Although data suggests that institutional investors are positioned for an upside move, retail traders should keep a close watch on the price action and take large bets only after a trending move starts.
Let's study the charts of the top-5 cryptocurrencies that could start a trending move next week.
BTC/USD. Bitcoin has been holding above the 20-day exponential moving average for the past few days.
If the bulls can push the price above the downtrend line, the BTC/USD pair could retest the $11,719 resistance.
If the bulls can propel the price above the downtrend line, the bearish pattern will be invalidated.
The XLM/USD pair has formed an ascending channel and the bulls are attempting to push the price above the overhead resistance at $0.084584.
If the pair stays above the moving averages, the buyers will make one more attempt to drive the price above $0.084584.
The pair had broken above the channel but the bulls could not clear the hurdle at $0.084584.
Conversely, if the bulls propel the price above the overhead resistance zone, it will signal the resumption of the uptrend.
If the bulls can push the price above the moving averages, the LTC/USD pair could again rise to $51.50.
Top 5 cryptocurrencies to watch this week: BTC, XLM, CRO, BNB, LTC
Published on Oct 18, 2020
by Cointele | Published on Coinage
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