Top 3 cryptocurrencies to see this week: BTC, XRP, LINK

Bitcoin (BTC) and most major altcoins have been relatively quiet during the Easter period since Friday, April 15th. This suggests that cryptocurrency traders do not make big bets during the time when the US stock markets are closed. This may be due to the close correlation between bitcoin and the S&P 500 and uncertainty about developments in the stock market in the next week.

While some analysts expect to short-term weaknessothers believe that bitcoin could be in one consolidation phase before there is a marked increase.

Although the bitcoin price action has been weak over the last few days, some altcoins have been witnessed strong trends. This suggests that the broader cryptocurrency market is waiting for new triggers to start a trend movement.

Could bitcoin and some altcoins start a directional movement in the coming days? Let us study the charts of the three major cryptocurrencies that could show the first signs of improvement.

BTC / USDT

Bitcoin formed an interior candlestick pattern on April 16, indicating indecision between bulls and bears. Normally, small range days are followed by range expansion, but it is difficult to predict the direction in advance.

BTC USDT – tradingview.com

If the price breaks above $ 41,000, the bulls will try to push the BTC / Tether (USDT) pair above the exponential moving average (EMA) after 20 days of $ 42,085. If successful, the pair could start an upward movement toward the upper resistance of the 200-day simple moving average (SMA) of $ 48,136 and later toward the resistance line of the rising channel.

The declining 20-day EMA and Relative Strength Index (RSI) in negative territory indicate a minor upside for the bears.

If the price reverses and goes below $ 39,200, sales can be intensified. The pair could then fall to the channel’s guide. A break and close below this support could extend the drop to $ 32,917.

XRP / USDT

Ripple (XRP) returned sharply from strong support at $ 0.69, indicating strong demand at lower levels. The bulls pushed the price above the 50-day SMA ($ 0.78) on April 15, but were unable to continue higher. However, that is a minor plus bulls are trying to keep the price over 20-day EMA ($ 0.77).

also read Top 10 high-potential cryptocurrencies you can buy in April 2022

XRPUSDT – tradingview.com

The flat 20-day EMA and RSI near the midpoint suggest a balance between supply and demand. This balance will shift in favor of the bulls if the XRP / USDT pair rises and crosses the $ 0.80 mark. This could propel the pair towards the 200-day SMA of $ 0.88 and then towards the strong resistance of $ 0.91.

Contrary to this assumption, if the price breaks and stays below the 20-day EMA, it will indicate that the Bears are active at higher levels. The sellers will then try to bring the pair back against the strong support of $ 0.69.

LINK / USDT

Chainlink (LINK) broke over the downtrend line on March 30, but the bulls could not keep the higher levels. A strong sell-off near $ 18 took the price back below the downward trend, but a small bright spot is that buyers bought the fall near $ 13.50 and are trying to form a higher low.

LINK USDT – tradingview.com

The first sign of strength will be an eruption and a closing over the $ 15 EMA of $ 15. Such a move would suggest that the Bears could lose the grip. The LINK / USDT pair could then move up to $ 16 and then challenge the broad resistance at $ 18. A pause and closing above this level could open the doors to a possible rally against the $ 21 200-day SMA.

Conversely, if the price falls from the 20-day EMA, the bears will try to pull the pair back towards critical support for $ 12.50. A break and close below this level may signal the resumption of a downward trend.

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