Price analysis 5/3: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH
May 3, 2021. Summarized by summa-bot.
Compression ratio: 18.2%. 2 min read.
Ethereum and a handful of altcoins have charged higher while Bitcoin struggles to find enough momentum to clear the $58,000 level.
Bitcoin has bounced off the 20-day exponential moving average ($55,915) today, suggesting that bulls are accumulating on dips.
Conversely, if the bears sink and sustain the price below $2,850, the pair could drop to the 20-day EMA ($2,586).
If the bulls can sustain the price above $639, the BNB/USDT pair could start its journey toward the pattern target at $808. 57.
Contrary to this assumption, if the bulls fail to sustain the price above $639, the bears will try to pull the price down to the 20-day EMA ($552).
However, if the price drops below the 20-day EMA, the pair could decline to the support line of the triangle and then to the 50-day simple moving average ($421).
The rising 20-day EMA ($0. 28) and the RSI near the overbought territory suggest the bulls are in control.
This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks the 20-day EMA support,
The ADA/USDT pair may hit a wall at the overhead resistance zone as the bears will once again try to reverse the direction and keep the price stuck inside the $1. 03 to $1. 48 range for a few more days.
The marginally rising 20-day EMA and the RSI above 56 suggest the bulls have the upper hand.
On the contrary, if the price turns down and slips below the 20-day EMA, the DOT/USDT pair may drop to $32. 50.
If the bulls sustain the price above $44, the pair could rise to the resistance line of the ascending channel at $50.
If the price turns down from the current level and breaks below $950. 46, the pair could drop to the 20-day EMA ($879).
Conversely, if the bulls succeed in sustaining the price above $1,012. 29, the BCH/USDT pair could rise to $1,100. 78 and then retest the 52-week high at $1,213. 51.