Top 5 cryptocurrencies to watch this week: BTC, LTC, BCH, XMR, THETA

The supply and need formula identifies the price of an asset. In the previous few months, the uptick in institutional need for Bitcoin (BTC) has actually resulted in a strong bull run. This uptrend may continue up until need goes beyond supply.
On-chain data reveals two withdrawals of more than 12,000 Bitcoin each from Coinbase Pro today, which is simply short of the 28,000 Bitcoin mined in November. This recommends that demand from institutional financiers remains intact even after Bitcoins recent rally because they are bullish in the long term.
Mexicos 2nd richest male, Ricardo Salinas Pliego, said in an interview with Cointelegraph that Bitcoin has been his “finest investment ever.” Salinas has about 10% of his liquid portfolio in Bitcoin and he is in no hurry to sell as he wishes to “relax for another five or 10 years.”

Crypto market information daily view. Source: Coin360.
The strong demand and HODLing by institutional financiers has moved Bitcoins market capitalization to above $500 billion for the first time. It has likewise boosted Bitcoins market dominance to above 70.5%, which recommends that the inflow of money has largely enjoyed Bitcoin.
At some point, fresh money will stop streaming into Bitcoin and that might result in a correction or debt consolidation. Traders may then divert their attention to choose altcoins, which might get momentum.
Lets look at the charts of top-five cryptocurrencies that could rally in the next couple of days.
BTC/USD.
Bitcoin cost broke above the $24,302.50 overhead resistance on Dec. 25 and resumed the uptrend. This breakout has a target goal of $28,664.04 and the cost struck an intraday high at $28,419.94 today.

THETA/USDT 4-hour chart. Source: TradingView.
The 4-hour chart shows that the bulls are presently attempting to safeguard the 20-EMA. If the pair rebounds off this level, the bulls will try to resume the uptrend. The upsloping moving averages and the RSI in the favorable territory recommend that bulls remain in control.
Contrary to this presumption, if the pair breaks listed below the 20-EMA, it will recommend that the short-term momentum has deteriorated. That could pull the cost down to the next assistance at the 50-SMA.

LTC/USDT everyday chart. Source: TradingView.
The immediate target is $145 but if the bulls do not enable the price to sustain and drop below $124.1278, the rally might encompass $180. The rising moving averages and the RSI in the overbought zone recommend bulls remain in control.
If the LTC/USD set turns around from the current levels or the overhead resistance and drops listed below the 20-day EMA, this bullish view will be invalidated. Such a move will recommend that traders are not buying the dips.

THETA/USDT daily chart. Source: TradingView.
However, if the cost does not sustain and dip below the 38.2% Fibonacci retracement level at $1.31994, it will suggest that traders continue to buy on dips as they anticipate the rally to extend even more.
The THETA/USD pair could rally to the $2 psychological level and then to $2.40 if the bulls can press the cost above $1.742.
Contrary to this bullish presumption, if the bears sink the rate listed below the 50% Fibonacci retracement level at $1.18957, it will suggest that the momentum has actually compromised.

The supply and demand equation identifies the rate of an asset. The 4-hour chart reveals the development of a Doji candlestick pattern, which recommends indecision among the bulls and the bears. The 4-hour chart reveals that the bulls are presently trying to protect the 20-EMA. If the pair rebounds off this level, the bulls will try to resume the uptrend. The upsloping moving averages and the RSI in the favorable area suggest that bulls are in control.

XMR/USDT daily chart. Source: TradingView.
Nevertheless, the positive thing was that the bulls purchased the dip to the 20-day EMA ($ 151) on Dec. 24. The upsloping moving averages and the RSI in the positive zone recommend that the belief stays positive.
The long tail on todays candlestick reveals that bulls are buying on dips. If they can press and sustain the price above $170, the XMR/USD pair could rally to the next target objective at $197, simply listed below the psychological resistance at $200.
If the rate turns down from the present levels and breaks below the 20-day EMA, this positive view will be revoked. Such a relocation might signify a deeper correction to $135.50.

