Cryptocurrencies

It seems that the bears failed to sink Bitcoin (BTC) and keep it below the level

The failure of the bears to sink Bitcoin (BTC) and maintain it below the psychological level of $60,000 appears to have attracted buyers trying to push the price towards range resistance. The current upward movement does not guarantee a range breakout but reduces the possibility of a sharp correction in the near term.

Bitcoin’s rebound has boosted daily trading volume in U.S. Bitcoin exchange-traded funds. The volume of the seven largest bitcoin spot funds in the United States rose to $5.65 billion, the highest level since March 24, market research firm Santiment said in a publication

Daily view of crypto market data. source: Coin360

Bitcoin exchange-traded funds have been a huge success, with 937 professional companies invested in them as of March 31, according to an X post by K33 Research senior analyst Wintel Lund. The publication added that professional investors received $11.06 billion from Bitcoin ETFs, which is equivalent to 18.7% of total assets under management.

The arrival of institutional investors is good news for Bitcoin, as investors waiting on the sidelines will likely enter on dips, which could cap the near-term downside.

Can Bitcoin and Selected Altcoins Extend Their Upward Move? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rose above the moving averages on May 15, and the bulls successfully defended the level during the retest on May 16.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
BTC/USDT daily chart. source: TradingView

The 20-day EMA ($63,507) began to gradually rise, and the Relative Strength Index (RSI) jumped into positive territory, indicating that the bulls have a slight advantage. There is a slight resistance at $68,000, but it will likely be cleared. The BTC/USDT pair may then move to the strong overall resistance level at $73,777.

Contrary to this assumption, if the price falls from $68,000 and falls below the moving averages, it will indicate that the bears continue to sell on relief rallies. This could keep the pair within a range between $68,000 and $56,500 for a while.

Ethereum price analysis

The bulls returned to Ethereum (ETH) as the bears failed to bring the price below the strong support level at $2,850.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
ETH/USDT daily chart. source: TradingView

ETH/USDT could reach the resistance line of a descending channel pattern, where sellers are expected to form a strong defense. If the price drops sharply from the current level or resistance line, the bears will make another attempt to pull the price below $2,850.

Alternatively, if buyers push the price above the channel, it will indicate that the downtrend may be ending. The pair may rise to $3,400 and then try to rise to the strong resistance level at $3,730.

BNB price analysis

BNB (BNB) price fell below the moving averages on May 14, but the bulls held the support line of the symmetrical triangle pattern.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
BNB/USDT daily chart. source: TradingView

BNB/USDT is poised for an eventual triangle breakout. If the price declines and falls below the triangle, it may start moving down to $536 and then to $495.

Conversely, if the price continues higher and breaks above the triangle, it will indicate that the bulls have the upper hand. The pair could rise to $635, which may be a small hurdle but will likely be cleared. The next stop is expected to be $692.

Solana price analysis

Solana (SOL) rose sharply on May 15 and rose above the moving averages, indicating that the bulls are trying to make a comeback.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
SOL/USDT daily chart. source: TradingView

Buyers continued their purchases and pushed the price above the $162 resistance level on May 17. This paves the way for a potential rally to $185 and eventually to the massive resistance at $205.

Time is running out for the Bears. If they wanted to prevent an uptrend, they would have to stop the rally and pull the price below the moving averages. The bears will gain more strength on a drop below $140.

XRP price analysis

XRP (XRP) is trying to rise towards the 50-day simple moving average ($0.54), indicating that selling pressure is declining.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
XRP/USDT daily chart. source: TradingView

The 50-day SMA may be a minor hurdle, but if the bulls successfully defend the 20-day SMA on the way down, XRP/USDT could reach the overall resistance of $0.57. . This level may once again attract strong selling by bears.

If the price falls from the current level or the 50-day simple moving average and falls below the 20-day simple moving average, it will indicate that bears are selling on every slight rise. The pair may then decline to the support line and then to $0.46.

Toncoin price analysis

TON Coin (TON) rebounded from the 20-day EMA ($6.34) on May 16, but the bulls are struggling to sustain the recovery.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
Daily chart of TON/USDT. source: TradingView

The bears will once again try to bring the price below the 20-day EMA. If they manage to do so, it will indicate that the TON/USDT pair will remain stuck within the large range between $4.72 and $7.67 for several more days.

If the price rises from the 20-day EMA strongly, it will indicate that the bulls are aggressively defending this level. This will increase the probability of a retest of the general resistance of $7.67. If this level is exceeded, the pair may rise to $9.

Dogecoin price analysis

Dogecoin (DOGE) has been trading between $0.17 and $0.12 for several days, indicating indecision between the bulls and the bears.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
DOGE/USDT daily chart. source: TradingView

The flat 20-day EMA ($0.15) and the RSI near the midpoint indicate a balance between supply and demand. If the price remains above the 20-day EMA, the bulls will attempt to challenge the overall resistance at $0.17. A break above this level could push DOGE/USDT to $0.21.

On the other hand, a break below the 20-day EMA could open the door to a potential drop to the strong support level at $0.12. A break and close below this support will complete a bearish head and shoulders pattern, and begin a breakout to $0.08.

Related: Bitcoin is setting up a “golden cross” that last led to a 170% BTC price gain

Cardano price analysis

Cardano (ADA) traded tight between the 20-day EMA ($0.46) and the support line to the upside on May 16.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
ADA/USDT daily chart. source: TradingView

The ADA/USDT pair is likely to start an upward movement that may face resistance at the 50-day simple moving average ($0.50) and then at $0.52. If the price falls from the upper resistance level, it will likely find support at the 20-day EMA. This will indicate a change in sentiment from selling on highs to buying on lows. The pair may then rise to $0.57.

This positive outlook will be invalidated in the near term if the price declines and breaks below the support line.

Avalanche price analysis

Avalanche (AVAX) has been trading between $29 and $40 over the past few days with no signs of a breakout in either direction.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
AVAX/USDT daily chart. source: TradingView

The bulls pushed the price above the 20-day EMA ($35) on May 17, opening the doors to a rally to $40. If buyers overcome the barrier at $40, AVAX/USDT could move towards $50.

Conversely, if the price falls sharply from the current level or upper resistance and breaks below the 20-day EMA, it will indicate that the pair may remain range-bound for a few more days.

Shiba Inu price analysis

Shiba Inu (SHIB) fell from the resistance line of the symmetrical triangle pattern on May 16, indicating that bears are defending this level.

It Seems That The Bears Failed To Sink Bitcoin (Btc) And Keep It Below The Level
SHIB/USDT daily chart. source: TradingView

The flat 20-day EMA ($0.000024) and the RSI just above the midpoint give no hint about the direction of the next breakout. Hence, it is best to wait until the price breaks above or below the triangle before taking a directional view.

If the price continues to decline and breaks below the triangle, it will indicate that uncertainty has set in in the downtrend. The SHIB/USDT pair could fall to the 78.6% Fibonacci retracement level at $0.000017.

Alternatively, if the price rises and breaks above the triangle, it will indicate that the bulls have taken control of the situation. The pair can rise to $0.000030 and then to $0.000033.

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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