Five cryptocurrencies that traders should monitor this week

Five cryptocurrencies that traders should monitor this week ; Traders are eagerly awaiting confirmation to start the next wave of bitcoin uptrends and enter the market with the activation of a trigger in the price chart. In such a situation, the majority of Altcoins will accompany this movement.

According to the Cointelegraph, the skepticism of bitcoin prices near their historic highs to break this key resistance indicates that both market participants are waiting to receive a warning about the next move of the market. In fact, market cows are looking for a price stimulus to drive it to the top of the resistance, and on the other hand, sellers are patiently waiting to see any signs of weakening the price trend in order to confirm the short-term ceiling.

An event that can be considered as a catalyst for price movement is the news of the direct listing of shares of Kevin Base, the giant of the cryptocurrencies industry, in the US stock markets. The successful completion of the Nasdaq exchange listing process will likely be of great interest to market cows, as it will signal an increase in the acceptance of cryptocurrencies by traditional investors in the future. On the other hand, if this trend is not welcomed enough, bears will have more courage in the market.

Five cryptocurrencies that traders should monitor this week

The Capital Hoodle Indicator (HODL) indicator of capital indicates that both long-term investors and short-term speculators do not store their trading profits at current levels due to their belief in price movements to higher levels. An increase in the number of hoodlums of a currency will generally be a sign of a rise in price, but if the inflow of capital into the market decreases and the market changes course, the volume of supply in the market will increase significantly. In this situation, short-term traders are the first to be frightened and leave the market. In such a situation, with the activation of the loss limit of another group of traders, the selling pressure will be increased and the price correction will be deeper in return.

As traders await price triggers to identify the next price movement, we turn to five currencies that can take advantage of the market’s bullish sentiment.

Bitcoin (BTC)

Bitcoin rose above $ 60,000 on April 10, hitting $ 6,301.21, slightly below its all-time high of $ 6,825.84. However, buyers are still struggling to keep the price above $ 60,000, which shows the strong defense of market bears from this level.

The price is trying to stabilize above the psychological resistance of $ 60,000; This indicates that the reverse head and shoulder pattern is still not activated. Sellers from any position will try to lower the price to the 20-day moving average (EMA 20 – blue line in the picture) at $ 57,513. A strong price jump from this dynamic support will increase the probability of breakout above the level of $ 61,825.84. Under these circumstances, the probability of starting the next bullish wave of bitcoin price movement and breaking the resistance of $ 61,825.84 will increase. With this move, the price of Bitcoin will rise to the level of $ 69,540 and above it to $ 79,566.

Five cryptocurrencies that traders should monitor this week

On the other hand, if traders push the price below the 20-day moving average, the next support, the 50-day simple moving average (SMA 50 – red line in the picture) at $ 54,723, will be challenged. Any price break below this level can be the first sign of a change in the price trend.

The four-hour chart shows traders’ activity above the $ 60,000 resistance, but on the plus side, market cows have not allowed prices to fall below the 20-day moving average. Given this, it can be said that buyers enter the market at every slight drop.

If buyers push the price above the $ 60,000 level, the historical price ceiling will be challenged again. On the other hand, if traders push the price below the 20-day moving average, support will be lowered to $ 57,600. If this level is violated, the next support will be the price of $ 55,600.

Stellar( XLM )

The price of Stellar climbed above its $ 0.60 resistance yesterday and its 52-week price cap at $ 0.65. The move of an asset price above its 52-week resistance indicates the strength of the trend, as it indicates that buyers are trying to enter the market to avoid fluctuations.

The uptrend of the 20-day moving average (EMA 20 – blue line in the picture) and the placement of the relative strength index (RSI) in the saturation zone indicate that buyers have the upper hand in the market. With the price moving above $ 0.65, the next bullish wave is likely to start with a target of $ 0.72 and above it to $ 0.85.

Five cryptocurrencies that traders should monitor this week

The long wick of the price candle yesterday indicates that the sellers have other plans for the price in mind. The group is trying to trap aggressive buyers and bring prices down below $ 0.60 once again. If the price stays above the $ 0.55 level, it can be said that the market cows are accumulating their positions in the falls. This will keep market sentiment positive.

Contrary to expectations, if the price falls below $ 0.55 support, it could fall to the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.46. Breakout price below this level will mean a loss of buyer dominance.

The four-hour price chart shows the price closeing above the $ 0.60 level, but buyers have not been able to maintain this uptrend and the bears are using this position to push the price below the broken level of 0.60 again. They have won dollars.

