Bitcoin’s bullish price action continues to strengthen rallies in FIL, OKB, VET and RPL

The Dow Jones Industrial Average fell for a third week in a row, but the Bitcoin (BTC) price disconnected and is on track to end the week near the strong overhead resistance at $25,211. This suggests that the broader crypto market recovery is on a strong foothold.

After Bitcoin’s sharp rally from the lows, analysts are still divided in their opinion on the next move. Some traders believe that the current Bitcoin rally will turn back down, while others expect the momentum to continue, starting a new bull phase.

Chances are that Bitcoin and several other cryptocurrencies will continue to rally until a large majority of bears turn bullish. After that happens, a significant decline is likely. It can shake out several weak hands and provide an opportunity for the stronger hands to increase their positions. A higher low followed by a higher high can confirm the end of the bear phase and signal the start of the next bull market.

Meanwhile, select altcoins look strong and could follow Bitcoin higher in the near term.

Let’s look at the charts to find the critical levels you should keep an eye on.

BTC/USDT

Bitcoin is trading near the stiff overhead resistance at $25,211. The small trading range days of February 18 and 19 indicate that bulls are in no rush to book profits and bears are wary of shorting at current levels.

The rising moving averages and the relative strength index (RSI) near the overbought territory indicate that the bulls are firmly in command. A tight consolidation near a stiff overhead resistance usually resolves to the upside. If buyers catapult the price above $25,250, the BTC/USDT pair could accelerate to $31,000 as there is no major resistance in between.

Conversely, if the price dumps from today’s level, it may find support at the 20-day exponential moving average ($23,115). The bears need to pull the price below $22,800 to break the bullish momentum. The pair could then collapse to $21,480, which is likely to act as a strong support.

The bears aggressively sold the rally to $25,250, but they could not pull the price below the 20-EMA. This suggests that sentiment remains strong and the bulls see the falls as a buying opportunity.

Buyers are likely to have another shot at the overhead resistance. If they manage to drive the price above $25,250, the next stage of the uptrend could begin.

The first sign of weakness will be a break below the 20-EMA. That will encourage the bears who will then try to lower the price to $22,800.

FILE/USDT

Filecoin (FIL) rose above the immediate resistance level of $7 on February 17th. This shows the intention of the bulls to start another up move.

After a brief consolidation on February 18, the bulls continued their rally on February 19. This strong rally indicates aggressive buying by the bulls. There is a minor resistance at $9.53, but it is likely to be crossed.

The FIL/USDT pair can then target $11.39. This level will likely act as a major obstacle, but if bulls do not allow the next pullback to fall back below $9.53, the uptrend could continue. The next resistance is at $16.

This bullish outlook could backfire in the short term if the price declines from today’s levels and plunges below $7.

The four-hour chart shows that the bears tried to stop the stop move at $8, but the bulls did not let the price slip back below the breakout level of $7. This indicates aggressive buying on every minor dip. The rally gained momentum and reached the overhead resistance at $9.53.

Sellers can mount a strong defense at this level, but the upward 20-EMA and RSI in the overbought zone indicate that the path of least resistance is to the upside. If bears want to stop the rally, they need to pull the price back below $8.

OKB/USDT

While most cryptocurrencies are disappearing well below all-time highs, OKB (OKB) has consistently hit new highs in recent days. Any asset that reaches a new all-time high possesses strength.

The OKB/USDT pair declined on February 18, suggesting a profit order above $58. In a strong uptrend, corrections usually last no more than three to five days. If the price goes up from $50, the bulls will try to drive the pair above $59. If successful, the couple can start their journey towards $70.

Another possibility is that the pair corrects sharply and retests the support at $45. If buyers turn this level into support, the pair could consolidate between $45 and $58 for a few days. The bears need to drop the price below $44 to gain the upper hand.

The four-hour chart shows that buyers bought the dip to the 20-EMA, but the rebound lacks strength. Although the moving averages are sloping upwards, the RSI is showing a negative deviation. This indicates a weakening of bullish momentum. If the 20-EMA breaks, the pair could slide to $47.50 and then to $44.35.

Alternatively, if the price emerges and breaks above $55, the bulls could have another chance at the $58.84 high. If this level is removed, the pair can resume its uptrend.

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VET/USDT

VeChain (VET) held the retest of the downtrend line and then broke above the overhead resistance, indicating that the bears may be losing their grip.

The moving averages have turned up and the RSI is close to the overbought zone. This suggests that bulls have the upper hand. If buyers turn the $0.028 level into support during the next pullback, the VET/USDT pair could rise towards the next overhead resistance at $0.034.

Buyers are expected to protect this level vigorously because a break above it could indicate the start of a new uptrend. The pair could then rise to $0.05. This positive view may be invalidated in the short term if the price declines and plunges 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 could gain momentum and quickly increase to $0.032 and then to $0.034.

Conversely, if the price declines from today’s level and breaks below the 20-EMA, more aggressive bulls may be caught. It could start a deeper correction as longs get out of their position. The pair could then slide to $0.022.

RPL/USDT

Rocket Pool (RPL) has been in an upward trend for the past few days. The price has not broken below the 20-day EMA ($45) during the pullback, indicating strong demand to buy at lower levels.

Today’s February 18-19 candlestick pattern shows bears trying to stop the uptrend near $56, but the bulls are not willing to give up their advantage. If buyers push the price above $57, RPL/USDT could march towards the next target of $74.

On the downside, the first support is at the $50 psychological level. If this level gives way, the pair could slide towards the 20-day EMA ($45). This is an important level for the bulls to defend because a break below it could signal a trend change in the short term.

The four-hour chart shows bears trying to defend the $56 level, but the bulls haven’t given up much ground. This suggests that buyers are holding their positions when they expect a break above the overhead resistance. If that happens, the pair could rise to $61 and then to $74.

Contrary to this assumption, if the price goes down and breaks below the 20-day EMA, it will indicate that the bulls have given up and are booking profits. That could result in a deeper correction to the 50-day simple moving average and then to $38.

The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.