Top 4 Cryptocurrencies To Watch This Week : BTC, LINK , ICP , LEO

As supports give way and bears sell at each rally attempt, Bitcoin (BTC) and other major cryptocurrencies remain under pressure. The Crypto Fear & Greed Index fell to 10/100 on Jan. 8, one of its lowest values ever, as a result of this negative mood. In contrast, the year 2021 began on a bright note, with the reading reaching 93/100, suggesting “great greed.”

Bloomberg Intelligence analyst Mike McGlone, who remains bullish despite the dismal start to the year, is unfazed. In a recent analysis, he predicted that Bitcoin would reach $100,000 and Ether (ETH) would reach $5,000 this year.

As supports give way and bears sell at each rally attempt, Bitcoin (BTC) and other major cryptocurrencies remain under pressure. The Crypto Fear & Greed Index fell to 10/100 on Jan. 8, one of its lowest values ever, as a result of this negative mood. In contrast, the year 2021 began on a bright note, with the reading reaching 93/100, suggesting “great greed.”

Bloomberg Intelligence analyst Mike McGlone, who remains bullish despite the dismal start to the year, is unfazed. In a recent analysis, he predicted that Bitcoin would reach $100,000 and Ether (ETH) would reach $5,000 this year.

BTC/ USDT

The fall in bitcoin has reached a significant support level of $39,600. On Jan. 8, the price created a Doji candlestick pattern, indicating that bulls and bears were undecided.

The relative strength index (RSI) is towards the oversold zone and both moving averages are sloping down, indicating that the path of least resistance is to the downside. If bears manage to push the price below $39,600, selling might get more intense, and the BTC/USDT pair could begin its descent to the next significant support around $28,805.

If the price climbs from its current level, though, the pair might reach the 20-day exponential moving average ($45,876). If the price falls below this level, it indicates that mood is still negative and that traders are selling rallies. A break below $39,600 I will be more likely as a result of this.

The selling trend went up on a break and closed below $45,456 on the 4-hour chart. The bulls are seeking to halt the drop around $40,501, but they will almost certainly be met with powerful selling near the 20-EMA.

The bears will try to plunge the pair below $39,600 and continue the downtrend if the price turns down from the 20-EMA.

A break and close above the 20-EMA, on the other hand, might take the pair to the 50-simple moving average. If bulls can push the price over this barrier, it could indicate that bears are losing control of the market.

LINK/USDT

For the past few months, Chainlink (LINK) has traded in a wide range between $15 and $35.33. The price has risen above the moving averages, and the RSI has increased close to the overbought zone, indicating that buyers have the upper hand in the short term.

For the previous few days, the bears have mounted a strong push near $27.61, but the bulls have kept the price above the 20-day EMA ($23.23). This suggests a shift in sentiment from selling on rallies to buying on declines.

START TRADING NOW WITH INCREDIBLE LOW TRADING FEES

The LINK/USDT pair could advance to 30 and then to the overhead resistance at $35.33 if bulls keep the price above $27.61. If the price falls below the moving averages and breaks below the current level, this bullish view will be invalidated. The price of the pair may then fall to $18.

The price has broken over the overhead barrier at $27.61 on the 4-hour chart. The bears will now try to halt the upward trend at $30. If the subsequent drop does not break below $27.61, the chances of a rally to $35.33 improve.

On the other hand, if the price drops from its current level, it could indicate that the break over $27.61 was a bull trap. The bears will then attempt to push the stock below the 50-day moving average. The next stop may be $22 if they do that.

ICP/ USDT

On January 4, Internet Computer (ICP) broke and closed above the downtrend line, signalling that the downturn may be coming to an end. The bears attempted, but failed, to trap the aggressive bulls by pulling the price down below the 20-day EMA ($29).

On January 8, the bulls drove the price above the downtrend line and closed the day above it. The moving averages are approaching a bullish crossover, and the RSI has entered the positive zone, indicating that bulls are making a comeback attempt.

The ICP/USDT pair might surge to $45.79 if investors push the price above $38.02. This level may operate as a stumbling block once more, but if overcome, the uptrend might reach $58.30.

In contrast to this premise, if the price drops below the 20-day EMA from its current level, it indicates that the breakout above the downtrend line was a bull trap.

LEO / USDT

For the past several weeks, UNUS SED LEO (LEO) has been trading in a moderate uptrend, with the 50-day SMA ($3.55) functioning as a significant support.

On January 7, the bears sought to push the stock below the 50-day SMA, but the bulls stood firm. On January 8, this resulted in a robust bounce, pushing the LEO/USD pair back above the 20-day EMA ($3.69).

The bulls will now try to push the price beyond $3.92, which is the all-time high. If they succeed, the pair’s upswing might resume and the pair could hit $4.25. If the price falls below the 50-day SMA, this bullish outlook will be invalidated. This might trigger a $3.40 correction.

Within an ascending channel pattern, the pair has been trading. The bears set up a strong resistance near $3.85, which may have prompted short-term traders to book profits. This dragged the pair down to the channel’s support line, where buyers stepped in and stopped the slide.

The bulls are seeking to push the price above $3.85 once more. If they succeed, the two could begin their voyage toward the channel’s resistance line. To invalidate the bullish perspective, the bears must descend and hold the price below the channel.