Top 5 cryptocurrencies to watch this week: BTC, NEAR, FTT, ETC, XMR

Bitcoin, NEAR, FTT, ETC and XMR are attempting to rebound off their strong support levels, indicating buying on dips.

Bitcoin (BTC) dropped from a high of $47,200 on April 5 to a low of $42,107 on April 8, indicating possible selling by short-term traders who may have preferred to lock in their profits. However, the price action is still stuck in a tight range during the weekend, indicating that supply and demand are in balance.

Although the Crypto Fear & Greed Index is in the fear zone, Bitcoin whales on crypto exchange Bitfinex remained unfazed and continued to purchase BTC.

Interestingly, one large investor continued to buy $1 million of Bitcoin every day, without attempting to time the market, using the strategy of dollar-cost averaging.

*Crypto market data daily view. Source:* *Coin360*

Another whale that utilized the dip to add more Bitcoin to its existing stockpile was Terra. This week, the wallet associated with the Luna Foundation Guard added 4,130 Bitcoin, taking its total holding to 39,897.98 BTC.

Could Bitcoin bounce back sharply due to whale buying? Will select altcoins also turn higher in the short term? Let’s study the charts of the top-5 cryptocurrencies that may outperform if the sentiment improves.

BTC/USDT

Bitcoin bounced off the support at $42,594 on April 7 but the bulls could not clear the barrier at the 20-day EMA ($43,922) on April 8. This may have attracted selling by traders, which pulled the price below the $42,594 support.

A minor positive is that the bulls are attempting to defend the 50-day simple moving average ($42,620). If bulls push and sustain the price above the 20-day exponential moving average ($43,923), it will increase the possibility of range-bound action in the short term. The BTC/USDT pair may then oscillate between the 50-day SMA and the 200-day SMA ($48,219) for a few days.

On the contrary, a weak bounce off the 50-day SMA will suggest a lack of aggressive buying at the current levels. The bears will then try to capitalize on this opportunity and sink the pair below the 50-day SMA. If they succeed, the pair could drop to the psychological level at $40,000 and if this level also cracks, the next stop may be the support line of the ascending channel.

*BTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the rebound off the $42,594 support fizzled out at the 20-EMA. This indicates selling by the bears at higher levels.

The 20-EMA is sloping down and the relative strength index (RSI) is in the negative zone, indicating advantage to sellers.

If the price turns down and breaks below $42,000, the selling could intensify. The pair could then drop to $40,000 where the buyers may again attempt to arrest the decline.

Alternatively, a break and close above the 20-EMA could open the doors for a possible recovery to the 50-SMA. The bulls will have to push and sustain the price above $45,400 to gain the upper hand.

NEAR/USDT

Near Protocol (NEAR) turned down sharply from the stiff overhead resistance at $20 on April 8 and the long wick on the day’s candlestick suggests that bears are aggressively defending the overhead resistance.

The NEAR/USDT pair could drop to the 20-day EMA ($15), which could act as a strong support. If the price rebounds off this level, it will suggest that bulls continue to buy on dips. The bulls will then make one more attempt to push the pair to a new all-time high. The rising 20-day EMA and the RSI in the positive territory suggest advantage to buyers.

Contrary to this assumption, if the price plummets below the 20-day EMA, it will suggest that traders may be booking profits aggressively. That could open the doors for a possible drop to the 50-day SMA ($12).