Cryptocurrencies

Bitcoin (BTC) continues to search for trend as the bears battle it out

Bitcoin (BTC) continues to search for trend as the bears and bulls fight for supremacy. Glassnode founders Jan Hubel and Jana Aleman believe the price will stabilize to the upside. They said in a post on X that they expect Bitcoin to “go higher.”

Uncertainty about the next directional move did not stop buying by whales. Market intelligence firm Santiment said in a post

Daily view of crypto market data. source: Coin360

Long-term Bitcoin investors do not appear to be concerned about range-bound price action in the near term. In a recent interview with journalist Mike Solana, Twitter co-founder Jack Dorsey said that Bitcoin could rise to at least $1 million by 2030, and even exceed the level from that point on.

Can buyers continue to defend support levels in Bitcoin and altcoins, or will the bears prevail? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin bulls are trying to keep the price above the psychological support level at $60,000, but are facing selling at the 20-day EMA ($62,959).

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
BTC/USDT daily chart. source: TradingView

Bearish moving averages and the Relative Strength Index (RSI) in negative territory indicate that the bears have the upper hand. If it breaks the support at $59,650, BTC/USDT could fall to the 61.8% Fibonacci retracement level at $54,298.

This negative sentiment will be invalidated in the near term if the price rises and breaks above the 50-day simple moving average ($65,620). The pair could then accelerate towards the critical overall resistance level at $73,777.

Ethereum price analysis

Ethereum (ETH) is trading between the 20-day EMA ($3,087) and the horizontal support at $2,850 for several days.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
ETH/USDT daily chart. source: TradingView

Bearish moving averages and an RSI in negative territory indicate an advantage for sellers. A break and close below $2850 would indicate a resumption of the downtrend. ETH/USDT pair may break down to the channel support line.

The area between the 20-day EMA and the resistance line is likely to serve as critical resistance. Buyers will have to push the price above this area to indicate a possible change in trend. The pair may rise to $3,350.

BNB price analysis

BNB Coin (BNB) rebounded from the moving averages on May 8, but the move lacked momentum, indicating hesitation to continue buying at higher levels.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
BNB/USDT daily chart. source: TradingView

If buyers push the price above the downtrend line, it will increase the possibility of a rally to the general resistance of $635. This is an important level to pay attention to because a break above it could open the door to a rally to $692.

Meanwhile, the Bears likely have other plans. They will try to pull the price below the moving averages. If they do, BNB/USDT could fall to $536 and then to the strong support at $495.

Solana price analysis

Solana (SOL) fell below the 20-day EMA ($146) on May 8, but the bears were unable to sustain the lower levels.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
SOL/USDT daily chart. source: TradingView

Strong buying by the bulls pushed the price back above the 20-day EMA on May 9, but the SOL/USDT pair was unable to reach the $162 resistance level. A flat 20-day EMA and an RSI near the midpoint do not give a clear advantage to either the bulls or the bears.

If the price rises from the current level and crosses the $162 level, it will indicate that the bulls are back in the game. The pair may rise to $185 and then to $205 later. The critical support area to watch on the downside is between $126 and $116.

XRP price analysis

XRP (XRP) has been trading between $0.46 and $0.57 over the past few days, indicating a balance between supply and demand.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
XRP/USDT daily chart. source: TradingView

The price fell below the 20-day EMA ($0.52) on May 7, suggesting that the bears are trying to take control. Sellers will try to pull the price to the crucial support level at $0.46, where buyers are expected to step in and defend the level with all their might. A strong bounce off $0.46 could extend the stay within the range for a longer period.

The bulls will have to push and maintain the price above $0.57 to indicate that the correction may be coming to an end.

Toncoin price analysis

Toncoin (TON) rebounded from the moving averages on May 8 and crossed the hurdle at the 61.8% Fibonacci retracement level at $6.49 on May 10, indicating that the correction may be over.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
Daily chart of TON/USDT. source: TradingView

The 20-day EMA ($5.81) is gradually starting to rise, and the RSI has risen into positive territory, indicating that the bulls have the upper hand. The TON/USDT pair will try to rise to $7.67.

Conversely, if the price falls sharply from the current level or general resistance at $7.67, it will indicate that the bears remain active at higher levels. This could lead to the formation of a range between $4.72 and $7.67.

Dogecoin price analysis

The bulls are trying to prevent Dogecoin (DOGE) from retesting the neckline of the large head and shoulders pattern.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
DOGE/USDT daily chart. source: TradingView

Buyers will have to push the price above the 20-day EMA ($0.15) to pave the way for a rise to the 50-day SMA ($0.17). This is a key level that the bears must defend because a break above it could start a rally to $0.21.

Alternatively, if the price falls from the current level or the 50-day simple moving average, it will indicate that the DOGE/USDT pair may spend more time within the range. The trend is likely to turn bearish if the price drops below $0.12.

Related: Telegram-linked Toncoin rose 50% in May for these three reasons

Cardano price analysis

Cardano (ADA) remains stuck between the 20-day EMA ($0.47) and the support line, indicating uncertainty between the bulls and bears about the next trend move.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
ADA/USDT daily chart. source: TradingView

The 20-day EMA and the RSI in negative territory indicate an advantage for the bears. If the price breaks below the support line, ADA/USDT could move down towards $0.35.

Conversely, if the price rises and breaks above the 20-day EMA, it will signal the return of the bulls. The pair could rise to the 50-day simple moving average ($0.53) and then to the general resistance of $0.57. This area is likely to see strong selling by bears.

Avalanche price analysis

Avalanche (AVAX) has been trading between $29 and $40 for several days, indicating a balance between supply and demand.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
AVAX/USDT daily chart. source: TradingView

In a range, traders typically buy dips to support and sell near resistance. The price movement between them can be random and volatile. If the price breaks above the 20-day EMA ($36), the AVAX/USDT pair could reach $40.

Conversely, if the price falls from the 20-day EMA, it will indicate that higher levels continue to attract sellers. The pair may decline to the strong support level at $29. The next trend move will likely start above $40 or below $29.

Shiba Inu price analysis

Shiba Inu (SHIB) continues to trade between the 20-day EMA ($0.000024) and the support line of the symmetrical triangle pattern.

Bitcoin (Btc) Continues To Search For Trend As The Bears Battle It Out
SHIB/USDT daily chart. source: TradingView

It is difficult to predict with certainty the direction of the breakout from the triangle. Hence, it is better to wait for the price to break out of the triangle before taking a directional view. If the price falls below the triangle, it will indicate that the bears have overcome the bulls. The SHIB/USDT pair may then decline to the 78.6% Fibonacci retracement level at $0.000017.

Conversely, if the price rises and breaks above the 20-day EMA, it will suggest buying at lower levels. The pair may rise to the resistance line of the triangle.

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

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