Trader sentiment has turned bearish following Bitcoin’s (BTC) 11% slump this week. Although Bitcoin is taking support near $25,000, several analysts are factoring in another leg down toward the crucial $20,000 level.
The weakness is not limited to the cryptocurrency markets alone. United States equities markets also witnessed a losing week. The S&P 500 Index fell 2.1%, and the Nasdaq Composite dropped about 2.6%, with both indexes recording a three-week losing streak. This suggests that traders are in a risk-off mode in the near term.
The fall in Bitcoin dragged several altcoins lower, indicating a broad-based sell-off. However, among the sea of red, there are a few altcoins that have stood out either by bouncing off strong support levels or by continuing their up-move.
Let’s study the charts of the top-five cryptocurrencies that may buck the negative trend and stay positive over the next few days.
Bitcoin price analysis
Bitcoin has been range-bound between $24,800 and $31,000 for the past several days. After failing to sustain above the resistance, the price has dipped near the support of the range.
The fall of the past few days has pulled the relative strength index (RSI) into the oversold territory, indicating that a recovery may be around the corner. If the price rises from the current level, it could reach the 20-day exponential moving average ($28,309). The bears are likely to sell the rallies to this level.
If the price turns down from the 20-day EMA, the BTC/U
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Author: Rakesh Upadhyay
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