{"id":6091,"date":"2020-12-15T01:57:57","date_gmt":"2020-12-15T01:57:57","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/aave-yfi-and-elrond-surge-as-bitcoin-price-breaks-above-19-300"},"modified":"2020-12-15T01:57:57","modified_gmt":"2020-12-15T01:57:57","slug":"aave-yfi-and-elrond-surge-as-bitcoin-price-breaks-above-19300","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/aave-yfi-and-elrond-surge-as-bitcoin-price-breaks-above-19300\/","title":{"rendered":"AAVE, YFI and Elrond surge as Bitcoin price breaks above $19,300"},"content":{"rendered":"

Over the weekend Bitcoin (BTC<\/a>) price made a push back above the $19,000 level as traders showed up and provided enough volume to support the surge. <\/p>\n

At the time of writing, BTC price breaking above a pennant but the $19,300 to $19,500 range continues to present significant resistance. According to Cointelegraph contributor, Rakesh Upadhyay<\/a>:<\/p>\n

\u201cIf the bulls can push the price above the $19,500 to the $20,000 overhead resistance zone, it will complete an ascending triangle pattern that has a target objective of $22,808.98.\u201d <\/p><\/blockquote>\n

BTC\/USDT 4-hour chart. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

As Bitcoin bulls attempt topush the price to the $19,500 resistance, a handful of altcoins have capitalized on BTC\u2019s range-bound price action by rallying higher to key resistance levels. <\/p>\n

Yearn.finance\u2019s (YFI) governance token is currently showing an inverse head and shoulders formation on the 1-hour timeframe and as the price pushes at the neckline traders will look for a breakout to the $27,750 to $27,850 level. <\/p>\n

YFI\/USDT 1-hour chart. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

Risk-averse traders will likely wait for a 1-hour close above the neckline at $26,276 before opening a position. <\/p>\n

The 4-hour chart also shows a VPVR gap extending from $26,115 to $27,851 and the RSI has entered bullish territory above 50. In the event of a pullback, the 20-MA may provide support as it sits closely below at $25,468. <\/p>\n

AAVE is also showing a similar construction to YFI except that it recently broke above the neckline of its inverse head and shoulders pattern to surge to a 5-day high at $91.78. <\/p>\n

AAVE\/USDT 4-hour chart. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

This move and the accompanying high volume surge triggered a bit of profit-taking but traders who take a quick glance at AAVE\u2019s chart will notice that lower support retests frequently occur after the rallies like the one seen today. <\/p>\n

Profit-taking led to the price retesting the $85.50 support and if this level can hold and Bitcoin doesn\u2019t breakdown from its pennant, AAVE price will likely reclaim $88.30. A daily close above $91.78 will open the door to AAVE securing a new all-time high above $94.90. <\/p>\n

Another altcoin quietly making strong moves is Elrond (EGLD) which has rallied 75% since completing a rounding bottom on Dec. 7. Currently, EGLD is up 10.5% today and after topping out at $20.12 the altcoin is pulling back to retest underlying support levels. <\/p>\n

EGLD\/USDT 4-hour chart. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

There is support at $17.42, and below this at $16.80 where the 20-MA resides and the volume profile visible range shows support. <\/p>\n

EGLD\/USDT daily chart. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

While the 4-hour chart suggests that the bullish move has ended, the daily timeframe shows EGLD on the verge of overtaking the Sept. 4 high at $20.50, after which there is no overhead resistance and the possibility of a new all-time high above $35. <\/p>\n

If Bitcoin price successfully breaks above $19,500 and flips the level to support it’s likely that YFI, AAVE and Elrond will follow in tandem. <\/p>\n

The views and opinions expressed here are solely those of the <\/em>author<\/em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n

Source: COINTELEGRAPH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Over the weekend Bitcoin (BTC) price made a push back above the $19,000 level as traders showed up and provided enough volume to support the surge.  At the time of writing, BTC price breaking above a pennant but the $19,300 to $19,500 range continues to present significant resistance. According to Cointelegraph contributor, Rakesh Upadhyay: \u201cIf…<\/p>\n","protected":false},"author":1,"featured_media":6092,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[131,441,95,442,443],"class_list":["post-6091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-bitcoin-price","tag-cryptocurrencies","tag-defi","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6091"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=6091"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/6092"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=6091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=6091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=6091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}