Altcoins such as FLOW & THETA could rally if Bitcoin breaks above the stiff overhead resistance at $24,668.
BTC
Bitcoin has been trading close to the 20-day exponential moving average $22,719 for the past few days, indicating a tough battle between the bulls and the bears. Although the bulls have held the level, they have not been able to achieve a strong rebound off it. This indicates a lack of demand at higher levels. Both moving averages have flattened out and the relative strength index is just above the midpoint, indicating a balance between buyers and sellers. The advantage could tilt in favour of the buyers if they push and sustain the price above $24,668.
FLOW
The tight range trading in Flow 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.
THETA
Theta Network broke and closed above the stiff overhead resistance at $1.55 on Aug. 5, indicating that the range had resolved in favour of the bulls. The bears tried to sink the price back below the breakout level on Aug. 6 but the bulls held their ground. The 20-day EMA ($1.39) has started to turn up and the RSI is in the positive territory, indicating advantage to buyers. If bulls sustain the price above $1.65, THETA could start a new uptrend toward the pattern target of $2.10. This level may pose a strong challenge but if bulls clear this overhead hurdle, the pair could extend its rally to $2.60.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk and the reader should conduct their own research when making a decision.
