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May 7 BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM Price Analysis

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May 7 BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM Price Analysis.

Most leading cryptocurrencies are stuck in a tight range in the direction expected from Bitcoin . Dan Morehead, Founder and CEO of Pantera Capital, is approaching Bitcoin (BTC) because he believes that Bitcoin’s new supply should be halved and the price should rise if everything is equal. If history repeats itself, Morehead expects CoinMarketCap’s top cryptocurrency to rise to $ 115,212 by August 2021. The CEO also said that gold may lose its shine but does not expect yellow metal to disappear overnight.

Bloomberg’s top commodity strategist, Mike McGlone, said that higher prices in the traditional commodity markets are an incentive for miners to produce more. If the demand cannot keep up with the new supply, the price will stagnate or fall.

Daily cryptocurrency market performance.  Source: Coin360

However, Bitcoin mining cannot be changed, which makes it a better bet compared to gold. McGlone also noted that Bitcoin’s 180-day volatility has reached its all-time low. When Bitcoin did this last, it resulted in a bull market that started in 2015 and ended in 2017.

Digital Asset Investment Management CEO Adam Pokornicky believes that top US banks such as JPMorgan Chase and Goldman Sachs can advise customers not to buy Bitcoin.

BTC / USD

Bitcoin (BTC) left the streamer, which points out to a very large positive situation. This indicates a possible restart of the bullish trend. If the bulls could raise the price above $ 9,456.77, a rally would rise to $ 10,000 and then to $ 10,500.

BTC – USD daily chart.  Source: Tradingview

Both moving averages are sloping upwards and the relative strength index is in the overbought region, indicating that the bulls are under control.

However, if the bears aggressively defend the $ 9,456.77 level, it is likely that there is a drop in the level of breakage in the streamer. If this retest is valid, the probability of a break above $ 9,456.77 increases.

Conversely, if the BTC / USD rate drops below current levels or drops to $ 9,456.77 and falls below the breakage level in the streamer, a drop to the 20-day exponential moving average ($ 8,180) is likely.

For those in the Long position, the stop-loss can be kept just below the 20-day EMA because if this support cracks, a deeper correction is possible.

ETH / USD

Ethereum (ETH) holds just above the centerline of the rising channel. Both moving averages are rising, and the RSI holds above 60 levels, indicating that the bulls have the upper hand.

ETH – USD daily chart.  Source: Tradingview

If the bulls can push the 2nd place cryptocurrency above the downtrend line in CoinMarketCap, the channel is likely to have a rally to the resistance line. Breaking the channel will reveal a big positive situation, as this can cause rally towards the $ 250 and then the $ 288.59 level.

On the other hand, ETH / USD goes down the dry bearish trend line and signals a weakness if it drops below the 20-day EMA ($ 195). Below this level, a drop to the support line of the channel is possible.

For now, traders can keep the loss at $ 185 in the remaining long positions. A break below the channel will show a possible change in the trend.

XRP / USD

Protecting critical support from $ 0.20570 on May 4, bulls are currently trying to push XRP to the general resistance zone of $ 0.23612 – $ 0.24770. Rising moving averages and RSI above 60 levels show that bulls have the upper hand.

XRP – USD daily chart.  Source: Tradingview

If the bulls could raise the price above $ 0.24770, the # 3 cryptocurrency in CoinMarketCap could rise to $ 0.28 to the long-term bearish trend line.

Conversely, if the bulls fail to raise the price above $ 0.24770, the XRP / USD pair will remain in range for a few more days.

The first sign of weakness will be a break below $ 0.20570. It is possible to drop below $ 0.17372 below this level. Therefore, stop-loss in long positions can be kept at $ 0.20.

BCH / USD

Bitcoin Cash (BCH) held the 20-day EMA ($ 244) over the past two days, but the bulls couldn’t make a strong leap. This shows that there is a lack of urgency among the bulls to buy at current levels.

BCH – USD daily chart.  Source: Tradingview

If the bulls cannot push the BCH above the down trend line, the bears will try to lower the price below $ 234.55. If successful, there is a possibility of falling to $ 200. For this reason, traders can keep the loss in the long position at $ 230. Conversely, if the bulls could move the BCH / USD pair above the bearish trend line, it is likely to be a move to $ 280.47. Breaking this level will signal strength and open doors for a rally towards $ 350.

BSV / USD

Bitcoin SV (BSV) has been trading above the 20-day EMA ($ 200) for the past two days. This indicates that the bulls bought the declines but did not put the price above the downtrend line, and the demand was drying at higher levels.

