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5 Altcoins That Could Break Out If Bitcoin Price Remains Bullish




Cryptocurrency markets have made a strong comeback in recent days. That drove the total crypto market capitalization to $995 billion on January 14, according to CoinMarketCap data. Bitcoin (BTC) led the recovery from the front, shooting above $21,000 on January 14.

After the sharp rise, the big question is whether the recovery is a dead cat bounce that is a selling opportunity, or is it the start of a new uptrend. It is difficult to predict with certainty whether a macro bottom has been made, but the charts suggest that a bottoming process has begun.

Daily display of crypto market data. Source: Coin360

Independent market analyst HornHairs highlighted that the 2017 to 2018 bear market lasted 364 days, and from 2021 to the current market low, the duration is again 364 days. Another interesting similarity is that the bull market from 2015 to 2017 and the bull phase from 2018 to 2021 both lasted 1,064 days. If history repeats itself, Bitcoin could reach its next peak in about 1000 days.

Bitcoin’s short-term price action has been exciting for bulls, but are altcoins showing similar near-term strength?

Let’s study the charts to find out.

BTC/USDT

Bitcoin shot up to $21,258 on January 13 and that drove the Relative Strength Index (RSI) above 89, signaling that the rally was overheated in the short term. The Bears are expected to mount a strong defense at $21,500.

BTC/USDT Daily Chart. Source: TradingView

Sometimes, when a trend change occurs, the RSI can remain in the overbought territory for a long time. If the BTC/USDT pair does not give up much ground from the current level, it would indicate that traders are in no rush to book profits as they expect another leg higher.

If buyers kick the price above $21,500, the pair could climb to $22,800. This level can again act as a major roadblock.

On the downside, the bears need to pull the price below the $20,000 psychological level to make a dent in the bullish momentum. The pair could then fall to the breakout level of $18,388.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are guarding the $21,250 level, but a positive sign is that the bulls have not allowed the price to slip back below $20,000. Buyers can again attempt to clear the overhead barrier at $21,258 and resume the rally.

On the contrary, if the price again declines from $21,250, it may tempt short-term traders to book profits. That could sink the pair below the 20-EMA. The bears may try to capitalize on this situation and pull the pair to $18,388.

LTC/USDT

Litecoin (LTC) broke above the overhead resistance at $85 on January 12, indicating the start of a new uptrend. There is no major obstacle before the price reaches $107.

LTC/USDT Daily Chart. Source: TradingView

On the downside, the bulls will try to defend the zone between $85 and the 20-day EMA ($79). If the price bounces back from this zone, the LTC/USDT pair could continue its uptrend and reach $107.

The rising moving averages signal favor for bulls, but the RSI above 77 suggests a minor pullback or consolidation is likely.

If bears want to gain the upper hand, they need to pull the price below the breakout level of $75. That could make way for a collapse to $61.

LTC/USDT 4 Hour Chart. Source: TradingView

The 4-hour chart shows that the pair is in an uptrend and the bulls are tightly protecting the 20-EMA. If buyers drive the price above $92, the pair could gain momentum and increase towards the psychological level of $100.

Conversely, if the price goes down and dips below the 20-EMA, it would indicate that short-term traders can book profits. It can pull the price to the 50-SMA. This is an important level for the bulls to defend because a break below it could increase the risk of a drop to $80 and then $75.

OKB/USDT

While several cryptocurrencies are trying to bottom out, OKB (OKB) has started a new uptrend. Generally, it is a good strategy to buy dips in an uptrend by keeping an appropriate stop loss.

OKB/USDT daily chart. Source: TradingView

The rising moving averages and RSI in the overbought territory indicate that bulls are in command, but a short-term consolidation or correction cannot be ruled out. The OKB/USDT pair may slip to the 20-day EMA ($27.64), which is likely to act as a strong support.

If the price pulls back from this level, the pair could touch the strong overhead barrier at $34.18. Crossing this level may be a difficult task, but if the bulls manage to achieve it, the pair could skyrocket to $42.

If bears want to stop the stop move, they need to move the price below the 20-day EMA. If successful, the pair could plunge to the 50-day SMA ($24.05).

OKB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the uptrend encountered strong selling near $33 and the pair could correct to the 20-EMA. If the price rebounds off this support, it would indicate that bulls are buying on every minor dip. That could raise the price to $34.18.

Conversely, if the price dips below the 20-EMA, the correction may deepen to the 50-SMA. If the price pulls back from this level, the bulls will again try to resume the rally, but may face resistance at $31 and again near $33.

Related: Bitcoin Fails To Convince Bottom Is In With $12K ‘Still Likely’

BIT/USDT

BitDAO (BIT) surged from $0.26 on December 27 to $0.53 on January 14, indicating strong bullish momentum. In addition, the shallow pullback on January 15 suggests that traders are not exiting their positions in a hurry as they expect the rally to continue.

BIT/USDT Daily Chart. Source: TradingView

If bulls pushed the price above the $0.54 overhead resistance, the BIT/USDT pair could resume its rally. Next resistance on the upside is $0.68. The bears could pose a strong challenge at this level because a break and close above it could open the doors for a possible rally to $0.80.

On the downside, the first support is at $0.46 and then the 20-day EMA ($0.42). A strong rejection of either support would indicate that traders are buying on dips. That could result in a retest of $0.54. The bears can take control if the price drops below the 20-day EMA.

BIT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair facing resistance near $0.54, but the bulls are likely to defend the drop to the 20-EMA. A strong pullback from this level would indicate that bulls are buying on shallow declines. That could improve the prospects for a break above $0.54.

Alternatively, if the price goes down and breaks below the 20-EMA, more short-term traders can book profits. It may pull the pair to the 50-SMA. If this level also breaks, the pair could fall to $0.41.

FTM/USDT

Fantom (FTM) broke above the downtrend line on January 9, indicating a potential trend reversal. The breakout was followed by a strong rally that pushed the RSI to deeply overbought levels.

FTM/USDT Daily Chart. Source: TradingView

Vertical rallies are unsustainable, so a pullback was to be expected. The FTM/USDT pair may fall to the 38.2% Fibonacci retracement level at $0.30 and then to the 50% retracement level at $0.28.

If the price emerges from this zone, it would suggest a change in sentiment from selling on the rally to buying on the dip. The bulls will then try to resume the recovery and drive the pair above $0.36. If they do, the pair could rise to $0.42.

In contrast, a break and close below $0.28 could pull the pair down to the 61.8% retracement level at $0.26. A deeper drop could break the bullish momentum and raise the possibility of a range formation.

FTM/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the positive territory, indicating an advantage for buyers. The pair may slide to the 20-EMA, which is likely to act as a strong support. If the price pulls back from this level, the bulls will try to resume the rally.

On the contrary, if the price breaks below the 20-EMA, it would indicate that traders are aggressively booking profits after the recent rally. The pair can then extend its correction to the 50-SMA.