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Market Watch: Three (3) Cryptocurrencies To Watch This Week – BTC, FTM, MATIC

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Market Watch: Three (3) Cryptocurrencies To Watch This Week - BTC, FTM, MATIC
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LEARN HOW TO TRADE, BITCOIN, EOS, ETHEREUM, LIGHTBLOCKS MEDIA

Bitcoin is witnessing moderate profit, but the long-term trend remains the same. Bitcoin (BTC) and Ethereum (ETH) failed to spark upward momentum among cryptocurrency investors over the weekend and were rejected on October 31st. The bulls will now attempt to hit a closing price for the third straight week and for the first time ever that the month-end closing price is above the psychological price of $60,000.

The crypto market has seen its ups and downs and there have been opportunities to buy the dips for some of the popular cryptocurrencies. 

In this week’s market watch, let’s analyze the charts of the top 3 cryptocurrencies that may be attracting traders’ attention in the coming days.

Market Watch: BTC/USDT

Bitcoin has formed a flag pattern, but the bulls have failed to push the price up. Failure to break the above resistance can cause short-term traders to sell, which will pull the price towards the 20-day exponential moving average of $59,679.

BTC/USDT Daily Chart. Source: TradingView

If the bears pull the price below the 20-day moving average, the BTC/USDT pair may fall to the support line of the pattern. This is a vital support for the bulls’ defense as a break below it will invalidate the setup. Then the currency pair can drop to the next support level at $52,920.

If the price recovers from the 20-day EMA, the bulls will try again to push the currency pair above the flag. If successful, the currency pair could retest the all-time high of $67,000 and then rally toward the pattern target at $89,476.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are actively defending the resistance line. The currency pair has fallen below the moving average and a break below $60,000 may cause it to fall to the support line.

This level is expected to attract strong buying from the bulls. A rebound from the support line can keep the currency pair in a descending channel. The bulls need to push the price up to and hold above the resistance line to indicate that the correction phase may be over.

FTM/USDT

Market watch shows that Fantom (FTM) hit a record high on October 28, but the bulls couldn’t hold the breakthrough. The long wick on the candle of the day indicates that traders booked profits at higher levels.

In an uptrend, bulls generally buy the dips to the 20-day EMA ($2.52). If the price rebounds from current levels, it suggests that market sentiment is still bullish and traders are buying the dips. The bulls will then attempt to push the price above the upper resistance level of $3.48.

FTM/USDT Daily Chart. Source: TradingView

If this succeeds, the FTM/USDT currency pair can continue its upward trend with the next target of $4.10 and then rise to the psychological level of $5.

Contrary to this assumption, a break below the 20-day moving average indicates that traders are continuing to sell positions. Then the currency pair can drop to the 50-day moving average at $1.86. The negative divergence in the RSI suggests that bullish momentum may be wearing off.

The moving average made a bearish crossover on the 4-hour chart and the RSI fell into negative territory, suggesting the bears are at an advantage. The first level of support for the downside is the earlier breakout level at $2.45.

A strong rebound from this level indicates that the bulls are trying to convert this level into support. In that case, the currency pair could try to climb back to $3 and then to $3.48. If the bears pull the price below $2.45, that positive view will be invalidated.

Market Watch: MATIC/USDT

Polygon (MATIC) rose on October 28 to close above the upper resistance zone of $1.71 to $1.79, indicating the start of a new uptrend.

MATIC/USDT Daily Chart. Source: TradingView

After the price rises above a major resistance level, it usually falls back and tests the breakout level again. The bulls will now attempt to flip the $1.79-1.71 area into support and use it as a starting board to continue the uptrend.

A break and close above $2.22 could pave the way for a rebound to $ 2.43 and eventually retest the all-time high of $ 2.70. The rising 20-day EMA ($1.65) and the RSI in positive territory show that the bulls are in control.

If the bears pull the price down and hold it below the 20-day moving average, that positive view will be invalidated. Such a move suggests that the recent break of $1.79 could be a bull trap.

MATIC/USDT 4-hour Chart. Source: TradingView

The 4-hour chart shows that the price has fallen to the 50 moving average which could be strong support. If the bulls push the price above the downtrend line, it suggests that selling pressures may ease.

Or, if the price drops below the 50 SMA, the currency pair can drop to $1.71. This level can become strong support again, but if it breaks the sell-off can intensify. After that, the currency pair can drop to $1.50.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of LightBlocks News. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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