A gradual rebound in the price of bitcoin fuels the bullish momentum in ETH, UNI, FIL, and GRT.
Following two weeks of intense trading, Bitcoin is now resting at $52,000. The bulls are unwilling to give up even if the bears are attempting to initiate a correction.
Any negative impact is probably limited by the robust equities markets, the impending halving, and the consistent inflows into the spot Bitcoin exchange-traded funds.
To predict Bitcoin’s next course, analysts will be keenly observing the inflows into the spot ETFs. Grayscale Bitcoin Trust outflows on February 24 were roughly $44 million, the lowest since January 11, according to BitMEX Research data.
The positive sentiment surrounding cryptocurrencies is still present as Bitcoin stays above $50,000.
Short-term traders may search for trading opportunities in cryptocurrencies that are showing strength while Bitcoin consolidates.
Could Bitcoin, after a short break, start to rise again? Will altcoins rise in tandem with Bitcoin? Let’s take a look at the top 5 cryptocurrencies that appear to be doing well.
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The fact that Bitcoin has been finding resistance at $53,000 and support at $50,500 suggests that it is consolidating within a narrow range.
This indicates that the bulls are not making haste to go out, which is encouraging.
The relative strength index (RSI) and increasing moving averages both point to the bulls’ advantage close to the overbought zone.
A move up to $60,000 could be possible if there is a break and closing over $53,000.
The bears are running out of time. They will need to pull the price below the $48,970 breakout barrier soon if they hope to stop the surge.
The BTC/USDT pair might drop to the 50-day simple moving average ($45,542) if they take that action.
The 4-hour chart’s moving averages are flat, and the RSI is slightly over the middle, suggesting a slight bullish advantage.
The pair may reach $53,000 if the price stays above the 50-SMA.
If the pair breaks through this level, which is probably going to serve as strong barrier, they might rise as high as $55,000 and then even $60,000.
On the other hand, if the price drops from $53,000, the pair might stay in the range for a while. The pair might drop to $48,970 if they decline below $50,500.
A break below this crucial short-term support will tip the scales in favour of the bears, so it’s still important to keep an eye on it.
For the last few days, ether has been strongly rising. Near $3,000, the bears attempted to stop the upward trend, but it appears from the little reversal that the bulls are not going to give up.
The bulls are in control, as seen by the upsloping 20-day exponential moving average ($2,784) and the RSI in the overbought zone.
The next phase of the uptrend might begin with a close above $3,000. It’s possible for the ETH/USDT pair to reach $3,300 and then $3,650.
The 20-day EMA is the next level of support on the downside, after $2,850.
A decline below the 20-day moving average will indicate that the bulls might be quickly booking profits. The pair might drop to $2,717 and then $2,527, which is the 50-day SMA.
The fact that the bulls prevented the price from falling below the 50-SMA is encouraging, even though the pair is encountering resistance close to $3,000.
The RSI is in positive territory and the 20-EMA is beginning to move up, suggesting that the upside is the path of least resistance. The pair may continue rising if the price stays above $3,000.
A break and closing below the 50-SMA will be the first indication of weakness. Buyers may lose ground to $2,850 and then $2,717 if they are unable to hold this level.
The lengthy wick on the candlestick from February 24 indicates aggressive profit booking at $12.85.
It sparked a decline that will probably find support at $9.91, the 50% Fibonacci retracement level.
The bulls will attempt to push the UNI/USDT pair up to $11.63 and then $12.85 if the price moves higher from its current position. A move above $12.85 might make a rally to $17 possible.
The 61.8% Fibonacci retracement level of $9.21, on the other hand, is probably going to be the next halt if the price breaks below $9.91.
In general, an indication that the uptrend might be ending is a breach below the 61.8% retracement line.
On the 4-hour chart, the bulls are attempting to maintain the pair above the 20-EMA.
“The candlestick’s long wick signals profit booking at $12.85, sparking a decline likely finding support at $9.91. Bulls aim for $11.63 and $12.85, with a breach below $9.91 indicating potential resistance at $9.21. Bulls seek to hold above the 20-EMA, facing resistance at $11.63. Failure to surrender ground from $11.63 could lead to a rally to $12.85. A decline below the 20-EMA suggests bear resurgence, possibly dropping to $9.21 and the 50-SMA, with recovery time lengthening with the decline’s depth.”
Should the price rise from its current position, $11.63 is probably going to provide strong resistance once more.
The likelihood of a rally to $12.85 will rise if purchasers do not give up much ground from $11.63.
In contrast, it will indicate that the bears are attempting a resurgence if the price declines further and closes below the 20-EMA.
After that, the pair might drop to $9.21 and eventually the 50-SMA. The time it takes for the next leg of the upswing to begin increases with the depth of the decline.
The bulls are attempting to break through the overhead zone on February 25th, which is located between $8.12 and $8.57. Should they be successful, the rise will resume.
The $10 resistance level may be reached by the FIL/USDT pair, at which point the bears are likely to put up a strong fight.
In contrast, a decline in price that breaks below $7.70 will suggest that the bears are tenaciously guarding the overhead zone.
That might trigger a drop to the 20-day moving average ($6.74), which would probably serve as a solid floor.
The pair bounced back off the 20-EMA, suggesting that traders are still seeing the dips as opportunities to buy and that sentiment is still optimistic.
The pair may rise towards $9 if buyers keep the price over the overhead barrier at $8.57.
The RSI is beginning to produce a bearish divergence, even if the rising moving averages are favouring the bulls. This suggests that the bullish momentum might be losing strength.
To indicate the beginning of a decline to the 50-SMA, the sellers must descend and hold the price below the 20-EMA.
On February 18, the graph broke over the $0.23 overhead barrier, signifying that the uptrend had resumed.
The fact that the bulls have prevented the price from falling down below the breakout level of $0.23 is encouraging, even though the bears are attempting to stop the upward rise around $0.30.
This implies that people are buying dips.
The GRT/USDT pair may rise to $0.37 if the price stays above $0.30.
The overbought position on the RSI, which suggests a potential correction or consolidation in the short term, poses a risk to the upward rise.
If the price breaks below the 20-day EMA ($0.22), the trend will be in favour of the bears.
The pair is finding support near the 20-EMA on dips, according to the 4-hour chart.
Although this is encouraging, the RSI has created a negative divergence, which implies that the momentum in the bullish direction is waning.
Selling may intensify and the pair may drop below $0.23 if the price breaks below the 20-EMA and keeps falling.
Conversely, a price increase from the current level or the 20-EMA will indicate that the uptrend is still in place.
The second leg of the uptrend will then be initiated by the bulls attempting to break over the barrier at $0.30.
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