An article by Crypto Tax Calculator Australia, containing the top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, ALGO and EGLD.

During Bitcoin’s anticipated “consolidation phase,” if BTC maintains its $49,000 level, ETH, MATIC, ALGO, and EGLD may move higher.

On December 4, Bitcoin (BTC) and most altcoins lost value, with the cryptocurrency derivatives markets showing a large unwinding. According to data, over $2.5 billion in crypto liquidations took place in a single day.

Ether (ETH) has outperformed Bitcoin throughout the recent fall. While Bitcoin’s market dominance dropped below 41%, Ether kept rising and now has a greater market share than ever before, at over 21%.

According to some analysts, Bitcoin’s recent decline may lead to a lengthy consolidation phase. Decentrader co-founder filbfilb thinks that Bitcoin will consolidate fully into the first quarter of 2019. Moskovski Capital CIO Lex Moskovski believes that “things are going to be slow for a little while.”

What will it take for Bitcoin to bottom out in the next few days? Let’s have a look at the charts of the top five cryptocurrencies that might lead the market higher.

BTC/USDT

In mid-November, Bitcoin had made a strong position at the 100-day simple moving average ($54,496), providing crucial support for the bulls to hold.

However, the bears had other ideas. On December 3, they succeeded in pushing the price below the 100-day SMA, possibly triggering numerous stop losses. As a consequence of this panic selling, the BTC/USDT pairing fell to $42,000 on December 4. The bulls bought this decline with zeal as evidenced by the long tail on

The bearish 20-day exponential moving average ($56,219) and the relative strength index (RSI) close to the oversold region suggest that bulls are in a position of disadvantage. If the pair falls farther below its current levels, the next stop would be $40,000, which is strong support.

A break and close above this level would be the first indication that a stronger recovery is on the way. Inversely, if the price rises from its present level, the pair might rise to the 100-day SMA, which could act as a significant barrier.

The pair has been trapped in a channel pattern for the past few weeks. The bears attempted to push the price beneath the channel support line, but bulls stepped in and pushed it back into the channel.

If bulls manage to keep the support line, the pair may rise to the 20-EMA. This level is again expected to serve as a strong resistance. If the price moves away from the 20-EMA, it will signify that sentiment has worsened. That might raise the chance of a drop below the channel.

If the pair reaches that point, it could drop to the strong support level of $42,000 to $40,000. A break and close above the 20-EMA will be the first indication that sellers are losing their grip. The pair may rise to the channel’s resistance line next.

ETH/USDT

For the previous few days, ether (ETH) has been rangebound between $4,868 and $3,900. Despite the fact that bears were able to bring the price down to the range on Dec. 4, they were unable to maintain these levels. On this dip, which was caused by long tail

If bulls continue to maintain the price above $3,900, the ETH/USDT pair may reach the 20-day EMA ($4,326) in a few days. If this level is broken and closed above by the bulls, they will have to push forward.

Contrary to popular belief, the bears will make one more try to sink and maintain the pair at or below $3,900 if the price drops from its present level. If they succeed, the pair could plummet to significant support at $3.400.

The pair is currently facing significant resistance near the 61.8% Fibonacci re-tracement level at $4,215.12. The 20-EMA is sloping downwards, and the RSI is in the negative camp, suggesting a slim profit to the bears.

The market may resume its downside move if the price breaks below $4,000 to reset the trend line. The price will fall to $3,823.98 if it breaches and closes below this level. A break and close beneath this level might indicate a test of $3,503.68.

If the bulls push it through the moving averages, it may rise to as much as $4,654.88 and challenge its all-time high.

MATIC/USDT

The price of the (MATIC) has been in an ascending channel formation for the previous several days. On Dec. 3, the bulls were able to push the price above the resistance line, but they couldn’t hold those gains. This may have prompted profit taking on Dec. 4 as a result .

The 100-day moving average (100 MA, $1.54) dropped to the MATIC/USDT pairing, but buyers came in and bought the dip. The long tail on today’s candle suggests that bears are selling near the resistance line, however.

