Bitcoin just breached the $20,000 mark. Let’s see which coin seems bullish enough this week to keep an eye on!
Bitcoin pierced through the resistance at $20,000 on Wednesday, which could be the start of a short-term rally. If this breakout is sustained, the coin can easily be seen hitting the next supply zone at $22,000.
In this week's analysis, let’s see which coin seems bullish enough this week to keep an eye on!
LINK/USDT
In our previous analysis, we had ascertained that it was very important for LINK to bounce from the support at $6.7. Later, the token did bounce and is now approaching the resistance at $7.5.
If a breakout is seen, expect the price to test the supply zone at $8.3 in the coming week. Moreover, if the strong momentum is continued, the price could also attempt to test the resistance at $9.5!
If the support is breached, the price will test the critical zone of demand at $6.2.
Also Read: Leverage in Crypto Trading
HIVE/USDT
As anticipated in our previous analysis, the price tested the last standing support at $0.45 on Friday. However, the bulls returned in full force which helped the price to reverse.
In the chart above, we can see that HIVE has formed huge wicks, which is not a good sign. Therefore, traders must maintain caution.
At the time of writing, HIVE just flipped the resistance at $0.48. However, it is advisable that traders wait for the breakout to be sustained. If the breakout is sustained, expect the price to start approaching the supply zone at $0.58.
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DOT/USDT
Earlier this week DOT broke a very crucial zone that it had been trading under for a month. Luckily for traders, the price was able to break back into the zone shortly after.
If the buying volumes are maintained, a breakout to the upside could be seen soon, and traders can expect the price to rally to the resistance at $7.61 in the coming weeks.
However, if the support at $6 is broken once again, a 52-week low could be set.
BAT/USDT
After a double bottom, a reversal was seen in BAT from the 52-week low at $0.26. It looks like the token will now test the resistance at $0.32 in the coming week.
Traders should avoid any long positions until BAT is able to flip the resistance at $0.32. If the resistance is flipped, expect the price to test the supply zone at $0.36. On the other hand, if the lower support at $0.26 is broken, a new 52-week is likely to be set.
FLUX/USDT
FLUX seems to be forming a rounding pattern and could soon trade near the resistance at $0.8. However, after the sharp fall from last week, it seems like a risky bet. This is why traders should hold off until the resistance at $0.8 is taken out.
APTOS/USDT
After its listing, APT has fallen significantly from its high of $23. At the moment a continuation pattern can be seen as the price is pulling back after a strong rally.
It is important for APT to sustain above $7.7 for the bullish trend to continue. Traders can expect a new swing high once the pullback is over.
Summary
A quick recap of all the coins:
- LINK is approaching strong resistance.
- HIVE has broken a crucial demand zone.
- Huge buying volumes can be seen in DOT.
- Avoid long positions in BAT until the resistance is flipped.
- FLUX is forming a rounding bottom.
- APT is currently pulling back.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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