Bitcoin, along with most of the other altcoins, is under tremendous pressure because bears are being sold at each rally attempt. This is a negative sentiment that has been able to pull the greed index and crypto fear to 10/100, as recorded on January 8. Also, in comparison, 2021 initiated on a bullish record and the hitting levels were 93/100. This is a weak opening of the current year, but Mike McGlone, the intelligence expert of Bloomberg, decides to remain bullish. According to his recent analysis, Bitcoin can rally up to $10000, and Ether can go to 5000 dollars this year.
Top five cryptocurrency coins
Some analysts argue that Bitcoin may face some trouble to maintain the bullish trend. It can be a problem in the surroundings where the interest rates are going up. Holger Zschaepitz asked whether Bitcoin could keep up without the low rates and trillions of dollars.
Here is everything you need to know about the top five cryptocurrencies to understand the short-term positivity.
- Top five cryptocurrency coins for this week
The downtrend of Bitcoin has been able to gain strong support of 39000 dollars. There is a perfect pattern on January 8, which indicates numerous indecision among the bulls and bears. Bhoot of the averages are going down, and you can see that the relative strength index is nearing the oversold zone.
Chain link is the trader with a range between 15 to 35 dollars for the last months. The bulls have pushed the price above the average, which indicates that short-term buyers have the upper hand. It also showed a strong challenge nearing 27 dollars for the last few days, but the price did not go down below the $23 EMA because of the bulls. If maintenance rises above $27, the LINK pair could go to 30, and the resistance could be 35 dollars.
The internet computer closed on the downtrend line as recorded on January 4, and it was a proper mark that the downtrend could be ending. The bears led a trap to hunt down the aggressive bulls to pull the price back below the 20 days EMA. It would come down to $29, but the trap did not work well. It again pushed and closed with the price above the downtrend on January 8. It might indicate that the breakout on the town trendline could be the Bull trap.
LEO has been trading in an upward curve for the last couple of weeks, and the 50 days SMA acted as very strong support with 3.55 dollars as the price. Bears wanted to pull the prices below the average on January 7, but the bulls did not let it happen. Instead, it has resulted in a strong rebound scenario on January 8, and the price has been pushed above the 20 -day EMA with 3.69 dollars. Now the bulls will try to drive the price even higher at 3.92 dollars, and on success, it can resume and reach 4.25 dollars. This is a positive view that can invalidate if the price goes down.
Harmony has been trading between 0.27 and 0.33 dollars for the last couple of days. It is indicated that the bulls are inclined on dips, and the bears are selling. There is a rise in the 20 days EMA, and it is suggestive to the advantage of buyers. If the price goes below the 20 days EMA, it will be suggested that the bears have power over the Bulls.