BSV – USD daily chart.  Source: Tradingview

A break below the 20-day EMA could drop to $ 187.16 and then to $ 170. The bulls are likely to aggressively defend this level.

Cryptocurrency, which ranks 6th on CoinMarketCap, has been trading over a wide range of $ 170-227 over the past few weeks, so a $ 170 drop could offer a low-risk purchase opportunity.

Conversely, if the bulls raise the price above the downtrend line, a rally to $ 227 is possible. Above this level, BSV / USD is expected to gain momentum and rise to $ 284. Therefore, a break above $ 227 may also offer an opportunity to buy.

LTC / USD

Although the bulls had maintained Litecoin (LTC) over the 20-day EMA ($ 45.45) over the past two days, they could not achieve a strong leap. This is a negative sign as it shows higher levels of demand deficiency.

LTC – USD daily chart.  Source: Tradingview

A drop below the 20-day EMA will be the first indication that the bears are back. The trend will be negative in a break below the 50-day simple moving average ($ 42.16). For this reason, traders can maintain their long positions with a $ 42 stop-loss.

Conversely, a strong leap from the current levels could move the 7th cryptocurrency in CoinMarketCap to the $ 50-52.2803 resistance zone. It is likely that there will be a rally for $ 63,8769 above this region.

BNB / USD

The bulls held Binance Coin (BNB) above the 20-day EMA ($ 16.39), but its price did not drop above the downtrend line. This indicates higher levels of demand deficiency.

BNB – USD daily chart.  Source: Tradingview

The 8th ranked crypto asset on CoinMarketCap has created doji candlestick patterns in the past two days, which shows instability between bulls and bears.

A break above the bearish trend line would be the first sign of strength. If the BNB / USD rate can exceed $ 18.1377, it may cause a rapid rise to $ 21.50.

Conversely, if the bears sink the price below the $ 16.30 support, a drop to the 50-day SMA ($ 14.53) is possible. Therefore, traders can keep the loss in the long position at $ 15.50.

EOS / USD

EOS fell below the bullish trend line on May 4, but the bears could not take advantage of the breakdown. Altcoin has recovered and closed above the 20-day EMA ($ 2.74) (UTC time), which suggests buying at lower levels.

EOS – USD daily chart.  Source: Tradingview

However, since then, the bulls have not put the price above the $ 2,8319 general resistance, which is a negative sign. Currently, CoinMarketCap’s 9th cryptocurrency is trapped between the $ 2.8319 trend line.

A wide range of movement is likely to happen soon, but it is difficult to predict the breaking direction because the moving averages and the RSI offer a balance between buyers and sellers.

If the bulls could move the EOS / USD pair above the bearish trend line, a rally to $ 3,1802 is possible. Conversely, it is possible to drop to $ 2.3314 if the bears sink the pair below the bearish trend line. Traders can maintain their long positions with a $ 2.50 stop-loss.

XTZ / USD

Tezos (XTZ) has been facing a strong resistance near the $ 2.8424 level for the last two days. This kept the altcoin range between $ 2.8424 and $ 2.55900337. This tight effect indicates a balance between supply and demand.

XTZ – USD daily chart.  Source: Tradingview

Usually, after a tight consolidation, a trending movement begins. The advantage of breaking above $ 2.8424 will bend in favor of the bulls and cause the rally to rise to $ 3.07369598. If this level is scaled, CoinMarketCap’s 10th cryptocurrency can reach $ 3,2712.

On the other hand, a break and close (UTC time) below $ 2.55900337 will complement a bearish bearish head and shoulder pattern, the main target of which is $ 2.04131076. Therefore, the stops in the remaining long positions can be kept at $ 2.55.

However, it is unlikely that there will be a flat fall, as bulls are likely to aggressively defend the support line of the ascending channel. If this support holds, it may offer a purchase opportunity, but if that support cracks, the advantage will change in favor of the bears.

XLM / USD

The bulls are struggling to push Stellar (XLM) above the peak resistance to the $ 0.073434 level. However, the positive means that the bulls are not giving too much power, which indicates strength.

XLM – USD daily chart.  Source: Tradingview

A rally to $ 0.088311 is likely if the bulls can push the 11th cryptocurrency in CoinMarketCap above the $ 0.073434 – $ 0.076994 resistance area. Both moving averages are rising and the RSI is close to the overbought territory, indicating that the bulls have the upper hand.

If the XLM / USD rate drops from the current levels and falls below the 20-day EMA ($ 0.064) and $ 0.062805 support zone, the bullish view will be invalidated. A deeper correction is likely below this region.

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