With these interpretations, the failure of sellers to lower the price to the moving average of 20 periods indicates the accumulation of buyers in price falls. This will increase the likelihood that the uptrend will continue. In contrast, with the price falling below the moving average, there will be 20 periods of superiority with sellers.

IOTA (MIOTA)

IOTA prices are currently on an uptrend. Buyers on April 10 (raised the price above the key psychological resistance of $ 2. With the breakout price stabilized above this level, the price is likely to continue the upward trend with a target of $ 2.35 and above $ 2.60.

The upward slope of the 20-day moving average (EMA 20 – blue line in the picture) and the relative strength index (RSI) in the saturation zone indicate the superiority of market buyers. However, if buyers fail to stabilize the price above the $ 2 level, sellers will try to lower the price to the 20-day moving average. Buyers have successfully defended this support since the beginning of the recent uptrend.

Five cryptocurrencies that traders should monitor this week

So if the price jumps higher than the 20-day moving average, it can be said that market sentiment remains positive and buyers enter the market in the downtrend. On the other hand, the price break below the 20-day moving average warns of the return of sellers to the market.

The four-hour price chart shows the trading profit of near $ 2. It is possible to fall in the current situation up to the moving average of 20 periods. The slope of this average is increasing and if the price jumps above this level, the view of continuing the uptrend will be strengthened.

On the other hand, if the price falls below the 20-day moving average, the price is likely to continue to fall to the simple 50-day moving average (SMA 50 – red line in the picture). Such a move would delay the start of the next wave of price uptrends.

Monero (XMR)

Monero traded above $ 268.60 on April 10. This move indicates the possibility of continuing the upward trend in prices. If buyers manage to keep breakout, the price is likely to rise to $ 334 and then to $ 384.

The uptrend of the 20-day moving average (EMA 20 – blue line in the picture) and the relative strength index (RSI) above the level of 70 also confirm the continuation of the uptrend. However, if the price fails to stabilize above the $ 288.60 level, it will fall below the 20-day moving average. A strong jump in prices from this level indicates the positive feelings of the market and the flow of buyers to the market in the fall. In this situation, buyers will try again to continue the climb.

Five cryptocurrencies that traders should monitor this week

On the other hand, if market bears push the price below the 20-day moving average, we can say that market sentiment is changing. This will lower the price to a simple 50-day moving average (SMA 50 – red line in the picture) at $ 232.

In the four-hour timeframe, we see sellers trying to delay the uptrend near $ 300 resistance, but on the plus side, buyers have not allowed prices to fall much. This group has entered the market by dropping the price to the moving average of 20 periods and has raised the price above this resistance.

The upward slope of the moving averages and the placement of the Relative Strength Index (RSI) near the buy saturation zone show the superiority of buyers.

This uptrend will be eliminated as the price rotates and moves below the moving averages, indicating a lack of demand at higher levels and a flow of trading profit reserves. In this case, the price drop to $ 250 is likely.

Tezos (XTZ)

Tezos prices are in a strong uptrend. The price broke its $ 5.64 resistance on April 5 and had a successful breakout (pullback) to this level. The price continued to rise and on April 10 set a new historical high at $ 7.21.

The slope of the 20-day moving average (EMA 20 – blue line in the picture) is bullish and the relative strength index (RSI) is in the saturation zone. In a strong uptrend, corrections usually take one to three days due to the strong entry of buyers into the downturn.

Five cryptocurrencies that traders should monitor this week

Yesterday’s high price candle wick indicates the buying trend at lower price levels. With the price moving above the $ 7.21 level, the price is likely to rise to the $ 8.14 target. The key price support on the downtrend will be the 20-day moving average. With the price jumping from this dynamic support, it can be said that the market sentiment is still positive and buyers are trying to push the price above the resistance of $ 7.21. On the other hand, the breakout of the price below the 20-day moving average indicates the weakness of the momentum of the upward price.

In the four-hour time frame, the cows are trying to stop the price pullback on the 20-day moving average. With the price moving above $ 6.85, there is a possibility of seeing $ 7.21 again. Breakout price above this resistance will also lead to the beginning of the next wave of uptrend.

Contrary to this view, if the price breaks the 20-period moving average and stabilizes below it, it is likely to fall again to the simple 50-day moving average. Buyers are likely to call for an end to this level, as prices have not fallen below this level since March 29. If the price ignores this support, the next path will be a drop to $ 5.40 and below $ 4.60.

Five cryptocurrencies that traders should monitor this week