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Wednesday

24 February 2021

Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET

Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET


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That uncertainty has resolved to the upside today and the bulls will now try to propel the price to $60,974.43.

A break below the channel will indicate a possible change in trend and the pair may then correct to the 50-day simple moving average.

The 4-hour chart shows the pair remains in a strong uptrend and the bulls have aggressively purchased the dips to the 20-EMA.

A bounce off this support will suggest that the trend remains strong and the bulls are not waiting for a deeper correction to buy.

The momentum could pick up if the bulls can propel and sustain the price above the channel.

On the contrary, if the bears can sink the price below the 20-EMA, it will suggest profit-booking by traders.

The trend could weaken if the pair plunges below the channel.

A breakout and close above the $545 to $581.667 resistance zone could start the next leg of the uptrend that may reach $697.50 and then $814.397.

On the other hand, if the bears can sink and sustain the price below $392.50, it will suggest that supply exceeds demand.

If the bears sink the price below the $392.50 support, the pair could drop to $300 and then to the 61.8% Fibonacci retracement level at $267.094.

If the bulls can thrust the price above $26.55, the next leg of the uptrend could begin.

A strong bounce off this support could keep the uptrend intact but a break below it will suggest a deeper correction to the 61.8% retracement level at $14.347.

But if the bulls fail to sustain the price above $50, it will suggest that traders are booking profits at higher levels.

If the price rises from the current level and breaks above $54.191, the uptrend could resume.

If the bulls can drive the price above the overhead resistance at $0.060774, the VET/USD pair could start the next leg of the up-move.

Contrary to this assumption, if the bulls fail to propel the price above the overhead resistance, the VET/USD pair may consolidate between $0.060774 and $0.0424 for a few more days.

However, the pair has formed an ascending triangle pattern that will complete on a breakout and close above $0.060774.

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MicroStrategy Buys $1.026 Billion Of Bitcoin
published: 36 minutes ago
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cointelegraph.com
Market data feeds provided by cryptocompare.com
bitsmart 2021