After days of range-limited action, Bitcoin and many altcoins made a strong comeback today, indicating that it is buying at lower levels.
The recent weakness in the price of Bitcoin (BTC) did not trigger a panic in investor sales, suggesting that sentiment in the cryptocurrency sector remains bullish. After Ether (ETH) strong run in recent days, Bitcoin caught up today as it rallied back to the $ 55,000 level. This suggests that investors continue to accumulate on the dips.
Gambling-focused venture capital fund Bitkraft Ventures, with more than $ 400 million in assets under management, has partnered with crypto research firm Delphi Digital to invest in crypto assets and related projects.
Demand for institutions also appears to be increasing in Asia. To meet this demand, Huobi Asset Management has launched four cryptocurrency-related tracker funds.
Daily performance of the cryptocurrency market. Source: Coin360
To provide institutional clients with digital asset data and analysis, Fidelity has announced the launch of Sherlock, a product similar to the Bloomberg Terminal, which will offer both fundamental and technical analysis research for fund managers.
Along with new entrants, existing investors are also looking to increase their cryptocurrency holdings. MicroStrategy CEO Michael Saylor said in a press release on April 30 that the company "will continue to acquire and hold additional bitcoins as we seek to create additional value for shareholders".
The resistance of Bitcoin and other major altcoins shows that the markets have matured. Let’s analyze the charts of the top 10 cryptocurrencies to determine the direction of the next possible trend move.
BTC / USDT
After wavering near the 20-day exponential moving average ($ 55,324) for the past two days, Bitcoin has soared to the 50-day simple moving average ($ 56,897) today. If the bulls push the price above the 50-day SMA, an upward move to the $ 61,825.84 to $ 64,849.27 resistance zone is possible.
BTC / USDT daily chart. Source: TradingView
The flat moving averages and the Relative Strength Index (RSI) above 53 suggest that the selling pressure has eased. However, the bulls may face strong resistance at the current level and again in the upper resistance zone.
If the price turns down from the current level and breaks the $ 52,500 support, it will suggest that the bears are aggressively selling near the 50-day SMA. That could result in a retest of the $ 50,460 level and then $ 46,985.02.
The next trend move is likely to start on a break above $ 64,849.27 or a dip below $ 46,985.02. Until then, volatile action within the range is likely to continue.
ETH / USDT
Ether formed a Doji candlestick pattern on April 29 and has made an inside candlestick pattern today, indicating hesitation near the resistance line of the ascending channel. However, if the bulls don’t give up much ground, the uptrend is likely to resume.
ETH / USDT daily chart. Source: TradingView
A breakout of the channel would suggest that momentum remains strong and that could result in a strong rally to $ 3,000. The ascending moving averages and the RSI near the overbought territory indicate an advantage for the bulls.
However, if the bulls fail to push the price above the channel in the coming days, the ETH / USDT pair may witness profit booking. That could bring the price down to the 20-day EMA ($ 2,417). A break below the channel’s support line will indicate a possible trend reversal.
BNB / USDT
Binance Coin (BNB) broke above the resistance line of the symmetrical triangle on April 29. This suggests the resumption of the uptrend. The target pattern of the triangle breakout is $ 808.57.
BNB / USDT daily chart. Source: TradingView
The ascending moving averages and the RSI near the overbought territory indicate that the bulls are in control. Buyers may face resistance at $ 638.57, but if the price does not fall below the triangle again, the BNB / USDT pair remains on target to begin the next stage of the uptrend.
This bullish view will be invalidated in the short term if the price slides back into the triangle. Such a move could keep the price in a consolidation for a few more days. The pair will indicate a trend reversal if the price breaks down and stays below the triangle.
XRP / USDT
XRP formed an inside candlestick pattern for the day on April 29, which has resolved to the upside today. The bulls have pushed the price above the 61.8% Fib retracement level to $ 1.55, indicating strength.
XRP / USDT daily chart. Source: TradingView
If the bulls hold the price above $ 1.55, the XRP / USDT pair could rally to $ 1.73 and then retest the 52-week high at $ 1.96. The rise of the 20-day EMA ($ 1.29) and the RSI near 64 suggest that the bulls have the upper hand.
Contrary to this assumption, if the bears drop the price below $ 1.55, it will suggest a profit booking at higher levels. A break below the 20-day EMA will indicate that the bullish momentum has weakened and that could keep the pair in range for a few days.
ADA / USDT
Cardano (ADA) witnessed the profit booking on April 29 at $ 1.41, but the bulls did not allow the price to drop below the 20-day EMA ($ 1.25). This is a positive sign and keeps the altcoin on track to hit the overhead resistance at $ 1.48.
