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Top 5 cryptocurrencies to watch this week: BTC, ETC, LUNA, KLAY, AXS

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Top 5 cryptocurrencies to watch this week: BTC, ETC, LUNA, KLAY, AXS

Bitcoin (BTC) is facing a stiff challenge from the bears near the $48,000 mark. As Cointelegraph reported earlier, the buy and sell levels show that sellers on Binance have held their ground at $48,000.

PlanB, the creator of the stock-to-flow Bitcoin price model, said if Bitcoin manages to close August above $47,000, the year-end “worst-case scenario” target price of $135,000 may come into play.

Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

Crypto market data daily view. Source: Coin360

A survey of about 42,000 people in 27 countries by product comparison website Finder, showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41% while India and Indonesia had a 30% adoption rate.

Compared to their Asian counterparts, the respondents in the United Kingdom and the United States reported a low 8% and 9% adoption rate. However, the report warned that “due to the varying Google infrastructure in each territory, not all surveys were nationally representative.”

Will Bitcoin’s hesitation near the $48,000 mark result in profit-booking? Could altcoins attract funds that exit Bitcoin? Let’s study the charts of the top-5 cryptocurrencies that may extend their up-move in the next few days.

BTC/USDT

Bitcoin turned down from the resistance line of the rising wedge pattern on Aug. 14. This suggests that the bears have not given up and are defending the resistance line aggressively.

BTC/USDT daily chart. Source: TradingView

The BTC/USDT pair could now drop to the support line of the wedge, which could attract buyers. If the price rebounds off this level, the bulls will again try to resume the up-move. A breakout and close above the wedge will invalidate the bearish pattern and open the doors for a rally to $53,000 and then $60,000.

The upsloping moving averages and the relative strength index (RSI) in the positive zone suggest that bulls are in control.

Contrary to this assumption, if bears sink the price below the wedge, the pair could drop to the 20-day exponential moving average ($42,682). If the price rebounds off this level, the bulls will make one more attempt to resume the up-move.

But if the price slips below the 20-day EMA, the pair may drop to the 50-day simple moving average ($37,176).

BTC/USDT 4-hour chart. Source: TradingView

The bears are posing a stiff challenge in the zone between $46,743.47 and $48,144. They have pulled the price down to the 50-SMA on the 4-hour chart. If the price breaks below this support, the pair could drop to $43,770 and later to $42,451.67.

The flattening 20-EMA and the RSI near the midpoint suggest that the bullish momentum may be weakening.

If the price rebounds off the current level and rises above the overhead resistance zone, it will indicate that bulls are buying on every minor dip. That will suggest the resumption of the up-move.

ETC/USDT

Ethereum Classic (ETC) broke and closed above the overhead resistance at $63.56 on Aug. 13, completing an ascending triangle pattern. This bullish setup has a pattern target at $94.91.

ETC/USDT daily chart. Source: TradingView

Usually, after breaking out of a pattern, the price turns down and retests the breakout level. In this case, the ETC/USDT pair could retest the $63.56 level in the next few days. If bulls flip this level into support, the pair could start a new uptrend.

The rising 20-day EMA ($57) and the RSI in the overbought zone suggest that bulls have the upper hand. If the price breaks below $63.56, the pair could drop to the 20-day EMA.

A strong rebound off the 20-day EMA will suggest that the bullish sentiment remains intact. The buyers will then make one more attempt to resume the up-move. This positive view will be negated if bears pull the price below the 20-day EMA. That could result in a decline to the 50-day SMA ($51).

ETC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is in an uptrend. The bears are attempting to stall the up-move at $76.16 but the positive sign is that the bulls have not given up much ground. The rising moving averages and the RSI near the overbought territory indicate advantage to the buyers.

If bulls propel the price above $76.16, the next stop could be $84.16. On the contrary, if bears sink the price below $70, the pair could decline to the 20-EMA. A strong bounce off this level will suggest that the sentiment remains positive but a break below it may pull the price down to $63.56.

LUNA/USDT

Terra protocol’s LUNA token has been trading inside an ascending channel for the past few days. The breakout and close above the downtrend line suggest the start of a new uptrend.

LUNA/USDT daily chart. Source: TradingView

The bears have been defending the overhead resistance at $18 for the past four days. If the price rises from the current level or rebounds off the support line, the bulls will make one more attempt to propel the LUNA/USDT pair above $18. If they manage to do that, the next stop could be $19.54 and then $22.

