BTC, ETH, BNB, DOGE, XRP, ADA, DOT, BCH, LTC, LINK

The astronomical rally in Ether (ETH) shows no signs of slowing down. The bulls easily passed the $ 4,000 hurdle today, increasing dominance of the largest altcoin to over 19%.

It’s not just ether that is heavily bought by traders. Litecoin (LTC) and Cardano (ADA) have also hit new all-time highs, suggesting a broad rally for altcoins.

However, Bitcoin (BTC) appears to have lost momentum as it continues to struggle near the $ 60,000 mark. For the first time since July 2018, market dominance is below 44%.

Daily performance of the cryptocurrency market. Fountain: Coin360
BTC, ETH, BNB, DOGE, XRP, ADA, DOT, BCH, LTC, LINK
BTC, ETH, BNB, DOGE, XRP, ADA, DOT, BCH, LTC, LINK

Bitcoin’s recent underperformance, however, hasn’t shaken the bulls in the long run. Mark Yusko, founder and CEO of Morgan Creek Capital Management, said in a recent interview with CNBC that Bitcoin will compete with the “monetary value” of gold.

“If the monetary value of gold is $ 4 trillion, digital gold should reach that amount,” added Yusko. That means Bitcoin will have to rise to $ 235,000 in the future to meet Yusko’s forecast.

Let’s analyze the charts of the top 10 cryptocurrencies for critical support and resistance levels.

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BTC / USDT

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Bitcoin has been sandwiched between the moving averages and the resistance at $ 58,966.53 for the past two days. This close trade indicates a state of equilibrium between bulls and bears.

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Daily chart of the BTC / USDT pair. Fountain: TradingView

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If the uncertainty is resolved on the downside, the BTC / USDT pair could fall to $ 52,323.21. The bulls will seek to defend this support and if successful the pair could extend its consolidation for a few more days between $ 52,323.21 and $ 58,966.53.

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The gradually rising 20-day exponential moving average ($ 56,611) and the Relative Strength Index (RSI) near the midpoint suggest a balance between supply and demand.

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That balance can shift in favor of the bulls if the price is above $ 58,966.53. This could lead to a march to the all-time high of 64,849.27. A break above this resistance may indicate the resumption of the upward move.

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Conversely, a break below USD 52,323.21 can signal the start of a deeper correction to USD 46,985. A break below this support could trigger a panic selling.

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ETH / USDT

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The rally of Ether continued unabated. After forming a doji candlestick pattern on May 9th, the bulls maintained their dominance today, pushing the price to a new all-time high. The strong rally of the past few days has pushed the RSI above 83.

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ETH / USDT daily chart. Fountain: TradingView

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A deeply overbought level in the RSI suggests a buying spree as traders fear missing out on the rally. Generally, these rallies peak after the last bull buys. The ETH / USDT pair could rise to $ 4,528.97 and then to the psychological level of $ 5,000.

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The first sign that the uptrend is disappearing could be a correction lasting more than three days. A break below the 20-day EMA ($ 3,173) signals the beginning of a deeper correction.

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BNB / USDT

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Binance Coin (BNB) climbed to a new all-time high of $ 691.77 today, but the bulls are struggling to keep the price above the $ 680 breakout level.

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Daily chart of the BNB / USDT pair. Fountain: TradingView

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The rising moving averages suggest buyers are in control, but the negative divergence on the RSI suggests that upside momentum may be weakening. A breakout and close below the 20-day EMA (USD 599) could be the first sign of a deeper correction.

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On the other hand, if the price rises from current levels or the 20-day EMA, the bulls will make another attempt to push and hold the BNB / USDT pair above USD 680. If successful, the pair could embark on a voyage towards USD 760 and then USD 808.57.

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DOGE / USDT

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Dogecoin (DOGE) saw a sharp decline on May 9, but the bulls aggressively defended the 20-day EMA ($ 0.44) seen from the long tail of the daily candle. However, buyers were unable to extend the rally today and price has resumed its journey towards the 20-day EMA.

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Daily chart of the DOGE / USDT pair. Fountain: TradingView

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The 20-day EMA is gradually flattening out and the RSI has fallen below 58, indicating that the upside momentum is wearing off.

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If the DOGE / USDT pair rebounds from the 20-day EMA, it will indicate a strong buy at lower levels. Such a move could keep the couple within reach for a few more days.

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This view will be invalidated if the bears pull the price below the 20-day EMA. If so, the pair could fall to the 61.8% fib retracement level at $ 0.38.

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XRP / USDT

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XRP has crossed the downtrendline repeatedly since May 6, but the bulls have not been able to sustain the breakout. This suggests that traders may use rallies to improve their long positions.

