Top 5 Cryptocurrencies to Watch This Week: BTC, XTZ, XLM, ADA, NEO

Takeshi Fujimaki, a former adviser to George Soros, has said that Paul Tudor Jones is attempting to capture the large tendency. According to Fujimaki, Jones' contempo investment into Bitcoin (BTC) indicates that he is concerned well-nigh inflation and believes that cryptocurrencies could benefit in such an environment.

Following the recent growth and popularity of Grayscale'south Bitcoin Trust security in the past few months, investment firm Wilshire Phoenix has filed an awarding with the U.S. Securities and Exchange Committee to launch a publicly traded Bitcoin fund. If the fund gets the green signal it is probable to attract institutional investors.

Crypto market data daily view. Source: Coin360

For the by few weeks the top-ranked cryptocurrency on CoinMarketCap has been struggling to break out of the $x,000–$ten,500 resistance zone. This tin attract profit booking by brusk-term bulls and shorting by aggressive bears. If BTC weakens further it is likely to have a knock on effect on altcoins but this could also bring nigh some lucrative investment opportunities. Let'due south look at a few cryptocurrencies that may offer trading opportunities to bulls and bears.

BTC/USD

Bitcoin (BTC) is witnessing a tussle between the bulls and the bears. The bulls are attempting to calibration the price in a higher place the $ten,000–$10,500 overhead resistance zone in order to resume the upward move. On the other hand, the bears are trying to grade a curt-term acme at the $10,000 levels.

BTC/USD daily chart. Source: Tradingview

The BTC/USD pair turned down from the critical level of $10,000 on June 10 and slumped to the 50-solar day simple moving average ($nine,254) on June 11. Hence, traders should watch these two levels carefully because the next trending move is likely to get-go later on the price breaks out of either level.

If the pair rises above the ten-day exponential moving boilerplate ($9,548), the bulls volition attempt to carry the price to $ten,000 levels. A breakout of the $x,000–$10,500 zone will bespeak the possible start of a sustainable uptrend.

Conversely, if the bears sink and sustain the toll below the 50-day SMA a deeper correction to $8,638.70 and so to $eight,130.58 is likely. A break below this back up could concenter further selling and result in a downtrend.

Currently, as the 50-24-hour interval SMA is still sloping upward, the intermediate trend favors the bulls while the short-term trend has turned indecisive every bit seen from the upward and downward movement of the ten-solar day EMA.

BTC/USD 4-hour nautical chart. Source: Tradingview

The bulls purchased the dip below the trendline (shown via ellipse on the chart) but they are finding it difficult to sustain the rebound. This suggests selling on whatsoever pullback past the bears.

In the short-term, the downtrend line is acting as a resistance. If the pair breaks above the downtrend line, the bulls might make one more than attempt to comport the cost to $x,058.52. This move could present a trading opportunity to the aggressive traders.

Conversely, if the price turns downwards and breaks down of the trendline, it volition point an advantage to the bears. If the toll sustains below the trendline the bears will make some other endeavour to sink the pair beneath $ix,078.96. If this is successful then a new downtrend is possible.

XTZ/USD

Tezos (XTZ) had been trading in an ascending channel for the past few weeks. However, on June xi, the altcoin plunged below the channel, which is a huge negative. The large reddish candle shows that bears were in command.

XTZ/USD daily chart. Source: Tradingview

With this breakup, the 11th-ranked cryptocurrency on CoinMarketCap also slipped below the l-solar day SMA ($ii.75). Both moving averages are on the verge of a bearish crossover and the RSI is in the negative territory, which suggests that bears have the upper hand.

If bears sink the price below the $2.5202 intraday low formed on June eleven, a downtrend is likely to brainstorm. The next back up on the downside is $two.24, which was the intraday depression made on May x.

This surly view volition exist invalidated if the bulls reverse direction and push the price back to a higher place the downtrend line. In such a instance, the trend might turn range-bound in the near-term.

XTZ/USD 4-hour chart. Source: Tradingview

The iv-hour chart shows that the selling picked up momentum after the price slipped below the channel and further intensified on a pause below the horizontal support at $2.8085.

On the pullback from the lows, the bears aggressively defended the 10-EMA, which is some other bearish sign. If the bears can sink the toll below $ii.5202, the XTZ/USD pair is likely to pick up momentum on the downside. This could offering a shorting opportunity to ambitious traders.

However, if the bulls defend the $2.589–$2.5202 zone aggressively, the pair might rise to $2.seventy and then to $ii.7568 and remain range-bound for a few days. The bearish view volition exist invalidated if the bulls propel the toll above the downtrend line.

XLM/USD

Stellar Lumens (XLM) plummeted beneath the support line of the ascending channel and the fifty-day SMA ($0.071) on June eleven. While this is a negative sign, the bears have not been able to build upon this breakdown.

