Bitcoin and altcoins are attempting to start a relief rally, suggesting traders have decided to start buying at lower levels.
Bitcoin (BTC) massive drop in May 2021 is among its worst monthly performances, according to data from Bybt. The decline has divided the crypto community, with long-term investors considering the fall as a buying opportunity while short-term traders are dumping their positions out of fear.
Glassnode data suggests that long-term HODLers and miners are using the current weakness to accumulate Bitcoin. This transfer of Bitcoin from weaker hands to stronger hands is a positive sign because long-term investors are unlikely to panic and dump their holdings on every bear market correction.
En avril, les Etats Unis. personal consumption expenditures price index soared by 3.1% compared to a year ago, the biggest increase over 12 months since July 1992. This indicates that inflation is knocking on the doors. Several institutional investors may use the current correction to add Bitcoin to their portfolios as it is an uncorrelated asset and many consider it as a good hedge against inflation.
Par conséquent, a sharp plunge below $30,000 looks unlikely. toutefois, that does not mean a new bull market will start in a hurry. The price is likely to remain volatile and range-bound before the start of a sustained uptrend.
Let’s analyze the charts of the top-10 cryptocurrencies to spot the critical support and resistance levels.
BTC / USDT
Bitcoin is in a downtrend. The downsloping moving averages and the relative strength index in negative territory suggest the bears have the upper hand. toutefois, the bulls have other plans as they are trying to start a relief rally.
The BTC/USDT pair has formed a symmetrical triangle pattern. If the bulls push and sustain the price above the resistance line of the triangle, the pair could start a move to the 50% Niveau de retracement de Fibonacci à $44,750 and then to the 50-day simple moving average ($50,161). Such a move will suggest that the downtrend could be over.
Contrairement à cette hypothèse, si le prix baisse de la ligne de résistance du triangle, la paire pourrait prolonger son séjour à l'intérieur du triangle pendant quelques jours de plus. A breakdown and close below the support line of the triangle will indicate the resumption of the downtrend.
The bears could then pull the price down to $30,000 and if this level cracks, the selling may intensify and the pair could drop to $28,000 et alors $20,000.
ETH / USDT
Éther (ETH) has rebounded sharply off the support line of the symmetrical triangle as traders attempt to put a higher low. The price could now challenge the resistance line of the triangle where the bears are likely to mount a stiff resistance.
If the bulls push the price above the triangle, the ETH/USDT pair could rally to the 61.8% niveau de retracement à $3,362.72. Such a move will suggest strong buying at lower levels. Une pause au dessus $3,362.72 may signal an end of the downtrend.
toutefois, il est peu probable que les ours abandonnent facilement. L'EMA descendante de 20 jours ($2,756) and the RSI just below the midpoint suggest the sellers have a minor advantage.
If the price turns down from the resistance line of the triangle, the bears will try to sink the price below the support line of the triangle. S'ils réussissent, the pair may retest the May 23 panic low at $1,728.74.
BNB / USDT
Pièce de Binance (BNB) slipped below the $306.61 support on May 29 but the bears could not sustain the selling pressure at lower levels. The altcoin quickly bounced back above $306.61 en mai 30, suggesting accumulation on dips.
The bulls will now try to push the price to the 20-day EMA ($400), which is likely to act as a stiff resistance. Si le prix baisse par rapport à l'EMA de 20 jours, it will suggest the sentiment remains negative and traders are selling on rallies.
The bears will then try to pull the price down to $211.70. Au contraire, if the bulls thrust the price above the 20-day EMA and the $428 la résistance, the BNB/USDT pair could rally to the 50-day SMA ($512).
ADA / USDT
Cardano (IL Y A) dipped below the 50-day SMA ($1.51) en mai 29 but the bears could not capitalize on the breakdown. The altcoin bounced back above the 50-day SMA on May 30, indiquant l'achat à des niveaux inférieurs.
L'EMA à plat 20 jours ($1.61) and the RSI near the midpoint suggest a balance between supply and demand.
This balance will tilt in favor of the buyers if they can push and sustain the price above the downtrend line. The ADA/USDT pair could then rally to $1.94 et si ce niveau est franchi, the next stop could be a retest of the all-time high at $2.47.
D'autre part, si le prix baisse à partir de la ligne de tendance baissière, the bears will once again try to break the $1.33 soutien. S'ils réussissent, la paire pourrait tomber à $1.24 et alors $1.