Alternatively, if the price breaks below the channel and the 20-day EMA ($14), it will suggest that the bullish momentum has weakened. The pair could then retest the breakout level at the downtrend line.

LUNA/USDT 4-hour chart. Source: TradingView

The bears have twice stalled the up-move at $18, which makes it an important level to watch out for. The 20-EMA has flattened out and the RSI is just above 50, which points to a possible consolidation in the near term.

If the price rebounds off the 50-SMA, the pair could trade between $15.81 and $18 for some time. A breakout and close above $18 could start the next leg of the uptrend that could reach $20.81. Conversely, a break below $15 may signal the start of a deeper correction to $13.

KLAY/USDT

Klaytn (KLAY) rose above the $1.81 resistance on Aug. 14 but the bulls could not sustain the higher levels. The long wick on the candlestick of the past two days suggests that bears are aggressively defending the overhead resistance.

KLAY/USDT daily chart. Source: TradingView

The sharp rally of the past few days has pushed the RSI deep into the overbought zone, indicating the possibility of a minor correction or consolidation in the next few days. Any dip is likely to find support at $1.60 and then at $1.40.

If the price rebounds off either support, the bulls will make one more attempt to rise above $1.81. A breakout and close above this level will complete a rounding bottom pattern, which has a target objective at $2.90.

This positive view will invalidate if the price turns down and breaks below the 20-day EMA ($1.32). That could result in a decline to the 50-day SMA ($1.07).

KLAY/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that bears thwarted two attempts by the bulls to push the price above the $1.81 resistance. If bears sustain their selling pressure and sink the price below the 20-EMA, the decline could extend to the 50-SMA.

Conversely, if the price rebounds off the 20-EMA, the bulls will make one more attempt to clear the hurdle at $1.81. If they succeed, the KLAY/USDT pair could rally to $2.18. The rising moving averages and the RSI is in the positive zone, indicate advantage to the bulls.

Related: Bullish Ethereum traders can place risk-averse bets with this options strategy

AXS/USD

Axie Infinity’s native token AXS has been in a strong bull run in the past few weeks, hitting a new all-time high at $77.48 on Aug. 11. The long wick on the day’s candlestick showed that traders booked profits at higher levels.

AXS/USDT daily chart. Source: TradingView

The AXS/USDT pair has corrected to the immediate support at $63. If bears sink the price below this level, the pair could drop to the 20-day EMA ($51). The previous two corrections reversed direction from the 20-day EMA.

Therefore, the bulls are again likely to buy the dip to the 20-day EMA. A strong rebound off this level will suggest that the sentiment remains positive and traders are buying the dips. The bulls will then again try to resume the uptrend.

A breakout and close above $77.48 could clear the path for a possible run to $91 and then to psychological resistance at $100. Alternatively, a breakdown and close below the 20-day EMA may signal the start of a deeper correction.

AXS/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a descending triangle pattern, which will complete on a breakdown and close below the support at $63. This reversal setup has a pattern target at $48.52. The flattening 20-EMA and the RSI near the midpoint indicate that the bullish momentum is weakening.

Contrary to this assumption, if the price rises from the current level and breaks above the downtrend line, it will invalidate the bearish setup. That could increase the possibility of a retest of the all-time high at $77.48.

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.

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

Bitcoin (BTC) is likely in the middle of a short-term correction that has taken it below $60,000. Following this correction, a rebound in price is likely. 

BTC decreased considerably on Oct 26 and created a bearish engulfing candlestick.  This is a type of bearish candlestick in which the entire upward movement from the previous day is negated with an equal or larger drop the next day.

The main support area is found between $52,400 and $53,350. This range is made up of a short (white) and a long-term (black) Fib retracement level and a horizontal support area. There is also a minor support level at $56,550, created by only the short-term Fib level. 

Technical indicators support the continuation of the decrease.

The MACD, which is created by short and long-term moving averages (MA) is falling. Currently, the MACD is still positive, indicating that the short-term trend is moving faster than the long-term trend. However, it’s decreasing, signaling that the MA is decelerating.

The RSI, which is a momentum indicator is also decreasing. It’s above 50, signaling that momentum is still bullish, but the decreasing RSI indicates that momentum is also losing strength.

