- The bulls and bears are battling for control of the BTC price. Bitcoin’s boring range-bound movement is likely to continue for a few more days. Can buyers maintain support levels in altcoins like Bitcoin and AVAX Coin and prevent a crash? Crypto analyst Rakesh Upadhyay is examining the charts of the top 10 cryptocurrencies to find out.
- Bitcoin’s recovery hit a wall at the 50-day simple moving average (SMA) on May 6th, indicating that the bears are fiercely defending the level. It’s possible for BTC to drop to $59,600 and then to the key support level to watch at $56,500. If the price falls below $56,500, the next stop is likely $54,298 and then $50,000.
- The bears are fiercely defending the area between the 20-day exponential moving average (EMA) and the declining channel pattern’s resistance line in Ether. The bears will try to strengthen their positions by pulling the price below the critical support at $2,850. If they succeed, it’s possible for ETH to start the next leg of the bear trend towards the channel’s support line.
As the battle for control of Bitcoin’s price continues, the top 10 cryptocurrencies are under scrutiny. Can the bulls maintain support and prevent a crash? Find out in this in-depth analysis.
Analysis of BTC, ETH, BNB, SOL, and XRP Coins
Bitcoin’s recovery has hit a wall, indicating that the bears are fiercely defending the current level. A drop to $59,600 and then to the key support level at $56,500 is possible. If the price falls below $56,500, the next stop is likely $54,298 and then $50,000. The bulls will need to quickly pull the price above the 50-day SMA to prevent a downward movement. If they succeed, it’s likely for BTC to gain momentum and rise to the overall resistance at $73,777.
Ethereum (ETH) Price Analysis
The bears are fiercely defending the area between the 20-day EMA and the declining channel pattern’s resistance line in Ether. The bears will try to strengthen their positions by pulling the price below the critical support at $2,850. If they succeed, it’s possible for ETH to start the next leg of the bear trend towards the channel’s support line. On the contrary, if the price bounces off $2,850, it will indicate that the bulls are fiercely defending this level. The bulls will need to push the price above the resistance line to indicate a potential trend change.
Conclusion
The battle for control of Bitcoin’s price continues, with the bears currently having the upper hand. The key support level at $56,500 is under threat, and if it breaks, a further drop to $54,298 and then $50,000 is likely. For Ethereum, the bears are fiercely defending the area between the 20-day EMA and the declining channel pattern’s resistance line. A drop below the critical support at $2,850 could trigger the next leg of the bear trend. The bulls have a tough task ahead to regain control and prevent further losses.
