5 altcoins that could turn bullish if Bitcoin price stabilizes

189
SHARES
1.5k
VIEWS

Related articles

Các chỉ số thị trường chứng khoán chính của Hoa Kỳ tiếp tục suy giảm tuần trước khi điều kiện kinh tế vĩ mô xấu đi làm tăng lo ngại về một cuộc suy thoái toàn cầu. Chỉ số công nghiệp Dow Jones đóng cửa ở mức thấp nhất trong năm 2022 và các chỉ số chính ghi nhận đóng cửa hàng tuần thứ năm trong sáu tuần qua .

Although Bitcoin (BTC) has only declined marginally this week, it risks closing at the lowest level since 2020. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

Cryptodữ liệu thị trường xem hàng ngày. Nguồn: Coin360

Một số nhà đầu tư bỏ lỡ cơ hội mua trong thời gian điều chỉnh mạnh vì họ cố gắng nắm bắt đáy. Các nhà giao dịch nên tập trung vào các dự án mà họ thích và tích lũy tiền xu theo từng giai đoạn kéo dài vài tuần hoặc vài tháng. Tất cả các đồng tiền không đáy cùng một lúc, do đó tốt hơn là tập trung vào các loại tiền điện tử cá nhân thể hiện sức mạnh.

While Bitcoin is nearing its yearly lows, certain altcoins are holding up well. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

The Bitcoin bulls have successfully defended the $18,626 to $17,622 support zone in the past few days but they continue to face strong selling at the 20-day exponential moving average ($19,720). This suggests that bears continue to sell on minor rallies.

Biểuđồ hàng ngày BTC/USDT. Nguồn: TradingView
Đường

trung bình di chuyển xuống chỉ ra rằng những người bán có xu hướng trên nhưng sự phân kỳ tích cực trên chỉ số sức mạnh tương đối (RSI) cho thấy đà giảm có thể đang suy yếu.

Một sự phá vỡ và đóng cửa trên đường EMA 20 ngày sẽ là dấu hiệu đầu tiên cho thấy những người bán có thể đang mất khả năng nắm bắt. Cặp BTC/USDT sau đó có thể tăng lên mức trung bình động đơn giản 50 ngày ($21,043) và sau đó lên $22,799. Người mua sẽ phải vượt qua rào cản này để thiết lập giai đoạn cho đà tăng lên $25,211.

Ngược lại, nếu những người mua chìm giá dưới mức thấp nhất tháng Sáu là $17,622, việc bán có thể tăng cường và cặp này có thể tiếp tục xu hướng giảm. Cặp tiền này sau đó có thể giảm xuống $14,500.

BTC/USDT 4-hour chart. Source: TradingView

Những con bò đực đang mua mức giảm xuống dưới $18,626 nhưng những người bán tiếp tục trì hoãn sự phục hồi ở mức 50-SMA. Điều này đã vắt giá giữa hai mức này nhưng giao dịch phạm vi chặt chẽ này không có khả năng tiếp tục lâu dài.

Nếu giá giảm và duy trì dưới $18,626, những người giảm có thể kéo cặp này đến mức hỗ trợ quan trọng tại $17,622. Mức này có thể một lần nữa chứng kiến một cuộc chiến mạnh mẽ giữa bò đực và gấu. Về mặt đi lên, nếu bulls đẩy giá lên trên 50-SMA, cặp này có thể tăng lên $20,400.

ATOM/USDT

Cosmos (ATOM) has been trading above the breakout level of $13.46 for the past several days, indicating that the sentiment remains positive and traders are buying on dips.

ATOM/USDT daily chart. Source: TradingView

The 20-day EMA ($14.22) has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If the price breaks above $15.26, the short-term advantage could tilt in favor of the buyers. The ATOM/USDT pair could then rise to $17.20.

This level may again act as a resistance but if buyers thrust the price above it, the pair could pick up momentum and rise to $20.34 and later to $25.

Contrary to this assumption, if the price turns down and breaks below the 50-day SMA ($12.90), the advantage could tilt in favor of the bears. The pair could then decline to $10.

