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

S&P 500 and Nasdaq Composite both fell to new year-to date lows last week. They closed the week with losses of 1.55% and 3.11 percent, respectively.

On Oct. 17, the situation changed dramatically after earnings season ramped-up and a sharp policy reversal by U.K. Finance Minister Jeremy Hunt provided details about the government’s plan for fixing his predecessor’s fiscal package (Kwasi Karteng). This had triggered a record drop in the GBP value and a near liquidation in pension plans in the United Kingdom.

The Dow is currently up 1.78% while the S&P 500 (Nasdaq) and Nasdaq are respectively up 2.57% and 3.26% at the time. Bitcoin (BTC), however, has shown short-term performance and is now well above its year to-date low.

Analysts believe that Bitcoin may be near a bottom. Alan, a Twitter trader, stated that the stochastic indicator for Bitcoin’s monthly charts has reached levels similar those during the 2014-2018 bear markets. This indicates a possible macro bottom.

In a similar interview, LookIntoBitcoin founder Philip Swift stated that Bitcoin could be near major cycle lows. Swift cited various metrics to say that Bitcoin could face additional pain for two to three more months, but that it should begin its outperformance in 2023.

Select altcoins continue to attract buyers as Bitcoin continues to rise above its June low. Let’s take a look at five cryptocurrencies that are likely to be interesting in the short term.

BTC/USDT

Bitcoin broke above the 50 day simple moving average (SMA), which was $19,689. However, the bears were able to sell at higher levels. This pushed the price below the 20-day exponentially moving average (EMA), ($19,387).

Daily chart of BTC/USDT Source: TradingView

The immediate support at $18,843 is being defended by buyers. However, resistance could be encountered at the 20-day EMA as well as at the downtrendline. The possibility of the price breaking below $18,843 will increase if the overhead resistance is removed. The pair could fall to the $18,125-$17,622 support zone.

To avoid this disaster, bulls must force the price to rise above the downtrend. The BTC/USDT pair may rally to $20,000. If this is possible Breaking above this resistance could signal a rally to $22,800.

BTC/USDT 4-hour chart. TradingView

For a while, the pair was stuck at $18,125 to $20,500. The pair could rise to $20,000 if bulls push it above the moving averages. Although the bears might be able to mount strong resistance at this point, if the bulls overcome them, then the recovery could accelerate.

Another possibility is for the price to fall below the support level at $18,843. This could increase selling, and the pair could plunge to $18,125. This level is expected to be defended by the bulls with great vigor.

MATIC/USDT

Polygon (MATIC), has been trying to move above the downtrendline for the last few days. Although the overhead resistance was successfully defended by the bears, the price could not be kept down on October 13. This indicates that bulls are buying dips in anticipation of a higher price.

Daily chart MATIC/USDT Source: TradingView

The bulls could win the short-term trend if the price rises above the downtrendline. A rally could be attempted by the MATIC/USDT pairs to $0.94. The level could act as a barrier again, but bulls can overcome it and the pair could rally up to $1.05.

The bulls could give up if the price falls below the downtrend line again, and the pair could drop to $0.69. To initiate a deeper correction, the bears will need to lower the price to $0.62 and then $0.52.

MATIC/USDT 4-hour chart. Source: TradingView

The bears and bulls have been fighting for dominance at the downtrend line. The bears won, but the bulls will not give up. They bought aggressively the $0.71 drop and are trying again to push the pair over the downtrend line.

The 20-EMA has sunk and the RSI is close to the midpoint. This indicates a balance between supply/demand. The downtrend line could be challenged if bulls push the price higher than the 50-SMA. Breaking above this resistance could open the way for a rally to $0.86.

Buyers may decide to exit if the price falls below $0.77. This could lead to a drop in the price of the pair to $0.71

HT/USDT

Huobi Token’s (HT) strong up-move began at $4.07 on October 10, and reached $8.20 on October 14, which was a 101% increase in just five days. This is a sign that bulls are in charge.

Daily chart of HT/USDT Source: TradingView

The sharp rally in the last few days pushed RSI into overbought territory. This may have tempted traders to book profits. This caused a correction that could have reached the $6.61 Fibonacci level of 38.2% retracement.

The bulls will attempt to re-establish the up-move if the price bounces off of this support. They will push the HT/USDT pairing above $8.20. The pair could rally to $10 if they succeed.

Contrary to the assumption, if the pair falls below $6.64, it could fall to the 50% level of retracement of $6.12, and then to the $5.63 level of 61.8% of retracement. A deeper fall could delay or stop the next leg in the up-move.

HT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that while the price recovered from the 20-EMA, the bulls were unable to sustain higher levels. This suggests that traders may be making profits from minor rallies.

The 20-EMA has sunk and the RSI is just below the midpoint. This indicates that bullish momentum may be waning. The 50-SMA could be next in line if the price falls below the 20-EMA.

Bulls will need to raise the price to $7.65 if they want to regain control. The overhead resistance of $8.20 could be retested by the pair. Breaking above this level could signal the start of the next leg in the uptrend.

Related: India plans to create crypto SOPs during the G20 presidency, according to a finance minister

QNT/USDT

Quant (QNT), broke above $162 overhead resistance and has been moving higher, which indicates that bulls are still in demand.

Daily chart QNT/USDT Source: TradingView

Although the 20-day EMA ($149), is upwardly moving, it indicates buyers’ advantage. However, the RSI in overbought territory suggests a possible correction or consolidation in near term. The breakout level of $162 will be protected by buyers.

If the price recovers from this level, QNT/USDT could rise to $200 and then attempt to rally to the $230 target.

If the price falls below the 20-day EMA, this positive outlook could be invalidated. The price could fall to the 50-day SMA ($120).

QNT/USDT 4-hour chart. Source: TradingView

Although the pair faces resistance at $188, rising moving averages as well as the RSI in overbought zones indicate that the path of least resistance is to its upside. The pair could rally to $204 if buyers push the price higher than $188.

However, traders could be making profits if the price falls below the 20-EMA. This could push the price below the $162 support. The pair could be heading towards a break or close below this support in the near future.

OKB/USDT

OKB (OKB), which has traded above the moving averages over the past few days, has seen the RSI jump into the positive territory, indicating buyers’ advantage.

OKB/USDT daily chart. Source: TradingView

Although the OKB/USDT pair faces stiff resistance at $17.50 overhead resistance, a minor plus is that the bulls are not giving ground to the bears. The bulls anticipate the pair to rise above the overhead resistance. The pair could rally to $20, and then to $23.22.

$16.39 is the first support at the downside. The first support on the downside is $16.39. If the price falls below this level, it could slide to the moving Averages and then to $15.

OKB/USDT 4-hour chart. Source: TradingView

Although the overhead resistance of $17.50 has seen the price decline, the bulls continue to defend the 20EMA. The likelihood of a retest at $17.50 will increase if the price rises to $17. To signal the resumption or uptrend, buyers will need to clear this hurdle.

If the price falls below the 20-EMA, the positive momentum could be weakened. The price could fall to the 50 SMA. The next stop for the pair could be $15.50 if this level cracks.

Contrarily, if the price bounces off the 50 SMA and rises above 20 EEMA, it will indicate accumulation at lower levels. The bulls could attempt to rally again to $17.50.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/5-altcoins-that-could-be-ripe-for-a-short-term-rally-if-bitcoin-price-holds-19k

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Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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