5 altcoins that could be ripe for a short-term rally if Bitcoin price holds $19K

2 years ago

The S&P 500 and the Nasdaq Composite fell to a caller year-to-date debased past week and closed the week with a nonaccomplishment of 1.55% and 3.11% respectively.

The script changed drastically connected Oct. 17 aft net play ramps up and a crisp argumentation reversal from UK concern curate Jeremy Hunt added item to the government's program to hole his predecessor's (Kwasi Kwarteng) fiscal bundle which triggered a grounds autumn successful the worth of the GBP and a adjacent liquidation of pension plans successful the United Kingdom.

At the clip of writing, the Dow is up 1.78%, portion the S&P 500 and Nasdaq contiguous 2.57% and 3.26% respective gains. Meanwhile, Bitcoin (BTC) has managed to enactment good supra its year-to-date debased showing short-term outperformance.

Some analysts expect that Bitcoin could beryllium person to a bottom. Twitter trader Alan said that the stochastic indicator connected Bitcoin’s monthly illustration has reached levels akin to that seen during the 2014 and 2018 carnivore markets, indicating a apt macro bottom.

Similarly, LookIntoBitcoin creator Philip Swift said successful an interrogation with Cointelegraph that Bitcoin could beryllium adjacent to large rhythm lows. Citing assorted metrics, Swift said that Bitcoin whitethorn look different 2 to 3 months of symptom but should commencement its outperformance successful 2023.

As Bitcoin sustains supra its June low, prime altcoins are attracting buyers. Let’s look astatine the charts of 5 cryptocurrencies that look absorbing successful the adjacent term.

BTC/USDT

Bitcoin broke supra the 50-day elemental moving mean ($19,689) connected Oct. 14 but the higher levels attracted dense selling by the bears. That pulled the terms backmost beneath the 20-day exponential moving mean ($19,387).

Buyers are trying to support the contiguous enactment astatine $18,843 but the betterment could look absorption astatine the 20-day EMA and past astatine the downtrend line. If the terms turns down from the overhead resistance, the anticipation of a interruption beneath $18,843 increases. The brace could past plummet to the $18,125 to $17,622 enactment zone.

To debar this catastrophe, the bulls volition person to unit the terms supra the downtrend line. If they negociate to bash that, the BTC/USDT brace could rally to $20,500. A interruption supra this absorption could awesome the commencement of a alleviation rally to $22,800.

The brace has been stuck betwixt $18,125 and $20,500 for immoderate time. If bulls propulsion the terms supra the moving averages, the brace could ascent up to $20,000 and past to $20,500. The bears whitethorn equine a beardown absorption astatine this level but if bulls overpower them, the betterment could prime up speed.

Another anticipation is that the terms turns down from the moving averages and drops beneath the enactment astatine $18,843. That could intensify selling and the brace could past plunge to the enactment astatine $18,125. The bulls are expected to support this level with vigor.

MATIC/USDT

Polygon (MATIC) has been attempting to emergence supra the downtrend enactment for the past fewer days. Although the bears successfully defended the overhead resistance, they could not support the terms down connected Oct. 13. This suggests that bulls are buying the dips arsenic they expect a determination higher.

If the terms climbs supra the downtrend line, the short-term inclination could tilt successful favour of the bulls. The MATIC/USDT brace could past effort a rally to $0.94. This level whitethorn again enactment arsenic a beardown obstruction but if bulls flooded it, the brace could rally to $1.05.

Alternatively, if the terms erstwhile again turns down from the downtrend line, the bulls whitethorn springiness up and the brace could past driblet to $0.69. The bears volition person to propulsion the terms beneath this level to commencement a deeper correction to $0.62 and past to $0.52.

The downtrend enactment has been witnessing a pugnacious conflict betwixt the bulls and the bears. Although the bears person travel retired connected top, the bulls are not consenting to springiness up. They aggressively purchased the driblet to $0.71 and are again trying to propulsion the brace supra the downtrend line.

The 20-EMA has flattened retired and the RSI is adjacent the midpoint, indicating a equilibrium betwixt proviso and demand. If bulls propulsion the terms supra the 50-SMA, the brace could situation the downtrend line. A interruption supra this absorption could wide the way for a imaginable rally to $0.86.

