After days of price range action, Bitcoin and many altcoins made a strong comeback today, signaling low levels of buying.
The recent weakness in the Bitcoin (BTC) price has not seen any panic selling by investors, indicating that sentiment in the crypto industry is on the rise. Following Ethereum’s (ETH) strong rise over the past few days, Bitcoin gained significant momentum today, regaining the $ 55,000 level. This shows that investors continue to accumulate in dips.
Game-focused venture capital fund Plantsraft Ventures, which manages more than $ 400 million in assets, has linked up with crypto research firm Delphi Digital to invest in crypto assets and related projects.
Demand from institutions seems to be increasing in Asia as well. To meet this demand, Huobi Asset Management has launched four cryptocurrency-related tracking funds.
Fidelity announced the launch of Sherlock, a product similar to the Bloomberg Terminal, that will provide both fundamental and technical analysis research for fund managers to provide digital asset data and analytics to corporate clients.
Alongside new entrants, existing investors are also considering adding to their crypto assets. MicroStrategy CEO Michael Saylor said in a press release on April 30 that the company will “continue to buy and hold additional Bitcoins while trying to create additional value for shareholders.”
The durability of Bitcoin and other major altcoins shows that the markets are maturing. Let’s examine the charts of the top 10 cryptocurrencies to determine the direction of the next possible trend movement.
BTC / USDT
After the 20-day exponential movement paths hesitated near the average ($ 55,324) for the past two days, Bitcoin has risen to the average of 50-day simple moving routes ($ 56,897) today. If the bulls push the price above the 50-day SMA, it is possible to rise to a resistance zone from $ 61.825.84 to $ 64.849.27.
Averages of straight moving roads and a relative strength index (RSI) above 53 show that selling pressure is decreasing. However, the bulls may encounter stiff resistance at the current level and again in the overhead resistance zone.
If the price drops from the current level and breaks the $ 52.500 support, it will show that the bears are selling aggressively around the 50-day SMA. This could result in a retest of the $ 50.460 level followed by the $ 46.985.02 level.
The next trend move will likely start with a break above $ 64,849,27 or a drop below $ 46,985.02. Until then, action is likely to continue due to the variable price range.
ETH / USDT
Ethereum created a Doji candlestick pattern on April 29th. It also created an intraday candlestick pattern today, indicating a hesitation near the resistance line of the rising channel. However, if the bulls do not give up much ground, the uptrend will resume.
Breaking the channel will show that momentum remains strong and could result in a sharp rally of up to $ 3,000. Rising moving averages and the RSI near the overbought zone give the bulls an advantage.
However, if the bulls fail to push the price above the channel in the next few days, ETH / USDT could witness the exchange rate take. This could pull the price down to the 20-day EMA ($ 2.417). A break below the support line of the channel will indicate a possible train reversal.
BNB / USDT
Binance Coin (BNB) broke above the resistance line of the symmetrical triangle on April 29. This indicates that the uptrend has started again. The pattern goal of breaking from the triangle is 808.57 $.
The bulls are in control, with rising averages on the upward movement and the RSI near the overbought zone. Buyers may face resistance at $ 638.57, but if the price does not fall below the triangle, the BNB / USDT rate remains on target to begin the next leg of the uptrend.
This bullish outlook will become invalid in the short term if the price falls and re-enters the triangle. Such a move could keep the price consolidated for a few more days. If the price breaks below the triangle and continues, the pair will signal a train reversal.
XRP / USDT
XRP formed an intraday candlestick pattern on April 29, which is rising today. The bulls pushed the price above the 61.8% Fibonacci retracement level to $ 1.55, which signaled strength.
If the bulls keep the price above $ 1.55, the XRP / USDT rate could rise to $ 1.73 and then retest the 52-week high at $ 1.96. The rising 20-day EMA ($ 1.29) and the near-64 RSI show that the bulls have the upper hand.
Contrary to this assumption, if the bears pull the price below $ 1.55, it will suggest taking profit at higher levels. A break below the 20-day EMA will indicate that the bullish momentum is weakening and the pair may remain in the price range for several days.
