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Pico y Pala – Bitcoins, Ethereum, Ripple,…

Prime 5 cryptocurrencies to look at this week: BTC, ETH, SOL, MATIC, FTM

10/17/2021

Bitcoin’s shallow pullback will increase the prospect of a brand new all-time excessive within the quick time period and altcoins like ETH, SOL, MATIC and FTM might transfer greater whereas BTC prepares for its subsequent transfer.

On Oct. 15, information {that a} Bitcoin (BTC) exchange-traded fund (ETF) might begin buying and selling as early as subsequent week despatched Bitcoin value to $62,933 however the rally has cooled off since then.

Some market contributors imagine that merchants who purchased the rumor of approval for a Bitcoin ETF product could promote on the information. Crypto buying and selling agency QCP Capital stated in an replace that the approval of futures-based ETFs is unlikely to offer a long-term enhance for Bitcoin costs just like the one seen within the fourth quarter of 2020.

Whereas excessive volatility can’t be dominated out within the close to time period, buyers ought to concentrate on the main pattern and never get caught in minor corrections which can be a part of the trail to new all-time highs.

Crypto market knowledge every day view. Supply: Coin360

In line with Foxbit founder João Canhada, his daughter has earned a 6,500% revenue on the one Bitcoin reward she obtained when she was born in 2017. Though she couldn’t have traded the coin at such a younger age, the returns present that affected person buyers who are usually not perturbed by a minor fall can find yourself with big returns.

Might Bitcoin’s rally to a brand new all-time excessive pull altcoins together with it? Let’s examine the charts of the top-5 cryptocurrencies that might outperform within the quick time period.

BTC/USDT

Bitcoin soared above the $58,000 resistance and the psychological mark at $60,000 on Oct. 15. The bears are trying to stall the up-move at $62,933 however the optimistic signal is that bulls haven’t given up a lot floor. This implies that merchants are usually not closing their positions after the current up-move as a result of they anticipate one other leg up.

BTC/USDT every day chart. Supply: TradingView

Each transferring averages are sloping up and the relative energy index (RSI) is within the overbought zone, indicating that bulls are in management. If the worth turns up from the present stage and breaks above the $62,933 to $64,854 resistance zone, the BTC/USDT pair could rally to $75,000.

The instant assist to look at on the draw back is $58,000. A break and shut beneath this stage might immediate short-term merchants to e-book earnings, pulling the worth right down to the 20-day exponential transferring common ($54,336).

A bounce off the 20-day EMA will counsel that sentiment stays optimistic and merchants are shopping for on dips. The bulls will then make yet one more try to resume the uptrend. Quite the opposite, a break and shut beneath the 20-day EMA will counsel that the bullish momentum has weakened.

BTC/USDT 4-hour chart. Supply: TradingView

The pair has been rising in a gradual uptrend on the 4-hour chart. The bears haven’t been in a position to sink and maintain the worth beneath the 50-simple transferring common because the pair broke above the symmetrical triangle.

If the worth rebounds off the 20-EMA, the opportunity of a break above $62,933 could improve as a result of it’s going to counsel that merchants are usually not ready for a deeper correction to purchase. This bullish assumption will invalidate if bears sink and maintain the pair beneath the 50-SMA. Such a transfer might open the doorways for a drop to $54,000 after which to $52,290.

ETH/USDT

Ether’s (ETH) break and shut above the neckline on Oct. 14 accomplished the inverse head and shoulders sample. The lengthy wick on the Oct. 16 candlestick means that bears are trying to stall the up-move within the $4,000 to $4,027.88 zone.

ETH/USDT every day chart. Supply: TradingView

If the worth turns down from the present stage, the ETH/USDT pair might drop to the breakout stage on the neckline. This is a crucial assist for the bulls to defend. If the worth rebounds off this stage, the bulls will once more attempt to clear the overhead hurdle.

A breakout and shut above $4,027.88 might clear the trail for a rally to the all-time excessive at $4,372.72 and subsequent to the sample goal at $4,657. Conversely, a break beneath the transferring averages might sink the worth to $3,257. The bears will achieve the higher hand if this assist is breached.

ETH/USDT 4-hour chart. Supply: TradingView

The bears are defending the psychological resistance at $4,000 whereas bulls try to maintain the worth above the 20-EMA. The RSI has dropped near the midpoint and the 20-EMA is flattening out, suggesting a potential consolidation within the close to time period.

