Top 5 cryptocurrencies to watch this week: BTC, ETH, BCH, AXS, EOS
The bulls are attempting to achieve a strong weekly close for Bitcoin (BTC), while the bears are attempting to regain their advantage. Analysts are closely watching the 200-week moving average which is at $22,705 and BTC's current setup suggests that a decisive move is imminent.
Many analysts expect a weekly close above the 200-week MA to attract further buying but a break below it could signal that bears are back in the game. Although the short-term picture looks uncertain, analyst Caleb Franzen said that Bitcoin has been in an accumulation zone since May.
Meanwhile, on-chain analytics firm CryptoQuant highlighted increasing outflows of Ether (ETH) from major exchanges, totaling $1.87 million coins on July 22. Usually, outflows from crypto exchanges suggest that traders are bullish for the long-term hence they may be moving their coins to safety.
Could Bitcoin resume its recovery, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that look strong on the charts.
The bears tried to sink Bitcoin back into the symmetrical triangle on July 23 but the bulls had other plans. The rebound off the breakout level from the triangle indicates that buyers are defending the level aggressively.
The gradually rising 20-day exponential moving average ($21,865) and the relative strength index (RSI) in the positive territory indicate advantage to buyers.
If bulls sustain the price above the 50-day simple moving average ($22,384), the BTC/USDT pair could rally to the overhead resistance zone between $23,363 and $24,276. A break and close above this level could open the gates for a rally to the pattern target at $28,171 and then to $30,000.
Conversely, if the price slips below the 20-day EMA, the pair
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