Bitcoin’s bullish price action continues to bolster rallies in FIL, OKB, VET and RPL
2 min read
The Dow Jones Industrial Average fell for the third consecutive week but Bitcoin (
VET/USDT
VeChain (VET) successfully held the retest of the downtrend line and thereafter broke above the overhead resistance, indicating that the bears may be losing their grip.
The moving averages have turned up and the RSI is near the overbought zone. This suggests that bulls have the upper hand. If buyers flip the $0.028 level into support during the next pullback, the VET/USDT pair may surge toward the next overhead resistance at $0.034.
Buyers are expected to protect this level with vigor because a break above it could indicate the start of a new uptrend. The pair may then rise to $0.05. This positive view could invalidate in the near term if the price turns down and plummets below the 20-day EMA ($0.025).
The four-hour chart shows that the bulls kicked the price above the overhead resistance, indicating the start of the next leg of the up-move. If bulls sustain the price above the breakout level, the pair may pick up momentum and quickly rally to $0.032 and then to $0.034.
Contrarily, if the price turns down from the current level and breaks below the 20-EMA, several aggressive bulls may get trapped. That could start a deeper correction as longs bail out of their position. The pair may then slide to $0.022.
RPL/USDT
Rocket Pool (RPL) has been in an uptrend for the past few days. The price has not broken below the 20-day EMA ($45) during pullbacks, indicating strong demand to buy at lower levels.
The inside-day candlestick pattern on Feb. 18 and 19 shows that bears are trying to stall the uptrend near $56 but the bulls are not willing to surrender their advantage. If buyers thrust the price above $57, the RPL/USDT could march toward the next target objective at $74.
On the downside, the first support is at the psychological level of $50. If this level gives way, the pair may slip toward the 20-day EMA ($45). This is an important level for the bulls to defend because a break below it may signal a trend change in the short term.
The four-hour chart shows that bears are trying to defend the $56 level but the bulls have not given up much ground. This suggests that buyers are holding on to their positions as they anticipate a break above the overhead resistance. If that happens, the pair could rise to $61 and thereafter to $74.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls have given up and are booking profits. That may result in a deeper correction to the 50-day simple moving average and then to $38.
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