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Saturday

24 October 2020

Top 5 cryptocurrencies to watch this week: BTC, XRP, ADA, XMR, ATOM

Top 5 cryptocurrencies to watch this week: BTC, XRP, ADA, XMR, ATOM


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The moving averages on the verge of a bullish crossover and the relative strength index above 64 indicate that the advantage is currently with the bulls.

Such a move will suggest that the current breakout was a bull trap.

This shows that the bulls are buying on every minor dip and are currently attempting to push XRP above $0.26.

Contrary to this assumption, if the XRP/USD pair turns down from the current levels and breaks below the 20-day EMA ($0.246), it will show that the bears are aggressively shorting on rallies to $0.26.

A break below the 20-EMA will be the first sign of weakness and the advantage will turn in favor of the bears if they can sink the price below the $0.24 support.

If they can propel the price above the neckline, it will complete a reversal setup that has a pattern target of $0.1331.

Such a move will suggest that the breakout above $0.104044 was a bull trap.

However, unless the bulls drive the price above the neckline, the bears will again try to sink the pair back below $0.1040440 and the 20-EMA.

However, if the XMR/USD pair turns down from the current levels and drops back below $121.427, the bears will try to drag the price to the 20-day EMA.

Even if the price dips back below this level, the bulls will again try to buy the dip to the 20-EMA. .

This breakout has seen further buying today and the bulls have pushed the price above the $5.877 resistance. 

Contrary to this assumption, if the pair turns down from the current levels, the bears will try to sink the price back below the neckline and the 20-day EMA. 

If that happens, it will indicate that the current breakout was a fake one

The bulls have pushed the price above the overhead resistance at $5.877 that could start a new uptrend

If the price becomes pinned below the neckline this will be a sign of weakness

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