On the other hand, if the price fails to break above $5.15, it will most likely continue its climb towards $6.00 and beyond, due to a couple of factors: The 20-day EMA ($1.85) is sloping up, with the RSI in the positive zone suggesting that buyers hold the upper hand

The 50-day SMA is a standard moving average. It’s typically used as a support or resistance level. If the price breaks below the 50-day SMA, it will be met by the 100-day SMA.

The pair’s comeback is being threatened by selling at the 78.6 percent Fibonacci re-tracement level of $2.21. If the price falls below the 20-EMA, the pair might plunge to the 50-SMA and then to the 100-SMA. A break beneath this support may signal a drop to $1.

The bulls will attempt to push the price above $2.21 after a decline below the 20-EMA; if they succeed, the pair may rise to $2.40. To reach the all-time high at $2.70, the bulls must clear this overhead barrier.

ALGO/USDT

Algorand (ALGO) fell below critical support at $1.50 on Dec. 4, but the bulls aggressively bought the dip as witnessed by the long tail on the candlestick. The bulls will now aim to push the price past the moving averages.

If they do that, the ALGO/USDT pair could surge up to the resistance line. This is a key level for the bears to defend because a breakout above it may invalidate the downward triangle pattern. The pair might advance to $2.36 and eventually $2 on this move.

Contrary to popular belief, if the price falls below the moving averages, it indicates that bears are selling rallies. The pair might then try to reclaim its $1.50 support. If this level is broken and closed below, the bearish scenario will be completed. The pair may then drop as low as $0.80.

The price has been fluctuating between $1.60 and $2 for months. The bears were unable to keep the price below $1.60 for long, but they did manage to push it back into the range.

If buyers push the price above the moving averages, it’s possible that the pair will advance to $2 overhead resistance. If, on the other hand, the price falls below the moving averages, as it has frequently done throughout history, then bears will attempt to sink and maintain it at or near $1.60. A retest of $1

EGLD/USDT

The quick surge in Elrond (EGLD) from $287 on November 17 to its all-time high of $544.25 on November 31 drove the RSI deep into overbought territory. In general, vertical climbs are followed by waterfall declines, and that is what has occurred in recent days.

The EGLD/USDT pair rejected the all-time high and fell to $224.62 on December 4, completing a full re-tracement of the most recent leg of the rally.

The good news is that bulls bought the lows on December 4, as seen in today’s long tail candle. Buyers are presently attempting to defend the upwards trend line and push the price back above $324, which was roughly where it was before Christmas.

If they accomplish that, the pair may rise to the 20-day EMA ($364), where bears will be able to mount a strong resistance. If bulls succeed in overcoming this barrier, the pair could head towards $425.

The 100-day SMA acts as a support level for the price, limiting its decline. On the other hand, if the price falls below the 100-day SMA ($271), it could plummet to $200.

The selling was shallow, allowing the price to drop below the uptrend line. However, the bears could not defend the lowered levels for extended periods of time. This indicates significant accumulation on dips. The pair swiftly recovered above the uptrend line, though the bulls were unable to overcome resistance at 20-EMA.

The fact that traders are selling on advances demonstrates an un-favorable sentiment and that people are selling on rises. The next stop may be $224.62 if the price stays below the uptrend line.

Reversal candlesticks can be used on a daily basis, and they’re particularly useful for analysing the trend. If a price breaks below the 20-EMA and rises above it, this is considered a bearish reversal. The pair may then begin to recover, which might climb as high as the 50-SMA. A break and close

There are a lot of digital currencies to keep an eye on this week, but these 5 stand out as the most promising. If you wish to diversify your portfolio or just want some cryptocurrency market exposure, we recommend taking a look at them and seeing what they have to offer.

The views and opinions expressed in this article are those of the author, and do not necessarily reflect those of Crypto Tax Calculator Australia. Every investment and trading transaction carries some degree of risk, so you should do your own research when making a decision.