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Ethereum
$2,781.97 -13.73%
ETH · 6w

Top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, ALGO, EGLD

Bitcoin (BTC) and most altcoins sold off on Dec. 4 with massive deleveraging seen in the crypto derivatives markets. Data suggests more than $2.5 billion of crypto liquidations over a 24-hour period.

During the recent fall, Ether (ETH) has continued to outperform Bitcoin. While Bitcoin’s market dominance has dropped below 41%, Ether has continued to gain ground and its market dominance has risen above 21%.

Crypto market data daily view. Source: Coin360

Some analysts believe that Bitcoin’s recent decline could result in a lengthy phase of consolidation. Decentrader co-founder filbfilb expects Bitcoin to consolidate well into the first quarter of the next year. Lex Moskovski, CIO of Moskovski Capital, also expects “a slow grind up.”

Could Bitcoin hit a bottom within the next few days? Let’s analyze the charts of the top-5 cryptocurrencies that could lead the markets higher.

BTC/USDT

Bitcoin had taken strong support at the 100-day simple moving average ($54,496) in end-September, making this an important support for the bulls to defend.

BTC/USDT daily chart. Source: TradingView

However, the bears had other plans. They pulled the price below the 100-day SMA on Dec. 3 which may have triggered several stop losses. That resulted in panic selling and the BTC/USDT pair plunged to $42,000 on Dec. 4. The bulls bought this decline with vigor as seen from the long tail on the day’s candlestick.

The downsloping 20-day exponential moving average ($56,219) and the relative strength index (RSI) near the oversold zone suggest that bears have the upper hand. If the pair continues lower from the current levels, the next stop could be the strong support at $40,000.

Conversely, if the price turns up from the current level, the pair could rise to the 100-day SMA, which may act as a strong hurdle. A break and close above this level will be the first sign that a stronger recovery is possible.

BTC/USDT 4-hour chart. Source: TradingVie...
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