Top 5 most notable coins of the week: BTC, ALGO, ATOM, XTZ, EGLD

Bitcoin (BTC) is experiencing a fierce battle between the bulls and bears near the 200-day SMA, which is viewed as a key level by institutional investors trying to decide whether the asset is bullish or falling.

In addition, crypto investors also pay attention to the formation of a golden cross in Bitcoin. When this bullish setup is complete, it signals a trend in favor of the bulls. For now, investors are focusing on a few individual altcoins as they continue their journey north.

In essence, Bitcoin hit another major milestone when the miners hit the 700,000 on September 11th. Block generated. Bitcoin was trading nearly $ 8,000 when it hit $ 600,000 on October 18, 2019. Block reached.

Reaching this important milestone drove some users quote retweeted by Hal Finney, one of the early pioneers of Bitcoin:

“Every day that goes by and Bitcoin doesn’t crash due to legal or technical problems gives the market confidence. It increases the chances of Bitcoin being successful and confirming a higher price. “

Let’s take a look at the charts of the top 5 cryptocurrencies that could attract the attention of short-term traders.

BTC technical analysis

Bitcoin closed below the 200-day SMA ($ 45,894) on September 10, but the bears failed to capitalize on that move. The bulls are currently trying to push the price back above the 200-day SMA.

BTC / USDT daily chart | Source: TradingView

The moving averages are about to complete a gold cross, suggesting that the advantage is likely in favor of the bulls. If buyers push the price above $ 47,399.97, the BTC / USDT pair can rebound into the $ 50,500 to $ 52,920 zone.

The bears will likely defend this zone aggressively, but unless the bulls give up much, a breakout will rise above $ 52.920. If so, the pair can rebound to $ 60,000.

On the flip side, if the price is falling from current levels, it shows that the bears are actively defending the 200-day SMA. After that, the pair can retest the critical support at $ 42,451.67. Breaking below this level could increase the advantage in favor of the bears.

BTC / USDT 4-hour chart | Source: TradingView

The 4-hour chart shows that the price has fallen twice from $ 47,550. Hence, it has become an important level to watch for in the short term. A break and close above this resistance could open the door for a move higher to $ 50,500.

However, the moving averages are preparing for a bearish cross, showing that sellers are trying to pull back. A break and a close below $ 44,000 could signal a slight advantage to the bears. After that, the pair may drop to the critical $ 42.451 level.

Technical analysis ALGO

The long tail on September 7th shows that the bulls were actively buying as the price fell to the 50-day SMA ($ 1.10). Strong buying on September 8th drove Algorand (ALGO) above tough resistance at $ 1.84.

Daily ALGO / USDT chart | Source: TradingView

The bears tried to trap the aggressive bulls by lowering the price below the $ 1.84 breakout on September 10, but buyers have other plans. The ALGO / USDT pair rallied strength today, trying to push the price above $ 2.49.

If this succeeds, the pair can continue the uptrend with the upside target first at $ 3 and then at $ 3.32. Conversely, if the price goes down again from $ 2.49, the pair may drop to $ 1.84 and hold a range between the two for the next several days.

A breakout and a close below $ 1.84 would suggest that the current breakout is a bull trap. After that, the pair can slide to $ 1.60.

ALGO / USDT 4-hour chart | Source: TradingView

The 4-hour chart shows the bears are defending the $ 2.49 resistance level. If sellers push the price below $ 2.30, the pair may slide again to break out at $ 1.84. A rebound from this support could point to area action for a while.

Unless the bulls give up much from current levels, it increases the possibility of a breakout above $ 2.49. If buyers maintain the breakout, it could signal the continuation of the uptrend.

Technical analysis by ATOM

Cosmos (ATOM) rebounded from the breakout at $ 17.56 on September 7, indicating that the bulls are actively defending that support. This is the second time the bulls have successfully maintained this level, the last time on August 26th and 27th.

ATOM / USDT daily chart | Source: TradingView

The long tail on September 8th shows that sentiment is turning positive and traders are trending down. The moving averages have completed a bullish cross, showing that the bulls are in control.

Strong buying pushed the price above the $ 32.32 resistance today. If the bulls sustain the breakout, the ATOM / USDT pair can rise to $ 39.43.

The bears likely have other plans. They will try to push the price back below $ 32.32 and trap the aggressive bulls. If successful, the pair may fall as low as $ 26, a break below that shows that the upward momentum has subsided.

ATOM / USDT 4-hour chart | Source: TradingView

The 4-hour chart shows that the bears were sold when the price just broke above $ 32.32, but they were unable to keep the pair below $ 32, which shows that the bulls will keep buying on any slight decline. If the bulls hold the price above $ 32.32, the pair can rise to $ 38.49.

Conversely, if the bears pull the price below $ 32.32 again, the pair may drop to $ 30.98. If the price recovers from this level the bulls will attempt to resume the uptrend, but if the support is broken the decline may extend to the critical support at $ 26.

XTZ technical analysis

Tezos managed to flip the breakout at $ 4.47 to support on September 7th and 8th. Although the bears pushed the price below the 200-day SMA ($ 4.19), they were unable to hold the lower levels. This shows the accumulation on pullbacks.

Daily XTZ / USDT Chart | Source: TradingView

The XTZ / USDT pair gained momentum on September 9th and the bulls pushed the price above the USD 6.14 resistance on September 10th.

Hence, it becomes an important resistance that the bulls must overcome. If they do that, the pair could retest the all-time high of $ 8.42. A breakout and a close above this level would indicate the beginning of a new uptrend.

Alternatively, if the price moves back down from the overhead resistance, the pair may fall to $ 5. Such a move would indicate aggressive profit booking at higher levels.

XTZ / USDT 4-hour chart | Source: TradingView

The 4-hour chart shows the pair is currently consolidating between $ 5.88 and $ 6.80. If the bulls push and hold the price above the $ 6.80 to $ 6.95 resistance range, a rally to $ 7.72 is possible.

If the price drops from $ 6.80, the pair may add a few days to the range. A breakout and a close below $ 5.88 is the first sign that the bulls are losing their grip. After that, the pair can drop to the 50 SMA.

Technical analysis EGLD

Elrond (EGLD) rebounded from the 200-day SMA (USD 131) on September 7th and 8th, showing strong demand at a lower level. The moving averages formed a gold cross on September 9, showing that the bulls are back in charge.

Daily EGLD / USDT chart | Source: TradingView

Continuous buying drove the EGLD / USDT pair to an all-time high on September 11th, where the bears sought to halt the upward momentum. The bulls are in no mood to give up their advantage, however, and drove price to a new all-time high today.

If the bulls hold the price above $ 245.80, the pair could enter the next phase of the uptrend. The bears can be quite challenging at the psychological $ 300, but if the bulls can break that resistance the rally can extend to $ 357.80.

The bears must drag and hold the price below the breakout at $ 245.80 to signal a possible turnaround.

EGLD / USDT 4-hour chart | Source: TradingView

The bulls are currently trying to push and hold the price above the resistance line of the rising parallel channel. If they do that, the upside momentum could intensify and the pair could return to its boom.

On the flip side, if the price drops from current levels, the pair may fall to the support line of the channel. A strong rebound from this will show sentiment remains positive and traders are buying on the downside.

A break and a close below the channel are the first signs that bullish momentum may wear off.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cointelegraph

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