Bitcoin (BTC) is taking a break near the $52,000 level after a two-week rally. Despite bearish attempts to start a correction, the strong equity markets, upcoming halving, and solid inflows into spot Bitcoin exchange-traded funds are expected to limit any downside. Analysts will closely watch the inflows into spot Bitcoin ETFs to determine the next move for Bitcoin. According to BitMEX Research data, Grayscale Bitcoin Trust outflows were at their lowest since January 11, amounting to just $44 million on February 24. While Bitcoin consolidates, short-term traders may find trading opportunities in altcoins that are showing strength. Now, let’s take a look at the top 5 cryptocurrencies that appear strong on the charts.
Bitcoin has found support near $50,500 and resistance near $53,000, indicating a consolidation within a tight range. This suggests that the bulls are not in a rush to exit. The rising moving averages and the relative strength index (RSI) near the overbought zone indicate that the bulls have the upper hand. A break and close above $53,000 could lead to a rally towards $60,000. However, if the bears want to prevent the rally, they will need to quickly push the price below the breakout level of $48,970. In that case, the BTC/USDT pair could drop to the 50-day simple moving average at $45,542.
Ether (ETH) has been in a strong uptrend and the shallow correction near $3,000 suggests that the bulls are not giving up. The upsloping 20-day exponential moving average and the overbought RSI indicate that the bulls are in control. A close above $3,000 could mark the start of the next leg of the uptrend, with the ETH/USDT pair potentially rising to $3,300 and then to $3,650. On the downside, the first support is at $2,850, followed by the 20-day EMA. A fall below the 20-day EMA could lead to a further decline towards $2,717 and the 50-day SMA.
Uniswap (UNI) has seen a significant increase in price, with the bulls taking control after breaking above the overhead resistance of $7.79. However, aggressive profit booking near $12.85 caused a correction, which is expected to find support around the 50% Fibonacci retracement level of $9.91. If the price bounces back from this level, the bulls will aim to push the UNI/USDT pair towards $11.63 and later to $12.85. Conversely, a drop below $9.91 could lead to a further decline towards the 61.8% Fibonacci retracement level at $9.21, suggesting that the uptrend may be over.
Filecoin (FIL) has been unable to sustain a move above the $8.12 resistance, but the bulls have kept up the pressure. If they succeed in breaking the overhead zone between $8.12 and $8.57, it would signal the resumption of the uptrend, with the FIL/USDT pair potentially reaching the $10 resistance. On the downside, a break below $7.70 would indicate strong bearish defense at the overhead zone and could lead to a decline towards the 20-day EMA at $6.74.
The Graph (GRT) broke above the $0.23 resistance, signaling the continuation of the uptrend. The bulls have not allowed the price to fall below the breakout level of $0.23, indicating that dips are being bought. If the price holds above $0.30, the GRT/USDT pair could surge towards $0.37. However, a drop below the 20-day EMA at $0.22 would favor the bears and could lead to a correction. In the short term, the RSI suggests a possible correction or consolidation.
Please note that this article does not provide investment advice or recommendations. It is important to conduct your own research before making any investment decisions.