Bitcoin is at stiff resistance at the 200-day SMA but if bulls can clear this hurdle, LTC, ICP, and THETA may extend their relief rally.
Bitcoin’s rally above $45,000 suggests that the short-term sentiment has turned to a positive note and this in turn has increased buying interest across the board and pushed the total crypto market above $1.8 trillion.
Ether broke above the $3,000 mark on Aug. 7. While the rally in the biggest altcoin is a positive sign, on-chain data shows the possibility of profit-booking in the short term.
BTC/USDT
Bitcoin broke the resistance of the range at $42,451.67 on Aug. 6, which shows that the bulls are attempting to start a new uptrend. The buyers are likely to face stiff resistance at the 200-day simple moving average ($44,879).
If the price turns down from the 200-day SMA but does not break below the breakout level of $42,451.67, it will suggest that the sentiment has changed from sell on rallies to buy on dips.
LTC/USDT
Litecoin broke and closed above the $146.54 resistance on Aug. 6, completing a double bottom pattern. If bulls sustain the price above the breakout level, it will suggest the start of a new uptrend.
The RSI is in the positive zone and the 20-day EMA ($140) has been moving up gradually, indicating that bulls are at an advantage.
ICP/USDT
Internet Computer is attempting to form a reversal pattern. The bulls pushed the price above the overhead resistance at $59.42 on Aug. 7, which completed a double bottom pattern.
The bears have other plans and they have pulled the price back below $59.42. The ICP/USDT pair could now drop to the 20-day EMA ($43).
THETA/USDT
THETA broke above the downtrend line on Aug. 4, suggesting that the selling pressure may be reducing. The price reached the 200-day SMA ($7.24) on Aug. 5 where the bears are offering stiff resistance.
The THETA/USDT pair formed a Doji candlestick pattern on Aug. 7, indicating indecision among the bulls and the bears. This uncertainty resolved to the downside today.
