With Bitcoin’s (BTC) halving less than 23 days away, traders would like to go into the event with strong bullish sentiment but this is yet to be determined. If Bitcoin is able to breakout and sustain above its overhead resistance, it is likely to pull the crypto markets higher. The first sign of strength would be if the total market capitalization can sustain above the $211 billion mark.
Crypto market data daily view. Source: Coin360
Although Bitcoin is the leader, there are a few altcoins that are showing promise and could outperform the largest cryptocurrency next week. Here are the top 5 cryptocurrencies that could offer short-term trading opportunities in the next few days.
After repeatedly facing resistance at $176.103 (shown via ellipses on the chart), Ether (ETH) broke out of the overhead resistance on April 18 with strength. This is a positive sign as it shows that the bulls are keen to buy at every higher level.
ETH-USD daily chart. Source: Tradingview
Both the 10-day EMA ($169) and the 20-day SMA ($158) are sloping up and the RSI has been trading in positive territory for the past few days. This suggests that the bulls have the upper hand.
The previous resistance of $176.103 is now likely to act as a strong support. If this level holds, the ETH/USD pair is likely to scale above $189.402, which is just above the 61.8% Fibonacci retracement level of the fall from $251.781-$87.131.
ETH-USD 4-hour chart. Source: Tradingview
Currently, the ETH/USD pair is attempting to bounce off the 20-SMA. If successful, the bulls will again attempt to push the price above $189.402. Traders can buy on a 4-hourly close (UTC time) above $189.402 and keep the stop loss below the 20-SMA.
On the upside, the first target objective is a rally to $208.665. As the price nears the target objective, traders can either book partial profits or trail the stop loss below the 10-EMA. The bullish view will be invalidated if the bears sink the price below the critical support zone of…