Bitcoin (BTC) is on its way to form two consecutive Doji candlestick patterns on the weekly charts, but a positive sign is that the price is holding above the 20-week exponential moving average ($28,072). This indicates that the bulls have not lost their grip.
The popular pseudonymous trader TechDev used the three-week time frame to show that bitcoin pressure above the 20-period moving average is close to values seen only four times since bitcoin’s creation. Interestingly, on all three previous occasions, expansions occurred to the upside, indicating that history favors bulls.
However, in the near term, the lack of volatility has pushed bitcoin futures trading volumes to their lowest levels since December 2022. Cointelegraph contributor Marcel Bechmann believes this indicates that traders may have turned to other markets or may be avoiding making moves. at current levels.
While many altcoins are looking to Bitcoin for direction, some have outperformed in the near term. Let’s study the charts of the top five cryptocurrencies that are looking positive over the next few days.
Bitcoin price analysis
Bitcoin has been trading near its 20-day moving average ($29,447) over the past two days, indicating hesitation between the bulls and the bears.
Flat moving averages and the relative strength index (RSI) near the midpoint do not give a clear advantage to either the bulls or the bears. This could keep the BTC/USDT pair stuck within the range between $28,585 and $30,150 for a while.
The next trend movement is likely to start after the price escapes from this range. If the price drops below $28,585, the selling could gain momentum and the pair could drop to $26,000.
On the upside, a break and close above $30,150 could attract buyers. After that, the pair could rise to the $31,804 to $32,400 resistance area.
The four-hour chart shows that the price is stuck between moving averages, which indicates uncertainty about the next directional move. If the price closes below the 50-day SMA, the short-term advantage will tilt in favor of the bears. That could drag the price towards $29,000 and then to $28,585.
If the price rises and breaks above the 20-day EMA, it would indicate that the bulls are trying to take control. The pair may first rise to $29,738, and if this hurdle is removed, a rally could reach the upper resistance at $30,350.
Shiba inu price analysis
Shiba Inu (SHIB) is in a strong recovery, but buyers are facing resistance near the overhead resistance at $0.000012.
A bullish 20-day EMA ($0.000009) and the RSI near the overbought zone indicate that the bulls are in the driver’s seat. If the buyers do not give up much ground from the overhead resistance, that will boost the odds of a rally above $0.000012. If this happens, the SHIB/USDT pair could rise to $0.000014 and then to $0.000016.
Conversely, if the price drops below $0.000010, the pair may extend its decline to the 20-day moving average. This is still a key level to pay attention to because a break below could suggest that the recovery may be over.
The four-hour chart shows that the price has corrected to the 20-day moving average. The bulls are expected to aggressively protect the level. If they do, the pair may try again to break out and hold above the overhead resistance at $0.000011.
If the price slips and remains below the 20 day EMA, it would indicate that the bulls are losing their grip. The pair may then drop to the next major support level at the 50-day SMA. This level could see strong buying by the bulls.
Uniswap price analysis
Uniswap (UNI) bounced off the 50-day simple moving average ($5.79) on August 7 and rose above the 20-day moving average ($6.09) on August 8. This indicates that buyers are active at the lower levels.
UNI/USDT is witnessing a tough battle near the 20-day moving average, which indicates that the bears are not giving up yet. If the price continues below the 20-day moving average, selling may intensify and the pair may drop to the 50-day simple moving average.
Alternatively, if the price bounces off the 20 day EMA, it would indicate that the bulls are trying to turn this level into support. If they can do so, the pair could rise above the immediate resistance at $6.35 and reach $6.70.
Both moving averages on the 4-hour chart have flattened. This indicates a balance between supply and demand. If the price falls below the 50-day SMA, the advantage will tilt in favor of the bears. After that, the pair may drop to $5.80.
Alternatively, if the price bounces off the 50-day SMA and rises above the 20-day SMA, it will suggest buying on dips. After that, the pair could rise to $6.35. Buyers will have to overcome this resistance to break out to the top. After that, the pair may rise to $6.70.
Related: The transfer of Voyager token to Coinbase raises doubts about the sale
Maker price analysis
Maker (MKR) has been trading above the $1,200 breakout level over the past few days, which indicates that the bulls are trying to turn the level into support.
The 20-day moving average (1204 USD) is gradually sloping upwards and the RSI is in the positive territory, indicating that the bulls have the advantage. Buyers will try to push the price above the immediate resistance at $1,284 and challenge the local high at $1,370. A breakout and close above this level could signal the start of a new bullish trend.
If the bears want to prevent an upside move, they will have to quickly pull the price below the $1,200 breakout level. That could open the doors for a drop to the 50-day SMA ($1041).
The 20-day moving average on the four-hour chart is flat, and the RSI is just above the midpoint. The price action formed a symmetrical triangle pattern, indicating indecision between bulls and bears.
If buyers push the price above the triangle, the MKR/USDT pair may start an upward movement towards the pattern target at $1,463. On the other hand, a breakout below the triangle may indicate that the bears are back in the game. The pattern target on the downside is $986.
XDC network price analysis
The XDC Network (XDC) has pulled back to the 20-day moving average ($0.062), which is an important support to watch out for.
The 20-day moving average is fading and the RSI is just above its midpoint, which indicates that the bullish momentum could be weakening. If the buyers want to take control, they will have to push the price above the overhead resistance at $0.073. That could start an upward move to $0.082.
Conversely, a break and close below the 20-day EMA could take the pair down to the 61.8% Fibonacci retracement level at $0.056. Such a move can delay the start of the next phase of the uptrend.
The four-hour chart shows the formation of a descending triangle, which will complete on the breakout and close below $0.061. If that happens, the pair could start a downward movement to $0.054, and after that, to the pattern target of $0.040.
Contrary to this assumption, if the price continues above the current level and breaks above the downtrend line, it will invalidate the bearish setup. A negative setup failure is a positive sign. That could open the door for a potential rally to $0.082.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.