Top Five Cryptocurrencies to Watch This Week: BTC, ETH, DOT, AAVE, SNX

Photo: Coin Telegraph

Bitcoin may be struggling to reclaim its all-time high but during this time a handful of altcoins have rallied to new highs. This shows that retail traders are currently focusing on altcoins.

Let’s study the charts of the top five cryptocurrencies that could trend in the next few days.

BTC/USD

Bitcoin’s bounce off the 50-day simple moving average or SMA ($28,632) is facing resistance near the 20-day exponential moving average or EMA ($33,775).

The failure to rise above the 20-day EMA is a negative sign as it shows a possible change in sentiment from buying on dips to selling in each rally.

BTC/USDT daily chart. Source: Trading View

The 20-day EMA has started to slope down and the relative strength index (RSI) has been trading below the 50 level, suggesting that the bears are trying to make a comeback.

The inside day candlestick pattern on Jan 23 and today shows indecision among the bulls and the bears.

ETH/USD

Ether has climbed above the $1,300 overhead resistance, and the bulls are attempting to resume the up-move. The upsloping moving averages and the RSI above 61 suggest the bulls are in control.

ETH/USDT daily chart. Source: Trading View

If the price sustains above $1,300, the ETH/USD pair could retest the all-time high at $1,438.318. A breakout and close above this resistance may start the journey to the target objective at $1,675.

On the other hand, if the price turns down from the overhead resistance, the pair may drop to the 20-day EMA ($1,166).

A rebound off this support will increase the possibility of the resumption of the uptrend.

Read more from the original article here.