Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE

Bitcoin
(BTC)
and
most
major
altcoins
remain
under
pressure
as
supports
give
way
and
bears
sell
at
each
rally
attempt.
This
negative
sentiment

pulled
the
Crypto
Fear
&
Greed
Index

to
10/100
on
Jan.
8,
one
of
its
lowest
readings
ever.
In
comparison,
2021
had
started
on
a
bullish
note
with
the
reading
hitting
levels
of
93/100,
indicating
“extreme
greed.”

This
weak
opening
in
the
new
year
has
not
unnerved
Bloomberg
Intelligence
analyst
Mike
McGlone
who
remains
bullish.
He
said
in
a
recent
analysis
that

Bitcoin
may
rally
to
$100,000

and
Ether
(ETH)
to
$5,000
this
year.


Crypto
market
data
daily
view.
Source:



Coin360

However,
some
analysts
argue
that
Bitcoin
may
struggle
to
maintain
its
bullish
trend
in
an
environment
where
interest
rates
are
rising.
Holger
Zschaepitz
questioned
whether
Bitcoin
could
hold
up
without
“rock-bottom
rates
and
trillions
of
dollars
in
central
bank
money
and
government
stimmy.”

Could
Bitcoin
bounce
off
the
strong
support,
attracting
buying
in
select
altcoins?
Let’s
study
the
charts
of
the
top-5
cryptocurrencies
that
may
remain
positive
in
the
short
term.

BTC/USDT

Bitcoin’s
downtrend
has
reached
the
strong
support
at
$39,600.
The
price
formed
a
Doji
candlestick
pattern
on
Jan.
8,
indicating
indecision
among
the
bulls
and
the
bears.


BTC/USDT
daily
chart.
Source:
TradingView

Both
moving
averages
are
sloping
down
and
the
relative
strength
index
(RSI)
is
near
the
oversold
zone,
indicating
that
the
path
of
least
resistance
is
to
the
downside.
If
bears
pull
the
price
below
$39,600,
the
selling
could
intensify
and
the
BTC/USDT
pair
could
start
its
journey
to
the
next
strong
support
at
$28,805.

On
the
other
hand,
if
the
price
rises
from
the
current
level,
the
pair
could
rise
to
the
20-day
exponential
moving
average
($45,876).
If
the
price
turns
down
from
this
level,
it
will
suggest
that
the
sentiment
remains
negative
and
traders
are
selling
on
rallies.
That
will
increase
the
likelihood
of
a
break
below
$39,600
I
.

The
bulls
will
have
to
push
and
sustain
the
price
above
the
moving
averages
to
indicate
a
possible
change
in
trend.


BTC/USDT
4-hour
chart.
Source:
TradingView

The
4-hour
chart
shows
that
the
selling
momentum
picked
up
on
a
break
and
close
below
$45,456.
The
bulls
are
attempting
to
arrest
the
decline
at
$40,501
but
the
recovery
attempt
is
likely
to
face
strong
selling
near
the
20-EMA.

If
the
price
turns
down
from
the
20-EMA,
the
bears
will
attempt
to
sink
the
pair
below
$39,600
and
extend
the
downtrend.

Alternatively,
a
break
and
close
above
the
20-EMA
could
push
the
pair
to
the
50-simple
moving
average.
If
bulls
push
the
price
above
this
resistance,
it
will
suggest
that
bears
may
be
losing
their
grip.

LINK/USDT

Chainlink
(LINK)
has
been
trading
in
a
large
range
between
$15
and
$35.33
for
the
past
few
months.
The
bulls
have
pushed
the
price
above
the
moving
averages
and
the
RSI
has
risen
close
to
the
overbought
zone,
indicating
that
buyers
have
the
upper
hand
in
the
short
term.


LINK/USDT
daily
chart.
Source:
TradingView

The
bears
posed
a
strong
challenge
near
$27.61
for
the
past
few
days
but
the
bulls
did
not
allow
the
price
to
dip
below
the
20-day
EMA
($23.23).
This
indicates
that
the
sentiment
has
changed
from
sell
on
rallies
to
buy
on
dips.

If
bulls
maintain
the
price
above
$27.61,
the
LINK/USDT
pair
could
rise
to
30
and
thereafter
to
the
overhead
resistance
at
$35.33.
This
bullish
view
will
invalidate
if
the
price
turns
down
from
the
current
level
and
breaks
below
the
moving
averages.
The
pair
could
then
drop
to
$18.


LINK/USDT
4-hour
chart.
Source:
TradingView

The
4-hour
chart
shows
that
the
price
has
broken
above
the
overhead
resistance
at
$27.61.
The
bears
will
now
attempt
to
stall
the
up-move
at
$30.
If
the
subsequent
correction
does
not
break
below
$27.61,
it
will
increase
the
possibility
of
a
rally
to
$35.33.

On
the
contrary,
if
the
price
turns
down
from
the
current
level,
it
will
suggest
that
the
break
above
$27.61
may
have
been
a
bull
trap.
The
bears
will
then
try
to
pull
the
price
below
the
50-SMA.
If
they
do
that,
the
next
stop
could
be
$22.

ICP/USDT

Internet
Computer
(ICP)
broke
and
closed
above
the
downtrend
line
on
Jan.
4
which
was
the
first
indication
that
the
downtrend
could
be
ending.
The
bears
tried
to
trap
the
aggressive
bulls
and
pull
the
price
back
below
the
20-day
EMA
($29)
but
failed.


