2020-5-2 23:10 |
The Bitcoin (BTC) price could not continue its rapid ascent on April 30. While the price reached a high of $9460, it decreased shortly after — reaching a bearish close and a very long upper wick.
The next block-reward halving for Bitcoin is projected to occur on May 12, so it is interesting to keep an eye on if BTC continues what is believed to be a pre-halving pump.
In this article, we will take a look at the price movement for Bitcoin and nine other cryptocurrencies in order to determine their future movement.
Bitcoin (BTC)The Bitcoin price reached the $9500 resistance area before decreasing and creating a bearish candlestick with a long upper wick, which resembles a shooting star. The shooting star candlestick occurs at tops and is considered a bearish reversal pattern. Furthermore, it transpired with higher volume than the preceding bullish engulfing candlestick.
While there is strong resistance above the current price in the form of the 0.786 Fib level at $9200 and the previously mentioned resistance area, there is a lack of support right below the price. Therefore, a drop could take BTC all the way to $8000, at the ascending support line that the price has been following since the March 13 bottom.
Bitcoin Chart By Trading View Ethereum (ETH)The Ethereum price has been moving upwards since it reached a bottom on March 13. However, the rate of increase has accelerated considerably, with the price following a parabolic ascending support line. This increase is likely unsustainable in the long-run but the price could increase at an accelerated pace until it eventually breaks down.
Technical indicators do not warn of an impending decrease, since while the RSI is overbought, it has not generated any trace of a bearish divergence yet. However, the Ethereum price is trading inside a major resistance area found at $217.5. This is both a previous support area and the 0.786 level of the entire decrease. Therefore, it is possible that the price fails to move above it.
If it does stay above the ascending support line, however, the price is likely to increase at a rapid pace and reach the next resistance level of $250 within the next few days.
Ethereum Chart By Trading View XRP (XRP)The XRP price has been following an ascending support line since April 16. Additionally, it seems that the price is in the process of creating a five-wave Elliott formation (green), inside which XRP is likely in the fourth wave.
The fourth wave is transpiring with the shape of an A-B-C correction, in which the “A” wave ended at the 0.618 Fib level of the entire movement and the price is in the process of generating the B wave. Afterwards, a price decrease would be expected — one that would possibly take the price towards this ascending support line once more. The RSI supports this possibility, since it is trading inside the overbought region but has not generated any type of bearish divergence.
From there, XRP is expected to begin the fifth and final wave.
XRP Chart By Trading View Bitcoin Cash (BCH)The Bitcoin Cash price is possibly trading inside a symmetrical triangle and has been doing so since March 9. Additionally, the price is very close to the $275 resistance area, which it already reached in the form of a long upper wick on April 30, but dropped sharply immediately after. At the time of writing, the price was trading right at the resistance line of this triangle.
From the current level, the BCH price is expected to decrease towards the support line. The reasons for this are the hidden bearish divergence that has developed during the most recent highs inside the triangle and the long upper wick that was created once the price reached the $275 resistance area.
BCH Chart By Trading View Bitcoin SV (BSV)The Bitcoin SV price has been trading inside an ascending channel since April 5. At the time of writing, the support and resistance lines of the channel were found at $185 and $230, respectively. The price reached the resistance line on April 30 and was rejected, creating a bearish engulfing candlestick in the process.
At the time of writing, the price was trading above the midpoint (EQ) of this channel, possibly getting ready for an upward move towards the resistance line. If the price breaks out, the next resistance level is found at $255.
At the time of writing, we cannot confidently predict a breakout, even though it seems likely that BSV will reach the resistance line of the channel.
BSV Chart By Trading View Litecoin (LTC)The Litecoin price has been trading inside an ascending channel since March 17, having validated both the resistance and support lines numerous times. Recently, the price touched the resistance line along with the $50 resistance area on April 30 before decreasing slightly.
The rejection was strong, as evidenced by the increased volume during the bearish candlestick with a long upper wick. This suggests that the price is likely to decrease and touch the support line once more.
LTC Chart By Trading View Binance Coin (BNB)The Binance Coin (BNB) price has been increasing since the bottom on March 13, following an ascending support line, which it has validated more than five times.
There are two main resistance levels, found at $17 and $19. On April 29, the price increased considerably, moving above the first one and reaching $19. However, the higher prices could not be sustained and BNB created a long upper wick before decreasing slightly. The proposed movement also caused the price to move above the 200-day MA, which is now acting as support.
As long as the price stays above this MA and the ascending support line, it is expected to make one more run towards $19.
BNB Chart By Trading View EOS (EOS)The EOS price has been following an ascending support line since March 13, increasing at its slope. The line has been validated at least five times.
On April 30, the price created a bullish engulfing candlestick and reached the $3.10 resistance area, which is also strengthened by the 200-day MA. The price was rejected sharply and created a bearish engulfing candlestick in the process.
However, the RSI has not generated any bearish divergence and has not even reached the overbought area. Therefore, the price is expected to possible validate the ascending support line once more before making another attempt at breaking out above the $3.10 resistance.
If the EOS price breaks out, the next resistance area is found at $3.50.
EOS Chart By Trading View Tezos (XTZ)The Tezos (XTZ) price is trading very close to the $3.00 resistance area, above which it has been trying to break out for the past three days. In addition, the price has generated bearish divergence in the most recent highs — indicating that the price will decrease.
If it begins doing so, it is likely to reach the ascending support line that has been in place since March 13’s bottom. The line is currently at $2.40.
XTZ Chart By Trading View Chainlink (LINK)On April 25, the LINK price broke down from an ascending wedge that had been in place since April 8. The price increased in order to validate it as resistance two days later. It has been decreasing since. This is a customary movement that occurs after breakdowns.
Furthermore, the RSI has been generating bearish divergence since April 8. This suggests that the price will move downwards. If it does, it is likely to find support at the long-term ascending support line that is currently at $3.40.
LINK Chart By Trading ViewThe post Crypto Price Analysis May 1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK appeared first on BeInCrypto.
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