Bitcoin bulls are attempting to make a comeback by pushing the price above the psychologically significant level of $60,000. According to veteran trader Peter Brandt, if Bitcoin holds its recent lows and continues to rise, it will be considered a typical chart pattern for a bull market continuation.
Analysts are optimistic about the long-term prospects of Bitcoin but do not expect an immediate uptrend. The Bitfinex Alpha market report suggests that Bitcoin could remain range-bound for one to two months, with price swings of up to $10,000 on either side.
Traders are closely monitoring the spot Bitcoin exchange-traded funds (ETFs). Recent data from Farside Investors shows that Bitcoin ETFs experienced outflows of $563 million on May 1. However, sentiment is expected to improve once the ETFs start seeing net inflows for several consecutive days. Former BitMEX CEO Arthur Hayes believes that the sell-off has ended and predicts that the crypto markets may move higher.
Now, let’s take a look at the important resistance levels that might hinder the recovery of the top 10 cryptocurrencies.
Bitcoin Price Analysis:
Bitcoin is finding support between the 50% and 61.8% Fibonacci retracement levels. The recent push above the breakdown level of $59,600 suggests that the previous fall may have been a bear trap. However, the bears are likely to put up a fight and try to stall the relief rally at the 20-day exponential moving average ($63,366) and the 50-day simple moving average ($66,151). If the price turns down from these moving averages, it will indicate negative sentiment and a tendency to sell on rallies. The bears may then attempt to push the BTC/USDT pair below $56,500, potentially causing it to slump to $54,298. On the other hand, a break above the 50-day SMA would suggest that the pair may continue trading within the range for a longer period.
Ether Price Analysis:
Ether fell below the $2,850 support but showed strong demand at lower levels. The downsloping moving averages and the RSI below 45 indicate that the bears have a slight advantage. If the price turns down from the current level or the 20-day EMA ($3,152), the bears will try to bring the ETH/USDT pair to the support line of the descending channel pattern. However, a rise above the 20-day EMA would suggest a reduction in selling pressure and could mark the end of the downtrend.
BNB Price Analysis:
BNB has been trading within a large range between $495 and $635, indicating indecision between the bulls and bears. If the price stays below the moving averages, the BNB/USDT pair could slide to the strong support at $495. On the other hand, a rise above the moving averages could lead to a climb towards the overhead resistance of $635.
Solana Price Analysis:
Solana dipped below the $126 support but quickly bounced back, indicating buying pressure. The pair has reached the 20-day EMA, an important level to watch. A breakthrough this barrier could lead to a climb towards the overhead resistance of $162, which may attract selling by the bears. On the downside, the crucial support to watch is $126. A break below this level could signal the start of a downward move towards $100.
XRP Price Analysis:
XRP’s relief rally has reached the 20-day EMA, a critical level for the bears to defend. If the price turns down from this level, the sellers may try to bring the XRP/USDT pair to the strong support zone between $0.46 and $0.41. The first sign of strength would be a break and close above the 20-day EMA, which could push the pair towards $0.57. A break above this resistance could open the door for a potential rise to $0.62.
Dogecoin Price Analysis:
Dogecoin bounced off the $0.12 support, suggesting that the bulls are trying to defend this level. Buyers will attempt to push the price towards the 20-day EMA and the downtrend line. However, if the price turns down from this zone, the bears may sink the pair below the neckline near $0.12, completing a bearish head-and-shoulders pattern. This could lead to a downward move towards $0.10 and eventually $0.08. To invalidate this negative view, the bulls need to push the price above the downtrend line.
Toncoin Price Analysis:
Toncoin is finding support between the 50% and 61.8% Fibonacci retracement levels. The relief rally has reached the moving averages, which is an important level to watch. If the price turns down from the moving averages, the bears may attempt to sink the pair below $4.25. On the other hand, if buyers overcome the obstacle at the 20-day EMA, it will suggest a stronger recovery with a potential rise towards $6.35.
Cardano Price Analysis:
Cardano is struggling to stay above the breakdown level of $0.46. The zone between $0.46 and the 20-day EMA may witness strong selling by the bears. If the price turns down sharply from this zone and breaks below $0.40, the pair may start the next leg of the downtrend towards $0.35. However, a push above the 20-day EMA would indicate a reduction in selling pressure and could lead to a climb towards $0.52 and $0.57.
Avalanche Price Analysis:
Avalanche has formed a range between $29 and $40. The downsloping 20-day EMA and the RSI near 42 suggest that the bears have the upper hand. If the price turns down from the 20-day EMA, the bears may attempt to sink the pair below $29, opening the door for a further downward move towards $27.24. On the other hand, if buyers push the price above the 20-day EMA, it would suggest buying at lower levels and could lead to a climb towards $40.
Shiba Inu Price Analysis:
Shiba Inu’s recovery attempt is likely to face selling at the moving averages. If the price turns down sharply from the moving averages, it would increase the likelihood of a drop below $0.000020. To prevent this decline, buyers need to drive and maintain the price above the moving averages, which would suggest a reduction in selling pressure and could lead to a rise towards $0.000028 and $0.000033.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.