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Top 5 Cryptocurrencies To Watch This Week: BTC, DOT, UNI, LINK, XMR

  Bitcoin (BTC) has continued to trade near the $55,000 level. Bitcoin's sharp rally has made it more dominant than ever, rising from 40.70% Sep. 12, to 45% Oct. 11. This shows that the strong recovery in cryptocurrencies has been led primarily by Bitcoin. The Fear and Greed indicator has been pushed into the Greed zone by the sharp rise in Bitcoin. This indicator indicates that markets may have risen quickly in a very short time but does not necessarily mean that there is a confirmed top. Historical evidence suggests that traders who sold Bitcoin positions solely on this metric could have missed significant gains before the correction hit, as Marcel Pechman, Cointelegraph Marke analyst highlighted. Could bulls extend the up-move and push the price closer to the all-time high in Bitcoin? If that happens, select altcoins may rally to the upside. Let's study the charts of the top five cryptocurrencies that could remain strong in the short term. Bitcoin reached a height of $52,920 above the overhead resistance on October 6th and the bulls have maintained the price above this breakout level ever since. This is a positive sign as it indicates that buyers may be holding on to their positions expecting higher levels in the short term. The moving averages have completed a bullish crossover and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside. If buyers push the price to $56,100, the uptrend may resume and the BTC/USDT exchange pair could rally as high as $60,000. A retest at $64,854 would be possible. crypto Contrary to what is being assumed, if bears pull down the price below $52,920, it could drop to the 20 day exponential moving average (EMA), ($49,504). This is an important support that the bulls should defend as a break below could signal a change of short-term sentiment. The pair could then drop to a 50-day simple moving mean (SMA) for $47,578, or to $40,000. Bulls are facing selling in between $55,750 and $56,100. But buyers have not allowed price to fall below the 20 EMA. This indicates that bulls anticipate a break above the overhead zone. If that happens, the pair could resume its uptrend. A break and close below 20-EMA will be the first sign that the pair is in weakness. The RSI has formed a negative divergence signaling that momentum is weakening. A break and close below the 20-EMA could pull the price to the 50-SMA. A break below this support could trigger a deeper correction. DOT/USDT Polkadot (DOT) has been gradually moving higher toward the overhead resistance at $38.77. The RSI has moved above the downtrend line, and the 20-day EMA ($32.15), has begun to rise, indicating a buyer advantage. If bulls thrust the price above $38.77, it will invalidate the head and shoulders pattern. A bearish setup failing is a sign of weakness. This can trap aggressive bears and cause them to try to cover their positions. The DOT/USDT pairing could then begin its journey towards $49.78. Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, the pair could drop to $28.60. The pair could remain range-bound for a few more days if it bounces off this support. To signal their supremacy, bears will have the price fall below the neckline. Both moving averages are rising and the RSI remains in the positive zone, suggesting buyers are in control. The 20-EMA could be a support level for the pair. If the price turns up from this support, the bulls will try to push the pair to $38.77. This level may act as a stiff resistance again, but if bulls don't give up much ground from them, the possibility for a break above this level increases. Conversely, if bears pull the price below the 20-EMA, the pair could drop to the 50-SMA. A break or close below this support could lead to a decline to $31 or $29. Uniswap (UNI), which has been above the 20day EMA (24.55) in the last few days, shows that bulls have been trying to defend their support. However, the bears are in no mood to relent as they have not allowed the price to rise above the neckline. The buyers will have to push and close the price above the neckline to complete an inverse H&S pattern. This bullish reversal setup has an expected pattern target of $36.98. However, the rally may not be linear since bears will try and defend the level at $31.41. The 20-day EMA has been rising steadily and the RSI is just over the midpoint. This suggests that bulls have a slight edge. If the price closes below the 20 day EMA, this advantage will be lost. In such a case, the UNI/USDT pair could drop to $22. This level could act as a support, but bears could sink below it to extend the decline to $17.73. The 4-hour chart shows the price has been consolidating in an area between $24-$26 for some time. This is a sign that the price is beginning to move in a direction. If buyers drive and maintain the price over $26, then the possibility of a break beyond the neckline increases. This could trigger a march to the next overhead resistance at $30, then to $31. However, bears may win if the price falls below $24. The pair could then drop to $22. Related: XRP price expected to reach $1.50 by next week after rebounding 30% in 10 days Chainlink (LINK), which broke above its downtrend line on October 1, was not able to capitalise by the bulls. The altcoin has been stuck in a tight range between $25.20 and $26.19 for the past few days. Both moving averages have been flat and the RSI trades just above the middlepoint, suggesting a balance between demand and supply. This equilibrium will tilt in favor of buyers if the price breaks and closes above $28.19. The LINK/USDT pairing could then rally to $32.11 before challenging the stiff overhead resistance at 35.33. A break and close below $25.20 could indicate that demand exceeds supply. The pair could then drop to the $22 to $20.82 support zone. The price turned down from the overhead resistance and bears have pulled the price below the moving averages. If sellers hold the lower levels, then the pair could fall to the support level at $25.20. A break below this level could indicate that bears have returned to command. If the price moves up from its current level and rises above the moving mean, it will signal that traders are buying dips. To signal their return to the driver's seat, the bulls will need to push the price higher than $28.19 and keep it there. The pair could rally to $22.11. XMR/USDT Monero (XMR), climbed above the 50-day SMA ($271) and reached its downtrend line Oct. 6. The bears have been aggressively protecting the downtrend line over the past few trading days. A minor positive is the fact that bulls have not allowed price to fall below the 50 day SMA. The 20-day EMA ($263) is slowly increasing and the RSI remains in the positive zone. This indicates a slight advantage for buyers. A break and close above 300 could open the doors to a rise to $325 and then $339.70. However, if the price falls below the 20-day EMA it could indicate that short-term traders may be selling their positions. This could lead to a drop in the price to $250 or $225. The bulls have repeatedly driven the price above the downtrendline, but the bears have not allowed this pair to maintain above it. The 20-EMA has sunk, and the RSI is at the center. This suggests a balance between supply/demand. The short-term bulls might rush to the exit if it falls below the 50 SMA. This could push the price down as low as $260 and close to $250. However, bulls pushing the price above $286.8 could cause the pair to rise to $296.80. Bulls pushing the price above this resistance could increase bullish momentum.

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