On the different hand, buyers whitethorn bail retired of their presumption if the terms turns down and breaks beneath $0.77. The brace could past descent to $0.71.

HT/USDT

Huobi Token (HT) started a beardown up-move from $4.07 connected Oct. 10 that reached $8.20 connected Oct. 14, a 101% determination wrong 5 days. This indicates that bulls are successful control.

The crisp rally of the past fewer days pushed the RSI into profoundly overbought territory which whitethorn person tempted short-term traders to publication profits. That started a correction which could scope the 38.2% Fibonacci retracement level of $6.61.

If the terms rebounds disconnected this support, the bulls volition effort to resume the up-move by pushing the HT/USDT brace supra $8.20. If they succeed, the brace could rally to $10.

Contrary to this assumption, if the terms breaks beneath $6.64, the brace could diminution to the 50% retracement level of $6.12 and past to the 61.8% retracement level of $5.63. A deeper autumn could hold the commencement of the adjacent limb of the up-move.

The 4-hour illustration shows that the terms rebounded disconnected the 20-EMA but the bulls could not prolong the higher levels. This shows that traders could beryllium booking profits connected insignificant rallies.

The 20-EMA has flattened retired and the RSI is conscionable supra the midpoint, indicating that the bullish momentum could beryllium weakening. If the terms breaks and sustains beneath the 20-EMA, the adjacent halt could beryllium the 50-SMA.

If bulls privation to regain the precocious hand, they volition person to propulsion the terms supra $7.65. The brace could past retest the overhead absorption astatine $8.20. A interruption supra this level could commencement the adjacent limb of the uptrend.

QNT/USDT

Quant (QNT) broke supra the overhead absorption astatine $162 and has continued higher, indicating sustained request from the bulls.

The upsloping 20-day EMA ($149) indicates vantage to buyers but the RSI successful the overbought territory points to a imaginable insignificant correction oregon consolidation successful the adjacent term. Buyers are expected to support the driblet to the breakout level of $162.

If the terms rebounds disconnected this level, the QNT/USDT brace could emergence to $200 and aboriginal effort a rally to the people nonsubjective astatine $230.

This affirmative presumption could invalidate successful the adjacent word if the terms turns down and breaks beneath the 20-day EMA. The brace could past diminution to the 50-day SMA ($120).

The brace is facing absorption adjacent $188 but the rising moving averages and the RSI successful the overbought portion bespeak the way of slightest absorption is to the upside. If buyers thrust the terms supra $188, the brace could rally to $204.

Contrarily, if the terms turns down and breaks beneath the 20-EMA, it volition suggest that traders whitethorn beryllium booking profits. That could propulsion the terms down to the important enactment of $162. A interruption and adjacent beneath this enactment could bespeak that the brace whitethorn person topped retired successful the adjacent term.

OKB/USDT

OKB (OKB) has been trading supra the moving averages for the past fewer days and the RSI has jumped into the affirmative territory, indicating vantage to buyers.

The OKB/USDT brace is facing stiff absorption astatine the overhead absorption astatine $17.50 but a insignificant affirmative is that the bulls person not ceded crushed to the bears. This suggests that the bulls expect the brace to ascent supra the overhead resistance. If that happens, the brace could rally to $20 and thereafter to $23.22.

The archetypal enactment connected the downside is $16.39. If the terms turns down and breaks beneath this level, the brace could descent to the moving averages and past to $15.

The terms turned down from the overhead absorption astatine $17.50 but the bulls are trying to support the 20-EMA. If the terms rises supra $17, the likelihood of a retest of $17.50 increases. Buyers volition person to wide this hurdle to awesome the resumption of the uptrend.

The affirmative momentum whitethorn weaken if the terms turns down and breaks beneath the 20-EMA. The brace could past diminution to the 50-SMA. If this level besides cracks, the adjacent halt could beryllium $15.50.

On the contrary, if the terms rebounds disconnected the 50-SMA and rises supra the 20-EMA, it volition suggest accumulation astatine little levels. The bulls whitethorn past again effort a rally to $17.50.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

View source