- Bitcoin faces selling near its 50-day SMA, indicating a likely continuation of range-bound action for a few more days. What are the key resistance levels to watch out for in leading altcoins including Bitcoin and XRP Coin? Crypto analyst Rakesh Upadhyay examines the charts to find out.
- Bitcoin managed to climb above the 20-day EMA ($63,556) after a minor hesitation. However, the bulls failed to pierce the 50-day SMA ($65,937). Both moving averages have flattened and the RSI is near the midpoint, indicating a range-bound action in the short term.
- Ethereum managed to break out of the 20-day EMA ($3,143) on May 6. However, the long wick on the candlestick shows strong selling by the bears. The sellers will try to increase their strength and pull the price down to the critical support at $2,850.
Bitcoin and leading altcoins face key resistance levels. Analyst Rakesh Upadhyay examines the charts for Bitcoin, Ethereum, Binance Coin, and Solana.
Bitcoin (BTC) Price Analysis
After a minor hesitation, Bitcoin managed to climb above the 20-day EMA ($63,556). However, the bulls failed to pierce the 50-day SMA ($65,937). Both moving averages have flattened and the RSI is near the midpoint, indicating a range-bound action in the short term. It is likely that BTC will remain between $56,500 and $73,777 for a while longer. A break and close above the 50-day SMA could push BTC to the critical level of $73,777. The bulls will face stiff resistance at this level because if it is crossed, it is likely to start the next leg of the uptrend that could take BTC to $80,000.
Ethereum (ETH) Price Analysis
Ethereum managed to break out of the 20-day EMA ($3,143) on May 6. However, the long wick on the candlestick shows strong selling by the bears. The sellers will try to increase their strength and pull the price down to the critical support at $2,850. This bearish view will be invalidated in the short term if the price turns up from the current levels and breaks above the resistance line. Such a move will indicate a potential change in trend. ETH could then rise to $3,730.
Conclusion
Bitcoin and leading altcoins are facing key resistance levels. The bulls and bears are battling it out to gain the upper hand. While the bulls are trying to start the next leg of the uptrend, the bears are attempting to pull the price back down to critical support levels. Traders should watch these levels closely as they could influence the course of the next trending move in the cryptocurrencies.