ADA / USDT
Cardano (ADA) witnessed profit taking at $ 1.41 on April 29, but the bulls did not allow the price to drop below the 20-day EMA ($ 1.25). This is a positive sign and allows the altcoin to move towards reaching the overall resistance of $ 1.48.
If the price breaks down from the $ 1.48 resistance, the ADA / USDT may prolong its stay in the range. Fixed movingways averages and RSI above 58 also point to a consolidation in the near term.
This neutral view will become invalid if the bulls push the price above the $ 1.48 to $ 1.55 general resistance zone. Such a move would show that the bulls have outweighed the bears and a new uptrend is likely. On the upside, the next target is $ 2.
The bears can smell an opportunity if the price breaks and their movement is below averages. A break below $ 1.03 will signal a possible change in trend.
DOGE / USDT
Dogecoin (DOGE) returned at $ 0.34 on April 29, but the bulls don’t leave much room, which is a positive sign. April 29th and today’s intraday candlestick pattern indicates uncertainty between the bulls and bears.
However, the rising 20-day EMA ($ 0.24) and RSI above 62 suggest the path of least resistance is up. If the bulls push the price above $ 0.34, the DOGE / USDT rate will gain momentum and rise to $ 0.42.
Contrary to this assumption, if the price drops and falls below $ 0.29, the pair could drop to the 20-day EMA. The return of this support may keep the pair tied to the price range for several days. If the pair breaks and closes below the 20-day EMA, the trend may turn in favor of the bears.
DOT / USDT
Polkadot (DOT) created a Doji candlestick pattern today, showing that the bulls are hesitant to continue buying around the 50-day SMA ($ 36.91). However, if the bears fail to push the price below $ 32.50 in the next few days, the purchase is likely to continue.
A break above the 50-day SMA will clear the way for a possible move for $ 42.28. This level can again act as a hard resistance and if the price falls from this level, the DOT / USDT rate may stay in the range of $ 26.50 – $ 42.28 for a few more days.
Alternatively, if the price drops below $ 32.50, sellers can take profit and push the pair to $ 26.50 where the purchase can occur. Straight-moving averages and the near-midpoint RSI show that there is a balance between supply and demand.
UNI / USDT
Uniswap (UNI) pierced the resistance line of the rising channel on April 28, but the bulls could not sustain the momentum. The price dropped and re-entered the channel on April 29th, pointing to higher levels of lack of demand.
The negative divergence in the RSI remains intact, warning that the bullish momentum may be waning. If the price drops below $ 37.50, the UNI / USDT rate could drop to the 20-day EMA ($ 35.67), an important boost to watch out for.
A break below this support can cause the support line of the channel to drop. Conversely, if the price returns the 20-day EMA strongly, it will indicate buying on the downside and increase the likelihood of a break above the channel. In such a case, the pair could rise to $ 50.
LTC / USDT
Litecoin (LTC) witnessed a minor correction on April 28 and 29, but the bulls did not allow the price to drop below the 20-day EMA ($ 251). This is a positive sign for a purchase as it suggests traders are not expecting a deeper correction.
If the Bulls can keep the price above $ 266.68, the LTC / USDT rate may reach the 61.8% Fibonacci retracement level at $ 286.02. This level could be a big hurdle, but if the LTC / USDT pair can climb above it, then a rally to $ 335.03 is possible.
The 20-day EMA is starting to emerge and the RSI is slowly rising. This indicates that buyers are trying to gain control. If the price goes down and goes below $ 246.96, this positive view will be rejected. Such a move could open the doors for a drop to the 50-day SMA ($ 226).
BCH / USDT
Bitcoin Cash (BCH) created an upward candlestick pattern today on April 29th. Bulls now cost 1.012.161% at $ 29. 8 Fibonacci will try to move above the retracement level.
If they are successful, the BCH / USDT rate can retest the 1. 213.51 $. The gradually rising 20-day EMA ($ 839) and RSI above 63 show that the bulls have a small advantage.
However, if the price falls from the current level, it will indicate that the bears are selling on the rallies. They will then try to lower the price below the 20-day EMA. If they manage to do this, the pair could drop to $ 686.75.
On the contrary, a recovery in the 20-day EMA will show that sentiment remains positive. The bulls can then take another attempt to increase the price above $ 1.012.29.