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XRP / USDT daily chart. Fountain: TradingView

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Buyers need to push and hold the price above $ 1.66 to improve prospects for a retest of the 52-week high at $ 1.96. The gradually rising 20-day EMA ($ 1.45) and the RSI above 56 indicate little advantage for the bulls.

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That positive sentiment will be reversed if the price declines and falls below the 20-day EMA. Such a move will suggest that supply is exceeding demand. The XRP / USDT pair could hit the 50-day simple moving average ($ 1.16).

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ADA / USDT

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Cardano made a large off-day candlestick pattern on May 9, indicating a strong buy at a breakout level of $ 1.48. However, the bulls were unable to maintain momentum today, and the altcoin formed a candlestick pattern as the day progressed.

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Daily chart of the ADA / USDT pair. Fountain: TradingView

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Unless the bulls give up much ground from current levels, it signals strength and “????” which could improve the prospect of a resumption of the uptrend.

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The rise in the 20-day EMA ($ 1.45) and RSI in the overbought territory also shows that the path of least resistance is on the upside. A break above $ 1.83 can open the doors to a rally to $ 2 and then to $ 2.25.

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Contrary to this assumption, a decline in the ADA / USDT pair to the 20-day EMA ($ 1.45) suggests a bullish trap. That could bring the price down to $ 1.28 and then to $ 1.

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DOT / USDT

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Polkadot (DOT) is stuck between the moving averages and the overhead resistance at $ 42.28. This tight trade near stiff resistance is a positive sign as it shows that traders are in no rush to abandon their long positions.

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Daily chart of the DOT / USDT pair. Fountain: TradingView

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If the bulls can push and hold the price above $ 42.28, it would mean demand outstrips supply. This could cause a rally to the all-time high of $ 48.36 where the bears are likely to ride strong again. Endurance.

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However, if buyers push the price above $ 48.36, the DOT / USDT pair could start its journey at $ 58.06.

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Alternatively, if the price is below the moving averages, the pair could fall to $ 34.36 and then to $ 32.56. In this case it can Couple extend their stay for additional days in the range of $ 26.50 to $ 42.28.

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BCH / USDT

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Bitcoin Cash (BCH) is facing strong resistance near the 52-week high of $ 1,600.89, as evidenced by the long wick of today’s candle. If the price drops below $ 1,400, the altcoin could drop to the 38.2% Fibonacci retracement level at $ 1,263.10 and stay within reach for a few days.

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Daily chart of the BCH / USDT pair. Fountain: TradingView

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The first sign of weakness will be a breakout below $ 1,263.10 and the benefit will shift in favor of the bears if the BCH / USDT pair breaks below the 20-day EMA ($ 1,134).

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However, the rising moving averages and RSI in the overbought zone suggest that the path of least resistance is on the upside.

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If the price rises from current levels or $ 1,400 and breaks above $ 1,600.89, the pair could begin the next phase of the uptrend that has a target of $ 2,147.36.

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LTC / USDT

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Litecoin rallied above the resistance level of the ascending widening wedge pattern on May 9, signaling a recovery in momentum. The altcoin hit a new all-time high today at $ 412.76, but the long wick on the candle suggests a reserve of earnings at higher levels.

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Daily chart of the LTC / USDT pair. Fountain: TradingView

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If the LTC / USDT pair bounces off the breakout level, it suggests that the bulls are buying any small dip. This increases the likelihood that the uptrend will resume with the next target at $ 463.31 and then $ 500.

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Conversely, if price re-enters the wedge, it suggests that the May 9th breakout was a bullish trap. This could bring the price down to the 20-day EMA ($ 309). A strong rebound from this level suggests sentiment remains positive while a break below the 20-day EMA will pave the way for a decline towards the wedge support line.

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LINK / USDT

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The bulls pushed Chainlink (LINK) above the resistance line of the ascending channel on May 5th but failed to build on the breakout. After hesitating for a few days, the bulls made a decisive uptrend on May 9, pushing the altcoin down to $ 52.42.

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LINK / USDT daily chart. Fountain: TradingView

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However, the bulls again failed to sustain the rally and the bears attempt to push the price back into the ascending channel. If successful, the LINK / USDT pair can drop to the 20-day EMA ($ 43).

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If price bounces off the 20-day EMA, the bulls could make another attempt to resume the uptrend. Conversely, a break below the 20-day EMA suggests that the current breakout was a bullish trap. Then the pair could fall to the canal support line.

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The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and every trade involves risk. You must do your own research when making a decision.

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Market data are provided by the exchange HitBTC .

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