XLM/USD daily nautical chart. Source: Tradingview

This suggests that bulls are buying on dips and are trying to continue the 13th-ranked cryptocurrency on CoinMarketCap inside the channel. However, the bears are non allowing the bulls to have it easy equally they are attempting to stall the recovery and start a new downtrend.

If the toll turns down from the electric current levels and breaks beneath $0.068607, a drop to $0.063509 and and so to $0.59404 is possible.

Conversely, if the bulls can carry the price above the downtrend line, a rally to $0.079319 then to $0.086277 is probable. The altcoin can get either way and offer trading opportunities to both bulls and bears.

XLM/USD 4-hour chart. Source: Tradingview

The bears are aggressively defending the resistance at $0.074. If the XLM/USD pair continues lower and breaks beneath $0.068607, information technology is likely to attract further selling. This could offer a shorting opportunity to the aggressive traders.

On the other hand, if the bulls can button the cost in a higher place $0.074 and the downtrend line, the momentum is likely to selection up. This could offer a buying opportunity to the bulls. Above the downtrend line, a rally to $0.08 and then to $0.086277 is likely.

As the pair tin move either style, traders should exist conscientious with the start breakout or breakdown because the possibilities of a bull trap or a bear trap are high. It is improve to wait for the breakout to sustain before initiating any trades.

ADA/USD

Cardano (ADA) is currently witnessing a pullback in an uptrend. The 50-day SMA ($0.061) is sloping up, which suggests that the intermediate trend is up. However, the short-term has turned negative as seen from the downsloping 10-solar day EMA ($0.079).

ADA/USD daily nautical chart. Source: Tradingview

The pullback is a good for you sign because it has helped the 10th-ranked cryptocurrency on CoinMarketCap correct the huge overbought levels on the RSI.

Currently, the bulls are attempting to provide support at the 38.2% Fibonacci retracement level of $0.0751964. If the rebound off this support can sustain higher up $0.0806825, information technology will increase the likelihood of a retest of $0.0901373 and if this level is scaled, the uptrend could resume.

However, if the bears sink the price below $0.0751964, a driblet to the fifty% and 61.8% Fibonacci retracement levels of $0.0705811 and $0.0659658 is possible. The deeper the pullback, lower will be the chances of a resumption of the upwardly move.

ADA/USD 4-hr chart. Source: Tradingview

Both moving averages on the iv-hr chart are sloping down and the RSI is in the negative zone, which suggests that bears have the upper hand.

If the ADA/USD pair rebounds off the $0.0740–$0.0720 support zone, the bulls will try to push the price above the downtrend line. A breakout of $0.0806825 can open up upward trading opportunities to the upside.

This bullish view volition exist invalidated if the pair sinks below the support zone. Such a move will indicate that bears have a firm grip. In such a case, long positions can be avoided.

NEO/USD

NEO is at a critical level. The l-day SMA ($10.34) is sloping upward, which suggests that the intermediate trend is up. However, on June 10, the altcoin broke beneath the back up line of the ascending aqueduct, which suggests that the upside momentum is weakening.

NEO/USD daily chart. Source: Tradingview

Even though the bulls purchased the dips on June ten, the subsequent rebound has been weak. This suggests that ownership dries up at higher levels. Some other negative sign is that the bulls are struggling to keep the price inside the channel.

If the bears sink the 19th-ranked cryptocurrency on CoinMarketCap below $10.42133, the selling is probable to intensify. The next support to sentinel out on the downside is $9.21399 and then $viii.60349.

Conversely, if the bulls can push the price back higher up the 10-twenty-four hours EMA ($11.27) and the downtrend line, information technology will suggest aggressive ownership by the bulls at lower levels. This will increase the possibility of a rally to $12.2839 and then to $12.1711.

NEO/USD 4-60 minutes nautical chart. Source: Tradingview

The iv-hour nautical chart shows that bulls are struggling to keep the toll inside the ascending channel. This is a negative sign as this indicates selling on rallies.

If the NEO/USD pair breaks below $ten.42133, it could open the gates for farther downsides to $9.58498 and then to $9.21399. Traders may endeavour to ride this movement lower using brusque positions. The 50-SMA is sloping down and the RSI is in the negative zone, indicating that bears have the upper hand.

However, if the bulls purchase the dip in one case once again and propel the pair above the downtrend line, information technology is likely to concenter further buying. A buying opportunity is likely to open up up for the bulls if the price sustains to a higher place the downtrend line.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves chance, you should deport your own inquiry when making a conclusion.

The marketplace data is provided by the HitBTC commutation.

Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-xtz-xlm-ada-neo

Posted by: lilienthalyoursider.blogspot.com

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