Bitcoin, Ethereum, Stellar: Price Analysis May 2
02/05/2019 - huy
The bulls have been defending the 20-day EMA for the past few days, but have been unable to propel Bitcoin (BTC) higher. This shows a lack of demand at higher levels as the digital currency nears the stiff resistance zone of $5,600–$59,00. However, both the moving averages are trending up, which suggests that the bulls still hold the advantage. Above $5,400, the bulls will again try to carry the price to the overhead resistance zone.
We do not expect the BTC/USD pair to scale above the resistance zone at the first instance. A few days of consolidation or a minor correction from $5,900 is likely.
The RSI is forming a bearish divergence, which is a negative sign. If the pair turns around and dives below the 20-day EMA, it can fall to $4,914.11. A breakdown of the $4,914.11 and the 50-day SMA support zone will dampen sentiment and shift the advantage in favor of the bears. We suggest traders trail the stops on the remaining long positions to $5,100 and protect paper profits.
Ethereum (ETH) has held the 50-day SMA. The subsequent bounce has carried it above the 20-day EMA and the overhead resistance at $167.20. However, it is facing resistance at the downtrend line.
Both the moving averages are flattening out and the RSI is close to the midpoint. This suggests a consolidation for the next few days.
This view will be invalidated if the ETH/USD pair breaks out of the downtrend line. It can then rise to $180, followed by a rally to $190.54. Above this level, it is likely to pick up momentum and head towards $225 and above it to $256. The pair will turn negative if it breaks below the recent lows of $148.03. We will wait for the price to sustain above the downtrend line before proposing a trade in it.
Though the bears broke down the uptrend line twice, they could not capitalize on the advantage. This shows buying at lower levels. The bulls have pushed the price close to the downtrend line, which is a positive sign. Stellar (XLM) is currently facing resistance at the 20-day EMA, above which a rally to $0.12039489 is possible.
Contrary to our assumption, if the XLM/USD pair turns down from the 20-day EMA, the bears will try to break down of the uptrend line once again. If the price sustains below this level, it will complete a rising wedge pattern that can drag the price lower to $0.08.
Both the moving averages have flattened out and the RSI is just below the midpoint. This suggests a range bound action for the next few days.
According to Cointelegraph
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