ATOM/USDT 4-hour chart. Source: TradingView

The pair has been stuck between $13.45 and $17 for some time. Buyers aggressively defended the support at $13.45 and are attempting to push the price above the 50-SMA. If they do that, the likelihood of a rally to $16 and thereafter to $17 increases.

Conversely, if the price turns down from the current level and breaks below the 20-EMA, it will suggest that bears continue to sell on rallies. That could pull the price to the strong support at $13.45. The sellers will have to sink the pair below $13 to clear the path for a possible drop to $11.50.

ALGO/USDT

The uncertainty of the range-bound action between $0.27 and $0.38 resolved to the upside on Sept. 23, indicating the start of a new up-move. If that happens, Algorand (ALGO) could still be in its first leg of the uptrend.

ALGO/USDT daily chart. Source: TradingView

The important level to watch on the downside is $0.38. If bulls flip this level into support, it could increase the likelihood of the start of a new uptrend. The ALGO/USDT pair could then rally to $0.45 and later to $0.50.

This bullish view could invalidate in the near term if the price slips below $0.38 and re-enters the range. That could sink the price to the 20-day EMA ($0.33). If the price rebounds off this level, the bulls will again try to clear the overhead resistance.

ALGO/USDT 4-hour chart. Source: TradingView

The price rose above the overhead resistance at $0.38 but the bulls could not build upon this momentum. This shows that the bears have not yet given up and they continue to sell on rallies near $0.41.

If bears pull the price below the 20-EMA, the pair could drop to $0.36. This is an important level for the bulls to defend because a break below it could open the doors for a possible drop to the 50-SMA.

On the upside, the bulls will have to push the price above $0.41 to signal the resumption of the up-move.

Related: What is scalping in crypto, and how does scalp trading work?

CHZ/USDT

Chiliz (CHZ) recovered sharply from its June lows and the bulls cleared the overhead resistance at $0.26 on Sept. 22, signaling the resumption of the up-move. When a coin moves against the market sentiment, it warrants a close look.

CHZ/USDT daily chart. Source: TradingView

The bears have been trying to sink the price below the breakout level of $0.26 for the past three days but the bulls have held their ground. This shows that bulls are viewing the dips as a buying opportunity. The rising moving averages and the RSI in the positive territory indicate that buyers are in command.

If the price turns up and breaks above $0.28, the CHZ/USDT pair could rally to the next stiff resistance at $0.33.

Conversely, if the price turns down and breaks below $0.26, it will suggest that traders may be rushing to the exit. The pair could first drop to the 20-day EMA ($0.23) and later to the 50-day SMA ($0.21).

CHZ/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up indicating advantage to buyers but the negative divergence on the RSI shows that the bullish momentum may be weakening. If bears sink the price below $0.26, the pair could drop to the 50-SMA. This is a key level for the bulls to defend because if it gives way, the pair could drop to $0.22.

On the other hand, if the price rebounds off $0.26 and rises above $0.28, the up-move could resume. The pair could then rally to $0.32.

QNT/USDT

Quant (QNT) is showing strength as it is trading above both moving averages. Even when the sentiment across the cryptocurrency sector has been negative, it has managed to charge higher.

QNT/USDT daily chart. Source: TradingView

The bears had been defending the $112 level for the past many days but the bulls pierced through the resistance on Sept. 24 and pushed the price to the downtrend line. The long wick on the day’s candlestick shows that the bears are trying to stall the up-move at this level.

A minor positive is that the bulls bought the dip to $112 on Sept. 25, suggesting that buyers are trying to flip this level into support. The QNT/USDT pair could once again rise to the downtrend line. If this hurdle is cleared, the pair could soar to $133 and later to $154.

Alternatively, if the price turns down and breaks below $112, the next stop could be the 20-day EMA ($106). A break below this support could pull the pair to $95.

QNT/USDT 4-hour chart. Source: TradingView

The pair picked up momentum after breaking above $112 and reached near the downtrend line. This pushed the RSI into the overbought territory, which may have tempted the short-term traders to book profits.

The price rebounded off $112, indicating that the sentiment remains positive and traders are buying on dips. The pair could rise to $121 and thereafter to the downtrend line. On the downside, a break below $112 could sink the pair to the 50-SMA and thereafter to $95.

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

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *