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Top 5 cryptocurrencies to watch this week: BTC, XRP, LINK, BCH, FIL

Dreal Frankie by Dreal Frankie
April 17, 2022
in Crypto news
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Technical charts indicate that Bitcoin, XRP, LINK, BCH and FIL may be on the verge of a sharp breakout, but traders are unsure of the direction.

BTC/USDT

Bitcoin formed an inside-day candlestick pattern on April 16, indicating indecision among the bulls and the bears. Usually, small range days are followed by a range expansion but it is difficult to predict the direction beforehand. If the price breaks above $41,000 the bulls will attempt to push the BTC/USDT pair above the 20-day exponential moving average ($42,085). If they succeed, the pair could start an up-move to the overhead resistance at the 200-day simple moving average ($48,136) and later to the resistance line of the ascending channel. The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate a minor advantage to bears. If the price turns down and breaks below $39,200, the selling could intensify. The pair could then plummet to the support line of the channel. A break and close below this support could extend the decline to $32,917.

XRP/USDT

Ripple (XRP) rebounded sharply off the strong support at $0.69, indicating strong demand at lower levels. The bulls pushed the price above the 50-day SMA ($0.78) on April 15 but could not continue the up-move. However, a minor positive is that the bulls are attempting to sustain the price above the 20-day EMA ($0.77). The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. This balance will shift in favor of the bulls if the XRP/USDT pair rises and breaks above $0.80. That could propel the pair to the 200-day SMA ($0.88) and then to the strong resistance at $0.91. Contrary to this assumption, if the price breaks and sustains below the 20-day EMA, it will suggest that the bears are active at higher levels. The sellers will then attempt to pull the pair to the strong support at $0.69.

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LINK/USDT

Chainlink (LINK) rose above the downtrend line on March 30 but the bulls could not sustain the higher levels. Strong selling near $18 pulled the price back below the downtrend line but a minor positive is that the buyers purchased the dip near $13.50 and are attempting to form a higher low. The first sign of strength will be a break and close above the 20-day EMA ($15). Such a move will suggest that the bears may be losing their grip. The LINK/USDT pair could then rise to $16 and later challenge the overhead resistance at $18. A break and close above this level could open the doors for a possible rally to the 200-day SMA ($21). Conversely, if the price turns down from the 20-day EMA the bears will attempt to pull the pair to the critical support at $12.50. A break and close below this level could signal the resumption of the downtrend.

See also  Central African Republic adopts bitcoin as legal currency

BCH/USDT

Bitcoin Cash has been trying to form a bottom for the past several days. The price rose sharply on April 13 and broke above the 20-day EMA ($339). Although the bulls could not build upon the up-move, a positive sign is that they have not allowed the price to dip below the 50-day SMA ($329). The 20-day EMA is attempting to turn up and the RSI is above 53, indicating a minor advantage to the bulls. If buyers propel the price above $354, the up-move may resume and the BCH/USDT pair could rally to the overhead resistance at $395.The bears are likely to defend this level with vigor. If the price turns down from $395, the range-bound action may extend for a few more days. If the price turns down and breaks below the 50-day SMA, the bears will attempt to pull the pair down to the strong support at $259.

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FIL/USDT

Filecoin (FIL) has been range-bound in a downtrend. The bulls are attempting to form a basing pattern and the price has been consolidating between $16.50 and $27 for the past few days. The 20-day EMA ($21) and the 50-day SMA ($20) are flattish and the RSI is near the midpoint, suggesting a balance between supply and demand.If bulls sustain the price above the 20-day EMA, the possibility of a rally to the overhead resistance at $27 increases. The bulls will have to push and sustain the price above this level to signal the start of a possible new uptrend.This positive view could invalidate in the short term if the price breaks below the 50-day SMA. The bears will then try to sink the FIL/USDT pair to the strong support at $16.50. A break and close below this level will indicate the resumption of the downtrend.

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