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Technical analysis on 5/3: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

    Grayscale Investments CEO Michael Sonnenschein has said that Bitcoin has strengthened its role as a store of value or as a digital gold. In conversations with institutional investors, Sonnenschein explained to them that Bitcoin had a major change in value. According to him, some institutional investors are currently looking to add cryptocurrencies to their portfolios, which didn't happen in the last 12 to 18 months.

    In a report, KPMG has to speak that institutional players are concerned about the lack of proper oversight of cryptocurrencies. Co-leader of KPMG crypto asset service, Sal Ternullo said:

    "Institutional investors will not risk owning cryptocurrency assets if their value cannot be protected like their cash, stocks and bonds. To fill this gap, a number of traditional players and cryptocurrencies have begun offering depository services, which is a lucrative business activity and makes institutional investors more accessible to money. digital.”

    Renowned analyst Willy Woo believe Bitcoin has started its rally, possibly reaching at least $ 100,000. However, analyst Peter Schiff has a completely different perspective on Bitcoin. Schiff said: If Bitcoin doesn't increase, why own it? The answer to that question is “sell”.

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    Overview of the crypto market on 5/5 | Source: Coin360

    It should be noted that Bitcoin's price increase is not due to certain short-term events, so this is not a criteria for sale. During the recent financial crisis, both gold and the stock market fell sharply from mid-March to mid-October 2008. However, after the panic subsided, the gold market began a bull run. strong. Let's look at the charts below, to find out which cryptocurrencies are likely to move up or down.

    BTC technical analysis

    The bitcoin price has been stuck between $ 8,400 and $ 9,000 for the past few days. This shows uncertainty among traders because they do not take bets when there is no decisive trend. Although the bulls are buying close to $ 8,400, the buyout exhausted at a higher level. Similarly, the bear is having a strong resistance at $ 9,000 but it is also not selling when the price is close to $ 8,400.

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    Daily BTC / USD chart | Source: Tradingview

    Therefore, the BTC / USD pair has been hovering near the 200-day SMA for the past few days. The 20-day EMA is sloping down and the RSI in the negative zone shows that the bears have the upper hand.

    If the bears can lower prices below $ 8,400, a fall to the next support at $ 7,856 is possible. Such a move will be a huge negative as it will make prices lower than the 200-day SMA.

    However, if the bulls can push the price above the 20-day EMA at $ 9,153, it will show strength. If the price sustains above the 20-day EMA, the pair can move up to $ 10,000 and above it to $ 10,500.

    The short-term traders can buy when the price breaks above the 20-day EMA and sets the stop loss at $ 8,400. This is a risky trade, so we suggest traders use only about 40% of the usual position size.

    ETH technical analysis

    Once again, Ether fell from the overhead resistance at $ 235.70 on March 3. The 20-day EMA at $ 233.7 is just below the horizontal resistance. Therefore, we expect the bears to actively defend this resistance.

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    Daily ETH / USD chart | Source: Tradingview

    On the downside, the bulls have provided support near $ 209.95. However, we hope to break through this tight range soon.

    If the ETH / USD pair breaks down below $ 209.9, it can drop to $ 197.7, and this level is likely to act as a strong support. On the other hand, if the price breaks out of $ 235.70, a move to $ 288.6 is possible. Therefore, traders can buy on a close (UTC time) above $ 235.7 and set a stop loss at $ 208.

    XRP technical analysis

    The bulls were unable to achieve a strong rebound when bounced back from $ 0.225. This shows that buyers are not in a hurry to start long positions even at this level. XRP has formed a small descending triangle pattern, which will complete when the price breaks below $ 0.2250.

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    Daily XRP / USD chart | Source: Tradingview

    If the bears can sustain the price below $ 0.225, a fall to $ 0.20 and $ 0.174 is possible. The 20-day EMA is sloping down and the RSI is in negative territory, which shows that the bears are giving orders.

    Our bearish view will be invalidated if the XRP / USD pair rises above the moving averages and breaks above the overhead resistance at $ 0.263.

    BCH technical analysis

    The bulls have failed to push Bitcoin Cash above the descending channel. This shows the lack of buyers at a higher level. The bears will now attempt to sink the altcoin below $ 306.78.

