Bitcoin (BTC) bulls are attempting a rebound by pushing the price above the psychologically important level of $60,000. Veteran trader Peter Brandt said in an
Analysts are optimistic about Bitcoin’s long-term prospects, but do not expect an upward trend to begin in a hurry. According to a Bitfinex Alpha market report, Bitcoin could remain range-bound for a month or two, “with swings of $10,000 on either side.”
Traders are likely to closely monitor Bitcoin exchange-traded funds on the spot. Bitcoin ETFs saw outflows of $563 million on May 1, according to Farside Investors data. This sentiment is likely to recover after the Bitcoin ETF witnessed net inflows for several days in a row. Former BitMEX CEO Arthur Hayes believes the sell-off is over and the cryptocurrency market could rise further.
What are the critical resistance levels that can act as obstacles to recovery? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin finds support in the area between the 50% Fibonacci retracement level of $58,017 and the 61.8% retracement level of $54,298.
The bulls pushed the price above the $59,600 breakdown level on May 3, indicating that the recent decline may have been a bearish one. But it seems like the bears won’t give up easily. They will try to stop the relief rally at the 20-day exponential moving average ($63,366) and the 50-day simple moving average ($66,151).
If the price falls below the moving average, it means the sentiment is still negative and traders are selling on the bounce. The bears will then make one more attempt to sink the BTC/USDT pair below $56,500. If successful, the pair could fall to $54,298.
Conversely, a move above the 50-day SMA suggests that the pair may remain range-bound for some time.
Ether Price Analysis
Ether (ETH) fell below the $2,850 support level on May 1, but the long tail of the candlestick shows solid demand at lower levels.
A downward moving average and an RSI below 45 show that the bears have a slight edge. If the price declines from the current level or the 20-day EMA ($3,152), the bears will attempt to pull the ETH/USDT pair down to the support line of the descending channel pattern.
Conversely, if the price rises above the 20-day EMA, it suggests that selling pressure may ease. The bulls will push the pair above the resistance line to indicate the end of the downtrend.
BNB price analysis
BNB (BNB) has been oscillating within a large range between $495 and $635 over the past few days, indicating indecision between bulls and bears.
If the price remains below the moving average, the BNB/USDT pair may slide towards the strong support level at $495. Buyers are likely to purchase this level and keep the range intact. However, if the bears prevail, the pair could start a downtrend towards $460 and then fall towards $400.
Instead, if the price rises above the moving average, the pair could move up to the indirect resistance at $635. This is a significant resistance that the bears will need to defend, as a break above this resistance could send the price soaring to $692.
Solana Price Analysis
The bears pulled Solana (SOL) below the $126 support, but it was unable to hold lower, indicating a buy by the bulls.
The SOL/USDT pair has reached the 20-day EMA ($145), an important level to watch out for. If buyers overcome this barrier, the pair could move up towards the overhead resistance at $162. This level could induce selling on the downside.
An important support level to watch for downside is $126. If the price breaks below the 20-day EMA and falls below $126, it is a sign that the next downtrend is starting. The pair could then fall to $100.
XRP Price Analysis
The relief rally in XRP (XRP) reached the 20-day EMA ($0.53). This is an essential level that bears must defend if they want to maintain control.
If the price breaks down from the 20-day EMA, sellers will again try to pull the XRP/USDT pair into a strong support area between $0.46 and $0.41. Buyers are expected to actively protect this area.
The first sign of strength would be a breakout and close above the 20-day EMA. Once this hurdle is removed, the pair could reach $0.57, which could once again pose a strong challenge. A break above this resistance is likely to lead to a rise to $0.62.
Dogecoin price analysis
Dogecoin (DOGE) bounced off the $0.12 support on May 1, indicating bulls are trying to defend the level.
Buyers will try to push the price towards the overhead area between the 20-day EMA ($0.15) and the downtrend line. Seller must actively protect this area.
If the price drops from this area, the bears will again try to sink the DOGE/USDT pair below the neckline near $0.12. Doing so will complete a bearish head and shoulders pattern. This could start a decline to $0.10 and eventually fall to $0.08.
This negative view will be nullified in the short term if the bulls push the price above the downtrend line.
Toncoin price analysis
Toncoin (TON) is finding support in the area between the 50% Fibonacci retracement level of $4.90 and the 61.8% retracement level of $4.25.
The fact that the relief rally has reached the moving average is an important level to note. If the price breaks below the moving average, the bears will again try to push the TON/USDT pair below $4.25.
On the other hand, if buyers overcome the hurdle at the 20-day EMA ($5.53), it would signal the start of a stronger recovery. The pair could then rise to $6.35, where bears may encounter strong resistance.
Related: $2.4 billion worth of Bitcoin and Ethereum options set to expire May 3, maximum BTC pain is $61,000.
Cardano Price Analysis
Bulls are trying to keep Cardano (ADA) above the $0.46 collapse level, but bears are likely to put up a fierce fight.
The area between $0.46 and the 20-day EMA ($0.48) is likely to see solid selling on the downside. If the price declines sharply in this area and falls below $0.40, the ADA/USDT pair could begin the next leg of the downtrend towards $0.35.
Contrary to this assumption, if buyers push the price above the 20-day EMA, it would signal that selling pressure is waning. The pair may then rise to $0.52 and later to $0.57, which could act as a strong hurdle.
Avalanche Price Analysis
The price movement of Avalanche (AVAX) over the past few days has resulted in a decline of $29 and an increase of $40.
The bearish 20-day EMA ($36.56) and RSI are near 42, suggesting bears have the upper hand. If the price breaks below the 20-day EMA, the bears will again try to push the AVAX/USDT pair below $29. If they do so, the next downtrend to $27.24 could begin.
Conversely, if buyers push the price above the 20-day EMA, it suggests buying at lower levels. The pair could then rise to $40. A breakout and close above this level indicates that the bulls are attempting a bounce.
Shiba Inu price analysis
The long tail of the Shiba Inu (SHIB) May 1 candlestick shows that bulls are trying to defend the $0.000020 level.
A recovery attempt is likely to result in selling off the moving average. If the price falls sharply from the moving average, the chances of a decline below $0.000020 increase. If that happens, the SHIB/USDT pair could plummet to $0.000018.
If buyers want to avoid a decline, they need to get the price above the moving average and hold it there. If they do that, it means selling pressure is waning. The pair may rise to $0.000028 and then to $0.000033.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.