Top 5 cryptocurrencies to watch this week: BTC, BNB, NEO, YFI, LINK

Alfred believes that this “skepticism and distrust” will be positive for Bitcoin (BTC) because “when traditional people surrender, they will be forced by their customers and partners to be involved at significantly higher prices.”

While Bitcoin has been struggling to start a steady uptrend over the past few weeks, certain altcoins and tokens in the DeFi space have been in a strong bull run. This suggests that traders’ attention is shifting away from Bitcoin.

Daily crypto market data outlook. Source: Coin360

Pantera Capital founder and CEO Dan Morehead believes that the DeFi space will surpass Bitcoin in the next five years and grow nearly 100-fold.

In the long run, most analysts are overbullish in the crypto space, but what can investors expect in the next few days?

Let’s take a look at the cryptocurrencies that can offer short-term trading opportunities and identify the critical levels of each. BTC / USD

Bitcoin completed a bullish reverse head and shoulder pattern when it closed above $10,500 on July 27 and usually the price retested the breakout levels of such reversal patterns.

BTC/USD daily chart. Source: TradingView

In ideal conditions, the price should not fall below the neckline of the inverted H&S model, but trading is nothing more than ideal.

Although the bears pulled the BTC/USD pair below the neckline on September 3, there was not much selling, indicating that the bulls are buying at lower levels. However, this buy dries up when the price tries to climb above the $10,500 level.

Therefore, the pair is currently stuck in the $9,835 – $10,625 range. After the bears failed to pull the price below the range on September 8, the bulls tried to push the price above the general resistance today but failed.

The 20-day exponential moving average ($10,719) is just above the resistance of the range, therefore, the bears will aggressively defend it.

However, if the bulls can push the pair above the 20-day EMA and sustain the higher levels for three days, it will indicate that the correction is over. This could lead to a retest at $12,460, and if this resistance is breached, the uptrend is likely to continue.

If the pair breaks out and stays below the $9,835 support, this bullish outlook will be invalid.

BTC/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are aggressively defending the $10,625 resistance, but if they fail to pull the price below the $10,200 support, the bulls will once again try to clear the general resistance of the range.

If successful, aggressive traders are likely to jump, resulting in a quick move to $11,400 and possibly $12,000.

Contrary to this assumption, if the bears push the price below the $10,200 support, it is possible to fall to $10,000 and then to $9,835. BNB / USD

While most of the major cryptocurrencies are looking for a bottom, Binance Coin (BNB) has continued its upward trend and seen a 52-week high, which is a sign of strength.

BNB/USD daily chart. Source: TradingView

Although the relative strength index shows the formation of a bearish trend, the sharp movement on September 12 invalidated this bearish pattern.

Currently, the BNB/USD pair is facing a hard resistance at the $32 level, but if the bulls do not allow the price to fall below the critical support of $27.1905, a retest of $32 is likely. A break above this resistance could push the price to $38.

Contrary to this assumption, if the bears pull the pair below $27.1905, it will indicate that the current move could be a bull trap.

BNB/USD 4-hour chart. Source: TradingView

The bears aggressively defend the $32 level as seen from the long bearish candlestick on the 4-hour chart. But the positive sign is that the bulls do not panic and continue to buy from the bottom.

Now they will again try to push the price above the $32 resistance. If they succeed, the momentum will likely increase, but if the price falls again at $32, the pair can remain tied to the range for several days. NEO / USD

The bears failed to sink in and below the buying breakout level that was pulled to $16.72441 by the bulls that pushed NEO today at $21.97869 price to maintain.

NEO/USD daily chart. Source: TradingView

The bears are aggressively defending the $22-22.82612 resistance zone, but if the NEO/USD pair bounces back from the 20-day EMA ($18.54), the bulls will once again try to push the price above the resistance zone.

If they succeed, the next leg of the upward movement will probably begin. There is a small resistance at $25.23 and momentum is likely to build above it.

However, if the bears push the price below the 20-day EMA, the pair could fall to $16.72441. A failure below this support and a shutdown would be a huge downside.

NEO/USD 4-hour chart. Source: TradingView

Failure to break above the $22 level could have pulled the short-term bulls’ profit reservation. This pushed the price below the 20-EMA.

However, if the bulls can hold the price above $19.27244 (the 50% Fibonacci retracement level), another attempt to clear the overall resistance is likely.

A break below the $19.27244 – $18.63376 support could weaken the momentum and lead to a fall to $16.72441. YFI/USD

The Yearn.finance (YFI) correction, which started on August 31st, found support near $21,345, which is the 50% Fibonacci retracement level of the entire uptrend starting at $3,000 – $39,690.

YFI/USD daily chart. Source: TradingView

Repeated attempts by the bears to break below the $21,345 support failed, and the range contracted between September 5 and September 8, indicating instability between bulls and bears.

This uncertainty was reversed with a sharp rise on September 9, indicating that the bulls had reasserted their dominance. The target target for this next leg of the uptrend is $46,632.46 followed by psychological resistance at $50,000.

However, the bears are trying to stop the rally at $43,966.31. If they can push the YFI/USD pair down to $31,011.37 below the 50% Fibonacci pullback level of the most recent leg of the rally, momentum is likely to weaken.

The developing downtrend in the RSI requires caution, but if the pair bounces back from the $34,068.74 – $31,011.37 support zone, the bulls will make another attempt to continue the uptrend.

YFI/USD 4-hour chart. Source: TradingView

The bears pushed the pair below the 20-EMA, which indicates that the short-term momentum is weakening. The next support on the negative side is at $31,011.37.

If the pair rises sharply from $31,011.37, the bulls will make another attempt to push the price above the general resistance at $43,966.31. LINK / USD

Chainlink (LINK) has bounced back three times from the $13.28 level since September 6, but the positive sign is that the bears have not been able to pull the price below the trend line, indicating that they are buying at lower levels.

LINK/USD daily chart. Source: TradingView

If the LINK/USD pair breaks above the trendline again, the bulls will make another attempt to push the price above $13.28. If successful, the pair is likely to gain momentum and rally to the downtrend line.

This level is likely to act as a resistance again, but if the bulls can break through it, the pair could rally to $17.7777.

However, if the bears pull the price below the trend line, it will show weakness, which could lead to a fall to $8,908. Such an action would be a huge negativity and hurt the emotions.

LINK/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are aggressively defending the $13.28 levels, but the positive sign is that the bulls did not allow the price to fall below the $11 level.