ADA / USDT daily chart. Source: TradingView
If the price turns down from the $ 1.48 resistance, the ADA / USDT pair could extend its stay within the range. The flat moving averages and the RSI above 58 also point to a consolidation in the near term.
This neutral view will be invalidated if the bulls push the price above the overhead resistance zone of $ 1.48 to $ 1.55. Such a move will suggest that the bulls have dominated the bears and a new uptrend is likely to occur. The next target on the upside is $ 2.
The bears could smell an opportunity if the price breaks down and sustains below the moving averages. A break below $ 1.03 will indicate a possible trend reversal.
DOGE / USDT
Dogecoin (DOGE) was down from $ 0.34 on April 29, but the bulls are not giving up much ground, which is a positive sign. The inside candlestick pattern on April 29 and today suggests uncertainty between bulls and bears.
DOGE / USDT daily chart. Source: TradingView
However, the ascending 20-day EMA ($ 0.24) and the RSI above 62, indicate that the path of least resistance is to the upside. If the bulls push the price above $ 0.34, the DOGE / USDT pair is likely to pick up momentum and climb to $ 0.42.
Contrary to this assumption, if the price turns down and breaks below $ 0.29, the pair could fall to the 20-day EMA. A bounce off this support could keep the pair in range for a few days. The trend may turn in favor of the bears if the pair breaks down and closes below the 20-day EMA.
DOT / USDT
Polkadot (DOT) has formed a Doji candlestick pattern today, suggesting that the bulls are hesitant to continue buying near the 50-day SMA ($ 36.91). However, if the bears fail to sink the price below $ 32.50 in the next few days, buying is likely to resume.
DOT / USDT daily chart. Source: TradingView
A break above the 50-day simple moving average (SMA) will clear the way for a possible move to $ 42.28. This level may again act as a stiff resistance and if the price turns down, the DOT / USDT pair could remain stuck in the $ 26.50 to $ 42.28 range for a few more days.
Alternatively, if the price falls below $ 32.50, sellers can take over and sink the pair to $ 26.50, where buying could emerge. The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand.
UNI / USDT
Uniswap (UNI) broke through the resistance line of the ascending channel on April 28, but the bulls were unable to maintain momentum. The price dropped and re-entered the channel on April 29, indicating a lack of demand at higher levels.
UNI / USDT daily chart. Source: TradingView
The negative divergence on the RSI remains intact, warning that the bullish momentum may be waning. If the price falls below $ 37.50, the UNI / USDT pair could fall to the 20-day EMA ($ 35.67), which is an important support to watch out for.
A break below this support could result in a decline in the channel’s support line. Conversely, if the price bounces strongly off the 20-day EMA, it will indicate that it is buying on the dips, increasing the possibility of a breakout above the channel. If that happens, the pair could go as high as $ 50.
LTC / USDT
Litecoin (LTC) witnessed a minor correction on April 28 and 29, but the bulls did not allow the price to drop below the 20-day EMA ($ 251). This is a positive sign as it suggests that traders are not waiting for a deeper correction. to buy.
LTC / USDT daily chart. Source: TradingView
If the bulls can sustain the price above $ 266.68, the LTC / USDT pair is likely to reach the 61.8% Fib retracement level at $ 286.02.This level can act as a major hurdle, but if the LTC / USDT pair may rise above it, then a rally to $ 335.03 is possible.
The 20-day EMA has started to appear and the RSI is gradually rising, which suggests that buyers are trying to take control. This positive view will be reversed if the price turns down and falls below $ 246.96. Such a move could open the doors for a decline to the 50-day SMA ($ 226).
BCH / USDT
Bitcoin Cash (BCH) formed an inside-day candlestick pattern on April 29, which has resolved to the upside today. The bulls will now attempt to push the price above the 61.8% Fib retracement level at $ 1,012.29
BCH / USDT daily chart. Source: TradingView
If they are successful, the BCH / USDT pair could retest $ 1,213.51. The gradually increasing 20-day EMA ($ 839) and the RSI above 63 suggest that the bulls have a minor advantage.
However, if the price drops from the current level, it will indicate that the bears are selling in rallies. They will then try to sink the price below the 20-day EMA. If they manage to do that, the pair could drop to $ 686.75.
Conversely, a bounce from the 20-day EMA will suggest that sentiment remains positive. The bulls may make one more attempt to push the price above $ 1,012.29.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.
Market data is provided by the HitBTC exchange.
The entry Price Analysis 30/4: BTC, ETH, BNB, XRP, ADA, DOGE, DOT, UNI, LTC, BCH was published first in Bitcoin, Cryptocurrency and Blockchain News.