ICP/USDT
daily
chart.
Source:
TradingView

The
bulls
again
pushed
and
closed
the
price
above
the
downtrend
line
on
Jan.
8.
The
moving
averages
are
on
the
verge
of
a
bullish
crossover
and
the
RSI
has
jumped
into
the
positive
zone,
indicating
that
bulls
are
attempting
a
comeback.

If
buyers
push
and
sustain
the
price
above
$38.02,
the
ICP/USDT
pair
could
rally
to
$45.79.
This
level
may
again
act
as
a
stiff
hurdle
but
if
crossed,
the
up-move
may
reach
$58.30.

Contrary
to
this
assumption,
if
the
price
turns
down
from
the
current
level
and
breaks
below
the
20-day
EMA,
it
will
indicate
that
the
breakout
above
the
downtrend
line
may
have
been
a
bull
trap.


ICP/USDT
4-hour
chart.
Source:
TradingView

The
4-hour
chart
shows
that
bulls
have
pushed
the
price
above
$33.29
but
are
struggling
to
clear
the
hurdle
at
$38.02.
This
suggests
that
bears
continue
to
sell
near
the
overhead
resistance.
This
has
kept
the
pair
sandwiched
between
the
two
levels.

If
bulls
push
and
sustain
the
price
above
$38.02,
the
pair
could
extend
its
up-move.
On
the
contrary,
if
the
price
turns
down
from
the
overhead
resistance,
the
bears
will
attempt
to
pull
the
pair
below
$33.29.
If
they
manage
to
do
that,
the
pair
could
drop
to
the
50-SMA.



Related:




Even
after
the
pullback,
this
crypto
trading
algo’s
$100
bag
is
now
worth
$20,673

LEO/USD

UNUS
SED
LEO
(LEO) has
been
trading
in
a
gradual
uptrend
for
the
past
several
weeks
where
the
50-day
SMA
($3.55)
has
been
acting
as
a
strong
support.


LEO/USD
daily
chart.
Source:
TradingView

The
bears
attempted
to
pull
the
price
below
the
50-day
SMA
on
Jan.
7
but
the
bulls
did
not
relent.
This
resulted
in
a
strong
rebound
on
Jan.
8
which
pushed
the
LEO/USD
pair
back
above
the
20-day
EMA
($3.69).

The
bulls
will
now
attempt
to
drive
the
price
above
the
all-time
high
at
$3.92.
If
they
succeed,
the
pair
may
resume
its
uptrend
and
reach
$4.25.
This
positive
view
will
invalidate
if
the
price
turns
down
and
plummets
below
the
50-day
SMA.
That
could
start
a
correction
to
$3.40.


LEO/USD
4-hour
chart.
Source:
TradingView

The
pair
has
been
trading
inside
an
ascending
channel
pattern.
The
bears
mounted
a
strong
resistance
near
$3.85,
which
may
have
attracted
profit-booking
from
short-term
traders.
That
pulled
the
pair
down
to
the
support
line
of
the
channel
where
buyers
stepped
in
and
arrested
the
decline.

The
bulls
are
again
attempting
to
push
and
sustain
the
price
above
$3.85.
If
they
manage
to
do
that,
the
pair
could
start
its
journey
toward
the
resistance
line
of
the
channel.
The
bears
will
have
to
sink
and
sustain
the
price
below
the
channel
to
invalidate
the
bullish
view.

ONE/USDT

Harmony
(ONE)
has
been
trading
between
the
20-day
EMA
($0.27)
and
$0.33
for
the
past
few
days.
This
suggests
that
bulls
are
buying
on
dips
and
bears
are
selling
on
rallies.


ONE/USDT
daily
chart.
Source:
TradingView

The
rising
20-day
EMA
and
the
RSI
in
the
positive
territory
suggest
advantage
to
buyers.
If
bulls
drive
the
price
above
$0.33,
the
up-move
could
resume.
The
ONE/USDT
pair
could
then
attempt
to
rise
to
$0.38.

Contrary
to
the
assumption,
if
the
price
breaks
below
the
20-day
EMA,
it
will
suggest
that
bears
have
overpowered
the
bulls.
That
could
pull
the
pair
down
to
the
50-day
SMA
($0.24)
and
later
to
$0.21.


ONE/USDT
4-hour
chart.
Source:
TradingView

The
4-hour
chart
has
been
rising
inside
an
ascending
channel
pattern.
Although
bulls
pushed
the
price
above
the
channel,
they
could
not
sustain
the
higher
levels.
This
suggests
that
bears
tried
to
trap
the
aggressive
bulls.

The
price
dipped
back
into
the
channel
but
a
minor
positive
is
that
it
bounced
off
the
50-SMA.
This
indicates
that
sentiment
remains
positive
and
bulls
are
buying
on
dips.

If
the
price
rises
above
the
20-EMA,
the
pair
could
again
rally
to
the
resistance
line
of
the
channel.
A
break
and
close
above
this
level
could
signal
a
pick
up
in
momentum.
Conversely,
a
break
and
close
below
the
50-SMA
could
pull
the
pair
down
to
the
support
line
of
the
channel.


The
views
and
opinions
expressed
here
are
solely
those
of
the
author
and
do
not
necessarily
reflect
the
views
of
Cointelegraph.
Every
investment
and
trading
move
involves
risk,
you
should
conduct
your
own
research
when
making
a
decision.

read original article here