Keep an eye on those five cryptocurrencies this week.
) resolved to the upside with the range expansion on Aug. 4. This indicates accumulation at lower levels and the start of a new up-move.The bears are attempting to stall the up-move near $3 but a minor positive is that the bulls have not given up much ground. This indicates that traders are not hurrying to book profits after the recent rally.
The 20-day EMA has started to turn up and the RSI is near the overbought zone, indicating that bulls have the upper hand. If buyers drive the price above the $3 to $3.30 resistance zone, the FLOW/USDT pair could pick up momentum and rally toward $4.60.The pair has turned down from the overhead resistance near $3 but is finding support at the 20-EMA on the 4-hour chart. If bulls push the price above $2.80, the pair could retest the overhead resistance at $2.99.
Alternatively, if the price slips below the 20-EMA, the pair could drop to the 50% Fibonacci retracement level of $2.41, and then to the 61.8% retracement level of $2.27. A break below this level could tilt the advantage in favor of the bears and sink the pair to $2.) broke and closed above the stiff overhead resistance at $1.55 on Aug. 5, indicating that the range had resolved in favor of the bulls. The bears tried to sink the price back below the breakout level on Aug.
To invalidate this positive view, the bears will have to pull and sustain the price below $1.55. If that happens, the aggressive bulls may get trapped and the pair could slide to the moving averages.The 4-hour chart shows that the bulls purchased the dip to the 20-EMA, indicating buying on dips. Both moving averages on the 4-hour chart are sloping up and the RSI is near the overbought territory, indicating that the path of least resistance is to the upside. If bulls maintain the price above $1.
The first sign of weakness will be a break and close below the 20-EMA. If that happens, the pair could drop to the 50-SMA. The bears will have to sink the price below this level to signal that the uptrend may have ended in the near term.
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