Top 5 cryptocurrencies to watch this week: BTC, LUNA, AVAX, ETC, EGLD

cointelegraph.com:

Bitcoin (BTC) rose above $42,000 on March 19 but the bulls continue to face a strong challenge from the bears at higher levels. 

Although Bitcoin’s price has recovered from $37,578 on March 13, Cointelegraph market analyst Marcel Pechman highlighted that the long-to-short net ratio of top traders across three major exchanges shows that professional traders have not been buying aggressively.

But while Bitcoin struggles at higher levels, select altcoins are showing strength. Twitter account BTCFuel anticipates that altcoins could be entering “the final leg up of the hype phase” and may peak in the Summer.

Glassnode data shows that investors have withdrawn roughly 550,000 Ether (ETH) from centralized exchanges year-to-date. Due to the outflows, the exchanges’ net Ether balance has plummeted from 31.68 million Ether in June 2020 to 21.72 million Ether.

Could Bitcoin hold above the psychological level at $40,000 and will that shift focus to altcoins? Let’s study the charts of the most notable five cryptocurrencies to find out.

Bitcoin is facing resistance near $42,594 which suggests that traders are cautious at higher levels. The price could now slide to the moving averages, which is an important support to keep an eye on.

If the price rebounds off the moving averages, it will suggest that the bulls are not waiting for a deeper correction to buy. That could improve the prospects of a break and close above the overhead resistance. If that happens, the BTC/USDT pair could rally to $45,400 and later to the resistance line of the ascending channel.

Contrary to this assumption, if the price turns down and breaks below the moving averages, the pair could slide toward $37,000. A bounce off this support will suggest that the pair may remain