BTC gets rejected

The six-hour chart shows that BTC is moving underneath a descending resistance line since the Oct 20 all-time high price. 

More recently, the line rejected the price on Oct 25 (red icon), initiating the current downward move. The rejection also coincided with the $63,650 resistance area.

As long as the descending line remains unbroken, the short-term trend is considered bearish.

Wave count

The short-term wave count shows that BTC is likely in an A-B-C correction, which is potentially contained inside a parallel channel. For a long-term wave count analysis, click here.

Currently, BTC is in the C wave, which is the final portion of the correction and after which a rebound in price is likely.

There is considerable support near $56,500 and a drop to those levels would give waves A:C an exact 1:1 ratio. Furthermore, it would coincide with the support line of the channel. In addition to this, the area coincides with the short-term Fib support outlined in the first section. 

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin drops $1K in five minutes in fresh dip below $60K

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Bitcoin drops $1K in five minutes in fresh dip below $60K

Ethereum slips below $4,000 as an anticipated correction suddenly takes hold of crypto markets.

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Bitcoin drops K in five minutes in fresh dip below K

Bitcoin (BTC) fell sharply on Oct. 27 as $60,000 finally gave way to two-week lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin bites into major buy wal

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.

The move follows multiple retests of $60,000, with Bitcoin now taking liquidity in a large support wall with $57,000 as its base.

Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend.

#Bitcoin couldn’t break through $63.6K and tests the other side of the range.

Might be dropping another time if $61.6K can’t break and then I’m looking at $58K next. pic.twitter.com/HIsvhE5ZlZ

— Michaël van de Poppe (@CryptoMichNL) October 27, 2021

Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.

“Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.

“We won’t get sustainable price rises until that changes.”

Data showed $500 million being liquidated in a single hour across cryptocurrency.

Altcoins lose big on trend reversal

Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Related: Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target

Several of the top ten cryptocurrencies by market cap saw daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely in the green, up 23% on the day despite the market turnaround and continuing a wild month.

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Redditors cheer as GameStop assembles team of NFT experts

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Redditors cheer as GameStop assembles team of NFT experts

“Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” Gamestop’s Head of Web3 Gaming job listing reads.

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Redditors cheer as GameStop assembles team of NFT experts

GameStop (GME) is assembling a team of blockchain and NFT experts to work on the firm’s upcoming NFT platform.

The firm’s GME stock is a cult favorite amongst retail traders as a result of the r/wallstreetbets and Robinhood saga earlier this year. On Reddit the r/Superstonk community boasts 659,000 members, and is dedicated to hosting business and stock discussions related to GME.

A post about GameStop’s job listings yesterday has received more than 10,000 upvotes at the time of writing, with many members posting bullish sentiments over GameStop’s latest move.

GameStop quietly unveiled a bare-bones website for its NFT marketplace in May. The site currently features a Nintendo Gameboy-style gaming console with an Ethereum logo, along with a message calling out for recruits to work on the platform.

Since then the firm has held its cards close to its chest, however on Oct. 25 it listed a total of eight jobs for crypto-friendly candidates, including three roles for NFT experienced software engineers, three jobs for product marketers and with two roles focused on Web3 based gaming.

One of the listings for the Head of Web3 Gaming job says that GameStop is looking for someone with experience with “Ethereum, NFTs and blockchain-based gaming platforms.” The firm has also hinted that there are some plans related to the Metaverse in the works.

“GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” the job listing reads.

Web3, billions in revenue, NFTs, Ethereum Layer 2. probably nothing. $GME pic.twitter.com/s3PiaqtWQl

— Chris SilvΞstro (@vestro) October 26, 2021

Related: Reddit may be preparing to launch its own NFT platform

Members of the r/Superstonk community were singing the firm’s praises yesterday, with “Triaspia2” calling it one of the “best job listings” they had seen, while pledging to buy more GME as it was a “bullish signal.”

Redditor “Donnybiceps” was equally bullish, noting that:

“NFTs are the future and people who haven’t gotten on board the GME train while knowing all these clues then you should be blaming yourself for not thinking this through.”

GME has had a volatile performance in October, going as low as $166 before bouncing to around $187 and subsequently crashing down again. However, according to data from Tradingview, the price of GME has still gained 2.8% this month to sit at $178 at the time of writing. The year-to-date gain for GME is a whopping 844%.

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