BTC/USDT 4-hour chart. Source: TradingView.
The 4-hour chart shows the formation of a Doji candlestick pattern, which suggests indecision amongst the bulls and the bears. The uncertainty solved to the downside, the long tail on the candlestick shows purchasing at lower levels. This suggests traders are purchasing on every minor dip.
If the bulls stop working to move the cost above $28,419.94, the selling might continue and that could pull the price down to the 20-EMA at $25,446. The overbought levels on the relative strength index also indicate a possible correction.
A break listed below the 20-EMA and the assistance at $24,302.50 will suggest that the momentum has actually deteriorated.
LTC/USD.
In a strong uptrend, traders typically purchase the dips to the 20-day EMA ($ 105) which is what took place on Dec. 23. Litecoin (LTC) rebounded greatly on Dec. 24 and the momentum got after the bulls pressed the cost above the $118.64 to $124.12 overhead resistance zone.

BCH/USD daily chart. Source: TradingView.
This recommends traders are strongly selling on any rise above $353. The positive thing is that the bulls have actually collected on declines below $280 and are presently trying to press the rate above $353.
The BCH/USD set could begin its journey towards $500 if they succeed. It might not be a straight dash to the target goal since the bears will once again try to stall the rally at $409 and $430. If both these levels are scaled, the set could pick up momentum.
The upsloping moving averages and RSI above 61 suggest bulls have the upper hand.

XMR/USDT 4-hour chart. Source: TradingView.
The 4-hour chart shows that the set has been trading inside an ascending channel but the bulls have stopped working to push and sustain the cost into the top half of the channel. The set has typically refused from the midpoint of the channel.
This suggests short-term traders are taking revenues at periodic levels. If the bulls can sustain the rate and press above the midpoint of the channel, the set might rally to the resistance line of the channel, showing a pick-up in momentum.
On the other hand, a break listed below the support line of the channel could signify a possible change in the short-term trend.
THETA/USD.
THETA has actually rallied vertically in the past couple of days, which pressed the RSI deep into the overbought territory. This has begun a correction as seen from the sharp fall today.

LTC/USDT 4-hour chart. Source: TradingView.
The 4-hour chart is also in an uptrend with both moving averages sloping up and the RSI in favorable territory. The momentum has actually weakened as bulls are facing resistance near $136.
The pair could be on target to reach $145 if the bulls do not permit the price to sustain below the 20-EMA. If the price turns down from the existing levels and breaks below $118.6497 and the 50-simple moving average, it will suggest the start of a deeper correction.
BCH/USD.
Bitcoin Cash (BCH) has been consistently trying to break above the $353 overhead resistance for the previous couple of days. The bulls had pressed the price above $353 on two events, marked through ellipse on the chart, they might not sustain the higher levels.

BCH/USD 4-hour chart. Source: TradingView.
The 4-hour chart shows the set is presently trading inside a large variety between $255 and $370. The bulls are currently trying to drive the cost above the $353 to $370 overhead resistance.
If they succeed, the set could begin an uptrend that has a target objective of $485. The moving averages have finished a bullish crossover and the RSI is in the favorable area, which recommends that bulls have the upper hand.
Nevertheless, if the price again declines from the current level or $370, the set may extend its stay inside the variety for a couple of more days.
XMR/USD.
The long wick on Dec. 23 candlestick reveals traders scheduled profits after Monero (XMR) struck $167, the target objective of the breakout from the inverted head and shoulders pattern.

BTC/USDT daily chart. Source: TradingView.
The BTC/USD pairs perpetual increase has actually absorbed traders who had been waiting on the sidelines for a dip to get in. Institutional investors, momentum traders, and speculators have actually also signed up with the party that has actually kept the uptrend undamaged.
Nevertheless, the current pace of increase is not sustainable. The long wick on todays candlestick recommends revenue reservation at greater levels. Even if the uptrend continues, the pair may again face selling near the $30,000 mark.
The short-term traders might hurry to the exit and that could pull the price back to the 20-day rapid moving average ($ 22,613) if the uptrend stalls. The pair could again try to resume the uptrend if this assistance holds.
On the other hand, a break below the 20-day EMA could drag the cost to the important assistance at $20,000. For that reason, traders may avoid chasing prices higher.

Title: Top 5 cryptocurrencies to view this week: BTC, LTC, BCH, XMR, THETA.
Sourced From: cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-ltc-bch-xmr-theta.
Released Date: Sun, 27 Dec 2020 17:00:00 +0000.
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