XRP / USDT
The bears pulled XRP below the $0.88 support on May 29 but they could not sustain the lower levels. The altcoin bounced back above $0.88 en mai 30, indicating strong buying by the bulls.
If the buyers can propel the price above the 20-day EMA ($1.08), it will suggest that a short-term bottom has been made at $0.65. The XRP/USDT pair could then rally to the 50-day SMA ($1.32) and later to the downtrend line.
This positive view will invalidate if the price turns down from the 20-day EMA. Si cela arrive, the bears will try to pull the price back below $0.80. S'ils réussissent à faire ça, the pair may challenge the $0.65 soutien.
DOGE / USDT
The volatility in Dogecoin (DOGE) has reduced due to lack of aggressive buying or selling by traders. The moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating the bears have the upper hand.
If the price turns down from the 20day EMA ($0.36), the bears will try to pull the price below the critical support at $0.21. S'ils réussissent, the DOGE/USDT pair will complete a bearish head and shoulders pattern. La paire pourrait alors corriger $0.10 et alors $0.05.
inversement, if the bulls push the price above the 20-day EMA, the pair could rise to the overhead resistance at $0.47. A breakout of this resistance could result in a rally to $0.59.
DOT / USDT
À pois (POINT) is trying to rebound off the support at $17.50. This is a positive sign as it shows that the bulls are not waiting for a dip to $15 to buy. The altcoin could rise to the $26.50 niveau, which is likely to act as a stiff resistance.
The downsloping moving averages and the RSI below 40 suggest the bears have the upper hand. If the price turns down from $26.50, the DOT/USDT pair could extend its stay inside the range for a few more days.
The next bullish move could start if the buyers push the price above $26.50. That could result in a rally to $31.28 puis au SMA de 50 jours ($33). Alternativement, the next leg of the downtrend could start if the bears sink the price below $15.
UNI / USDT
Uniswap (Uni) is in a downtrend but the bulls are trying to form a higher low at $21.50. The price rebounded off this support on May 30 and the bulls will now try to push the price above the 20-day EMA ($28.27) and the overhead resistance at $30.
S'ils réussissent, it will suggest the downtrend could be over in the short term. The UNI/USDT pair may then rally to the 50-day SMA ($33.94). This level may act as stiff resistance but if the bulls can clear the hurdle, la paire pourrait s'élever à $38.15.
The downsloping 20-day EMA suggests the bears have the upper hand but the RSI above 44 suggests the bulls are making a comeback.
This positive view will nullify if the price turns down from the 20-day EMA and breaks below $21.50. Such a move could result in a decline to the May 23 low at $13.04.
Ordinateur Internet (ICP) broke below the $120 à $168 range on May 28 but the bears have not been able to pull the price below the immediate support at $103.71. The price is stuck between $103.71 et $120 depuis trois jours.
This tight-range trading indicates indecision among the bulls and the bears. If the uncertainty resolves to the downside, the ICP/USDT pair could challenge the May 19 low at $86.01. A break below this support could pull the price down to $60.
D'autre part, si les taureaux poussent et maintiennent le prix ci-dessus $120, it will suggest a lack of sellers at lower levels. The pair could then gradually move up to $168. Une évasion et fermer ci-dessus $168 could start a relief rally that may reach the 38.2% Niveau de retracement de Fibonacci à $243.08.
BCH / USDT
Bitcoin Cash (BCH) is attempting to rise above $685.36. If bulls sustain the price above this overhead resistance, the altcoin could rise to the 20-day EMA ($821), which is likely to act as a stiff resistance.
Si le prix baisse par rapport à l'EMA de 20 jours, it will suggest the sentiment remains negative and traders are selling on every minor rally. Si les ours chutent le prix ci-dessous $600, the BCH/USDT pair could fall to $468.13.
Au contraire, if the bulls drive the price above the 20-day EMA, it will suggest that demand exceeds supply. That could start a rally to the 38.2% Niveau de retracement de Fibonacci à $919.60 puis au 50% niveau de retracement à $1,059.07.
Les vues et opinions exprimées ici sont uniquement celles de l'auteur et ne reflètent pas nécessairement les vues de Cointelegraph. Chaque mouvement d'investissement et de trading comporte des risques. Vous devez mener vos propres recherches lorsque vous prenez une décision.
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La source: Cointelegraph