Top 5 cryptocurrencies to watch this week: BTC, SHIB, MATIC, ATOM, APE

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Given the close correlation between Bitcoin and the S&P 500, crypto traders will have to closely monitor the performance of US stock markets next week, which may be influenced by the release of the minutes of the last meeting of the US Federal Reserve and the jobs report for June.

Could Bitcoin bottom out and lead cryptocurrency markets to a recovery path? Let’s study the charts of the top 5 cryptocurrencies that indicate the possibility of a recovery in the short term.

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BTC / USDT
The long wick in the bitcoin candlestick on July 1 shows that bears continue selling on rallies near the 20-day exponential moving average ($21,396). Although the bears pulled the price below $19,637, they were unable to build on the momentum.

BTC/USDT daily chart. Source: TradingView
The bulls are trying to push the price above $1,637. If they succeed, the BTC/USDT pair may rise again towards the 20 day EMA. A breakout and a close above $22,000 could indicate a possible change in trend. The pair can then attempt to rise to the 50-day simple moving average ($25,938).

Conversely, if the price falls below the current level, this will indicate that the bears will remain in control. Sellers will then seek to pull the price back below $18,626. If they do, the pair could slide to the important support area from $17,960 to $17,622.

This is an important area for the bulls to defend because failure to do so could start the next phase of the downtrend. The pair could then drop to $15,000.

4 hour BTC/USDT chart. Source: TradingView
The 4 hour chart shows that the bears are strongly defending the 20-EMA. Both moving averages are sloping down and the Relative Strength Index (RSI) is in negative territory, indicating that the bears have the upper hand. A break below $18,626 could strengthen the bears.

This short-term downtrend could be negated if the bulls push the price above the 20-EMA. The pair may then rise to the 50-SMA where the bears may pose a strong challenge once again. If the price rises above this resistance, the pair could rise to $21,000 and later to $22,000.

SHIP / USDT
Shiba Inu (SHIB) is trading in a tight range near the moving averages as the bulls attempt to form a higher bottom near $0.000009. Usually, trading in a narrow range is followed by an expansion of the range.

SHIB/USDT daily chart. Source: TradingView
If the price breaks above the 50-day SMA ($0.000010), SHIB/USDT could gain momentum and rise to $0.000012 and then towards $0.000014. A breakout and a close above this level could indicate a possible change in trend.

Contrary to this assumption, if the price drops below $0.0000009, the bulls who may have bought the break above the 50-day simple moving average may be caught. This could pave the way for a possible retest of $0.00007. A break below this critical support may signal a resumption of the downtrend.

SHIB/USDT 4-hour chart. Source: TradingView
The 4 hour chart is showing the formation of a symmetrical triangle pattern. The pair is stuck between the 20-EMA and the support line of the triangle. If the bears sank and keep the price below the support line, the pair could drop to $0.000009. A breakout below this support could be a signal that the bears are back in the driving seat.

Conversely, if the bulls push the price above the 20-EMA, the pair can rise to the resistance line of the triangle. If this level is exceeded, the pair could rise to $0.000011 and then head towards $0.00012.

Matic / USDT
The polygon (MATIC) turned lower from the strong strong resistance at $0.61 on June 26 and the bears dragged the price below the 20-day moving average ($0.50) on June 28. The simple positive is that the bulls did not allow the bears to build on their advantage and bought the dip on June 30th.

MATIC/USDT daily chart. Source: TradingView
Since then, the MATIC/USDT pair has been trading near the 20-day moving average. This indicates that the bulls are trying to push the price back above the level. If they succeed, the pair could try to cross the barrier again at $0.61.

The RSI achieved a positive divergence, indicating that the bears may lose their grip. A break above $0.61 could pave the way for a potential rally to $0.75.

Contrary to this assumption, if the price breaks below the current level and drops below $0.41, it will indicate that the recent recovery could be a bullish market. The sellers will then attempt to pull the price back towards the critical support at $0.31.

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