward march towards the $56,904 pattern target if bulls push the price higher than this level.
If the price falls below $39,600, this positive outlook will be negated. This could lead to a drop in price of up to $36,250.
BTC/USDT 4-hour chart. TradingView
The pair fell from $45,456 to break below the moving averages. The bulls are trying to defend the minor support of $41,688.88, but they are being met with stiff resistance at their moving averages.
The pair could fall to $39,600 if the price falls below the current level. The pair could slide to $39,600 if the price reboundes below this level for a few more days.
A break or close above the moving averages could be the first sign that bulls are on the rise. This could lead to a rise in the pair to $43,920, and then to $45,456.
The Ripple (XRP), which broke above the moving averages on February 7, indicated that the downtrend may be ending. The bulls stopped the bears from bringing the price below $0.75, which was the breakout level.
Daily chart of XRP/USDT Source: TradingView
The price recovered from $0.75. Bulls are pushing the XRP/USDT pairs towards the overhead resistance of $1. Breaking and closing above this resistance could lead to a rally towards $1.41.
The moving averages appear to be on the brink of a bullish crossover, and the relative strength indicator (RSI), is in the positive zone. This indicates that buyers have the upper hand. If the price closes below $0.75, this positive view will be invalidated. This will signal that bears are continuing to sell during rallies.
XRP/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that bears and bulls are fighting it out at $0.82. The bulls drove the price higher, but the bears stopped the rally at $0.85 and pulled the pair below $0.82.
One positive note is that bulls are now buying dips below the 50-SMA. The bulls will attempt to push the pair higher than $0.85 if the price bounces off of this support. If it does, they will challenge $0.91 resistance. A break below the 50 SMA could see the pair drop to $0.75. Breaking and closing below this support could signal a deeper correction.
Crypto.com’s native currency (CRO), broke above the 50 day SMA ($0.47) on February 7, suggesting that the correctional phase may be over. The price rose to $0.54 on February 10, where the bears are mounting an aggressive defense.
Daily chart CRO/USDT Source: TradingView
The moving averages look poised for a bullish crossover, and the RSI is positive. This indicates that buyers have a slight advantage. Bulls will buy on dips if the rebound from the moving averages continues. The bulls will attempt to push the price higher than $0.54 and resume the upward trend.
The CRO/USDT exchange rate could rise to $0.60, and then to $0.68 if they are able to pull it off. This assumption is incorrect. The pair could fall to $0.39 if the price falls below the 20-day EMA.
CRO/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is rising within an ascending channel pattern. The bears had other plans. They pulled the price back inside the channel, trapping aggressive bulls.
The 50-SMA is being defended by the buyers. The bulls will attempt to push the pair higher than the channel’s resistance line if the price holds above the 20-EMA. If the price falls below the channel’s support line, this positive view will be invalidated.
Related: Can the XRP price rise to $1 after 25% gains within a week? This is the key support level
FTX Token (FTT) has been volatile inside a broadening formation. The fact that buyers failed to push the price higher than the resistance line suggests that bears have sold rallies.
Daily chart of FTT/USDT Source: TradingView
A minor plus is that bulls are buying dips between the 20-day EMA (43.85) & the 50-day SMA (41.50). The buyers will attempt to overcome the overhead hurdle if the price rebounded from the current level.
The FTT/USDT pair may then begin a new uptrend if they can do so. The pair could rally to $53.50, where bears could pose a challenge again. However, if they overcome resistance, the rally could reach $65.
If the price falls below the 50-day SMA, this bullish view will be invalidated. This will mean that the pair could stay within the broadening pattern for several more days.
FTT/USDT 4-hour chart. Source: TradingView
Short-term traders may have taken advantage of the failure by the bulls to push prices above the $50-48 overhead resistance zone. Both moving averages have been broken and the pair could fall to $41.99.38 Fibonacci retracement levels.
It will indicate that buyers are buying dips if the price goes up from $41.99. The bulls will attempt to push the price higher than the 50-SMA. The overhead resistance could be challenged if they succeed.
A break and close below $41.99 could indicate a deeper correction towards the 50% retracement level of $39.95.
Theta Network (THETA), broke above the downtrend line and closed higher on February 10. This indicates that the downtrend may be ending. A rally above stiff resistance is more likely to reverse and retest its breakout level.
Daily chart THETA/USDT Source: TradingView
Bulls will be able to turn the breakout level into support if they succeed. This suggests that sentiment has changed from buy on rallies to sell on dips. The 20-day EMA ($3.49) is starting to rise and the RSI has moved into the positive territory, which suggests a benefit for buyers.
The bulls will try to initiate a new uptrend if the price bounces off the downtrend line. Further buying could be attracted if the price breaks and closes above $4.39. The THETA/USDT exchange could reach $6.
If the price falls below the downtrend line, this bullish view will be invalidated. This could indicate that the breakout above the downtrendline was a bull trap.
THETA/USDT 4-hour chart. Source: TradingView
The pair has been rising within an ascending channel pattern. Although the bulls attempted to push the price higher than the channel’s resistance line, the bears refused to give up. This could have resulted in short-term bears profit-booking, pushing the price towards the support line.
The support line has been breached three times before. Therefore, the bulls will try again to defend it. The resumption or continuation of the uptrend will be signaled if the price rises above the support line and bounces off the level.
A break below the support line could indicate a deeper correction up to $3.20.
You should research all aspects of trading and investment before making any decision.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.