The S&P 500 Index nudged higher by 0.45% to record its second positive week. While the United States equities markets were a slow mover, gold witnessed a massive run-up of more than 5% this week. Its rally of 3.11% on Oct. 13 was its best one-day performance since Dec. 1 of last year. However, the Bitcoin (BTC) bulls did not have any such luck as Bitcoin is on track to end the week down more than 3%.
Bitcoin’s weakness and the regulatory overhang have kept crypto investors away from altcoins. That has kept Bitcoin’s market dominance hovering near the 50% mark for the past few days.
Market observers are likely to keep their focus on Bitcoin for the next few days. The longer the bulls sustain the price above $25,000, the greater the possibility that the next move is likely to be higher. A bullish move in Bitcoin is likely to spur buying in select altcoins as crypto investors will then sense a bull market.
Select cryptocurrencies are showing signs of forming a base. If they breakout to the upside, a new up-move may start. Let’s study the charts of the top-5 cryptocurrencies that could outperform in the near term.
Bitcoin price analysis
Bitcoin has been trading between the moving averages for the past few days, indicating indecision between the bulls and the bears about the next directional move.
Usually, a tight consolidation is followed by a range expansion. In this case, if buyers kick the price above the 20-day exponential moving average ($27,110), the BTC/USDT pair could rise to $28,143. The bears are expected to mount a strong defense at this level.
Alternatively, if the price turns down and dives below the 50-day simple moving average ($26,671), it will signal that bears have asserted their supremacy. The pair may first drop to $25,990 and thereafter to the pivotal support at $24,800. This level is likely to attract aggressive buying by the bulls.
The pair’s recovery is facing selling at the 20-EMA on the 4-hour chart but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are not rushing to the exit and are keeping up the pressure.
If the 20-EMA is taken out, the pair could first rise to the 50-SMA. This level may act as a minor barrier but if overcome, the pair could climb to $27,750 and then to $28,143.
On the contrary, if the bulls fail to pierce the 20-EMA, the sellers will…
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