A break and shut above $4,000 might sign the resumption of the up-move. Conversely, a break beneath the neckline of the setup would be the first signal that the momentum could also be weakening. The pair might then decline to $3,400.

SOL/USDT

Solana (SOL) broke out and closed above the downtrend line on Oct. 15 which is the primary signal that bulls are trying a comeback. The bears tried to drag the worth again beneath the downtrend line on Oct. 16 however failed.

SOL/USDT every day chart. Supply: TradingView

If bulls maintain the worth above the downtrend line, the SOL/USDT pair might rise to the 61.80% resistance at $177.80. This is a crucial stage for the bears to defend as a result of if bulls clear this hurdle, the pair might rise to the 78.6% retracement stage at $194.60 and later retest the all-time excessive at $216.

Opposite to this assumption, if the worth turns down from the present stage or the overhead resistance and breaks beneath the transferring averages, it’s going to counsel that merchants are closing their positions on pullbacks. The pair might then drop to the important assist at $116.

SOL/USDT 4-hour chart. Supply: TradingView

The 4-hour chart reveals that the pair has been buying and selling between $156.36 and $165.61 since breaking out of the downtrend line. If consumers propel and maintain the worth above $165.61, the uptrend could resume.

The primary goal is the overhead zone between $174.86 and $177.79. Alternatively, a break and shut beneath $156.36 might open the doorways for a decline to $147.11. Till then, the pair could proceed to consolidate within the tight vary.

Associated: Why HODL for 48 hours? As a result of your altcoin pockets will thanks

MATIC/USDT

Polygon (MATIC) has been buying and selling in a wide variety between $1 and $1.80 for the previous few days. The 20-day EMA ($1.32) has began to show up and the RSI has risen into the optimistic territory, indicating that bulls are trying to realize the higher hand.

MATIC/USDT every day chart. Supply: TradingView

The MATIC/USDT pair might rise to $1.80 which is prone to act as a troublesome impediment. If the worth turns down from this resistance, the pair might drop to the 20-day EMA.

A powerful rebound off this assist will counsel that sentiment has turned optimistic and merchants are shopping for on dips. That can improve the opportunity of a break and shut above $1.80.

If that occurs, the pair might begin a brand new uptrend to $2.40 after which retest the all-time excessive at $2.70. Conversely, if the worth turns down from the present stage and breaks beneath the transferring averages, the pair might slide to $1.20 after which to $1.

MATIC/USDT 4-hour chart. Supply: TradingView

Each transferring averages are sloping up and the RSI is within the optimistic zone, suggesting that bulls have the higher hand within the quick time period. The bulls pushed the worth above the overhead resistance zone at $1.45 to $1.50 however promoting at greater ranges has pulled the worth again into the zone.

If the worth rebounds off the 20-EMA, the bulls will make yet one more try to resume the up-move. A breakout and shut above $1.63 might clear the trail for a rally to $1.80. This optimistic view will invalidate if the worth turns down and breaks beneath $1.45.

FTM/USDT

Fantom’s FTM token is in a powerful uptrend. The bulls efficiently defended the breakout stage at $1.94, indicating that sentiment stays optimistic and merchants are shopping for on dips.

FTM/USDT every day chart. Supply: TradingView

The upsloping transferring averages point out benefit to consumers however the unfavorable divergence on the RSI is warning that the bullish momentum could also be weakening. If bulls push the worth above $2.45, the uptrend could proceed, with the subsequent goal goal at $3.20.

Then again, if the worth turns down from $2.45, the FTM/USDT pair could drop to $1.94 and consolidate between these two ranges for a couple of days. A break and shut beneath the 20-day EMA ($1.85) could sign the beginning of a deeper correction.

FTM/USDT 4-hour chart. Supply: TradingView

The bulls are at the moment trying to maintain the worth above the descending channel. In the event that they handle to do this, the pair might rise to $2.45. This stage could act as stiff resistance but when bulls overcome it, the uptrend could resume.

Alternatively, if the worth fails to maintain above the channel, it’s going to counsel that demand dries up at greater ranges. The pair could then proceed to commerce contained in the channel. A break and shut beneath the channel might pull the pair right down to $1.50.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails threat, it’s best to conduct your personal analysis when making a choice.