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    Daily BCH / USD chart | Source: Tradingview

    If successful, a drop to $ 270.15 is possible. The 20-day EMA is sloping down and the RSI is in the negative zone, which shows that the bears have the upper hand.

    Conversely, if the BCH / USD pair once again bounces back from the support of $ 306.78, the bulls will make another attempt to bring the price above $ 360. If successful, a rally to $ 400 and above $ 500 is possible. There is a minor resistance at $ 430 but we expect it to be conquered. We will recommend trading on a close (UTC time) above $ 360.

    BSV technical analysis

    Bitcoin SV has once again declined from the 20-day EMA, which shows that the bears are actively protecting it. If the price sustains below $ 236, it can retest the recent lows of $ 204.3.

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    Daily BSV / USD chart | Source: Tradingview

    A break below $ 200 will be a huge negative and it can drag the BSV / USD pair to $ 173.66 and below that to the 200-day SMA at $ 157.15.

    Conversely, if the pair bounces back from the current level or from $ 204.31, the bulls will make another attempt to push the price above the 20-day EMA. If successful, a move to $ 301.4 or higher of $ 336.8 is possible. We would recommend trading on a close (UTC time) above the 20-day EMA.

    LTC technical analysis

    Although Litecoin has been trading above the 200-day SMA for the past two days, the bulls were unable to push it to $ 66.14. This shows the lack of buyers at a higher level.

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    Daily LTC / USD chart | Source: Tradingview

    If the LTC / USD pair again plunges below the 200-day SMA, it can retest the recent lows at $ 56.24. If this level holds, the pair may remain range bound for a few days but if this level also breaks down, its next target will be $ 50.

    In addition, if the bulls can push prices above the overhead resistance at $ 66.14, the pair can move up to $ 80.27. We shall wait for a new buy setup to form before recommending a trade in it.

    EOS technical analysis

    EOS has broken out of the downtrend line but it has not caught up. This shows the lack of buyers at a higher level. Therefore, the price can trade between the 200-day SMA at $ 3.36 and $ 4 for a few days.

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    Daily EOS / USD chart | Source: Tradingview

    The 20-day EMA is sloping down and the RSI is in the negative zone, which shows that the bears have the upper hand. A break below the 200-day SMA will be a huge negative, the price can fall to $ 3 and below that to $ 2.40.

    Conversely, if the EOS / USD pair can rally above the overhead resistance at $ 4, a move to $ 4.87 is possible. We do not find a reliable buy setup at current levels, so we advise traders not to look outside.

    BNB technical analysis

    Binance Coin is facing selling at the resistance line of the descending channel. However, the positive thing is that the bulls have not given up on many platforms, which increases the likelihood of a break out of the channel.

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    Daily BNB / USD chart | Source: Tradingview

    If the bulls can push the price above the 20-day EMA at $ 20.64, a move to the $ 21.80- $ 23.52 resistance zone is possible. On this area, the uptrend can reach recent lows of $ 27,905.

    Conversely, if the BNB / USD pair fails to scale above the 20-day EMA, the bears will attempt to sink it below the recent lows of $ 17.7. If successful, this will be a huge negative and the price could fall to $ 16.43.

    XTZ technical analysis

    Tezos has been consolidating in the range of $ 2.52 to $ 3 for the past few days. A breakout of this range will be a bullish sign as it will increase the likelihood of a move to $ 3.50 and above it to $ 3.94.

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    Daily XTZ / USD chart | Source: Tradingview

    Therefore, we retain the buy recommendation made in the previous analysis. If the momentum can push the XTZ / USD pair to a new high, the rally can extend to $ 5.37.

    Conversely, if the bulls fail to sustain the pair above $ 3,011, the bears will attempt to sink it below $ 2.52. If successful, it can be reduced to $ 1.83.

    LINK technical analysis

    Chainlink has resumed its uptrend and has reached a new high. The 20-day EMA is sloping up and the RSI is in the positive zone, which shows that the bulls are in command.

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    Daily LINK / USD chart | Source: Tradingview

    If the bulls can maintain the price near the high, it will signal a strong demand even at a higher level. The first target increase for the price is $ 5.69 and is higher than $ 7.1.

    However, if the LINK / USD pair fails to sustain the highs, the bears will attempt to bring it back to its 20-day EMA and its uptrend line.

    Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

    Sn_Nour

    According to Cointelegraph

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