TOP 4 CRYPTOCURRENCIES TO WATCH THIS WEEK
The optimistic atmosphere surrounding Bitcoin (BTC) suffered a little blow on Nov. 12 when the Securities and Exchange Commission (SEC) rejected VanEck’s Bitcoin exchange-traded product, which was intended to mirror the market price of Bitcoin.
However, on November 13, the Taproot soft fork was successfully activated, reversing the downward trend. The “biggest success,” according to Bitcoin creator Hampus Sjöberg, who operates a Taproot devoted website, was that Taproot demonstrated that Bitcoin could do network updates, which was critical for the network’s long-term viability.
Bitcoin has retreated to the 20-day exponential moving average ($62,954), a critical support level to monitor. In a strong uptrend, traders usually purchase the drop to the 20-day EMA.
The upsloping moving averages show that buyers have the upper hand, but the relative strength index (RSInegative )’s divergence cautions that the bullish momentum may be fading.
The bulls will aim to take the price over the all-time high of $69,000 and restart the uptrend if the price bounces off the 20-day EMA. The BTC/USDT pair may then rise to $75,000 in value.
A break and closure below the 20-day EMA, on the other hand, may signal that traders are fleeing the market. After that, the pair might fall to the 50-day simple moving average ($57,938). If this support is breached, a larger decline to $52,920 might begin.
The pair is consolidating between $60,000 and $67,000 on the 4-hour chart. Although the bulls were able to push the price above the range’s resistance, they were unable to maintain the higher levels. The couple has returned to the range once more.
The 20-EMA is trending down slightly, and the RSI is hovering just below the midway, indicating that the price may eventually decline below $60,000. A solid bounce off this level might keep the price range-bound for a little longer, but a break below it could signify a shift in trend.
If the price rises from its present position, the bulls may attempt to break through the overhead resistance zone of $67,000 to $69,000.
L For the past several days, the cryptocurrency has been correcting, but the 20-day EMA ($224) has begun to turn up, and the RSI is just below the overbought zone, suggesting that bulls have the upper hand. Buyers will seek to restart the uptrend if the price rises from its present level or rebounds from $225.30.
If the price breaks and closes over $300, it might lead to a surge to $340. The bears will most likely have different ideas, attempting to drive the price below the breakthrough level of $225.30. The LTC/USDT pair might drop to the 50-day SMA ($192) if they succeed.
The pair is trading inside a falling wedge formation on the 4-hour chart. The 20-EMA has flattened down, and the RSI is nearing the midway, suggesting that supply and demand are in equilibrium.
If the bulls can drive the price above the wedge and keep it there, the balance will shift in their favour. After that, the pair might increase to $280 and ultimately to $295.70. This level may operate as a stumbling block for bulls, but if they surpass it, the pair might rally to the target of $302.10.
If the price falls below the 50-SMA, selling might get more intense, and the pair could drop to the strong support level of $225.30.
On Nov. 9, 10, and 11, the bulls forced Chainlink (LINK) over the overhead resistance at $35.23, but they were unable to keep the price above it. This indicates that bears are fiercely protecting this level.
The RSI is above 55 and both moving averages are trending up, indicating that bulls have a little advantage. If the price bounces off the 20-day EMA ($32.27), buyers will try again to break through the overhead barrier.
If they succeed, the LINK/USDT pair may indicate the commencement of a new rally. On the upside, $42.50 is the initial objective, followed by $47.50. If the price falls below the 20-day EMA, this bullish outlook will be invalidated. The price might drop to the 50-day SMA ($28.83) if this happens.
For the previous three days, the pair has been climbing within an upward channel. On November 10, the bulls sought but failed to push the price above the channel. This might have led bulls to book profits and aggressive bears to short.
The price may now drop to the channel’s support line, where buying may arise. Bulls will continue to purchase at lower levels if they see a robust comeback from this support. The duo might then resume their upward movement within the channel. A break and closing below the channel will indicate a potential trend shift.
On Nov. 4, VeChain (VET) broke over the firm overhead resistance at $0.15, signaling that bulls had triumphed overbears. The price has slipped back to the breakthrough level, and the bears are seeking to trap the aggressive bulls by pulling the price below it.
Bulls pushed the price above the ascending channel pattern’s resistance line on the 4-hour chart, but they were unable to extend their lead. This shows that at greater levels, demand dries up.
The price has re-entered the channel, and the moving averages have completed a bearish crossing. This means that the pair may progressively approach the channel’s support line.
A strong rebound from the support line might maintain the uptrend and allow the price to move within the channel. To gain the upper hand, the bears will have to pull the price below the channel and keep it there.