Ether has broken out of its triangle and that may pull Bitcoin price above $30,000. Conf
Ether has broken out of its triangle and that may pull Bitcoin price above $30,000.
Confidence in the United States financial system seems to be eroding fast with investors trying to find the next weakest link that is about to collapse. Bill Ackman, CEO of hedge fund management firm Pershing Square, cautioned that time was running out to fix the problem.
The U.S. equities markets have become vulnerable to adverse news on the regional banks as seen from the sell-off in the past three days. Compared to that, Bitcoin (BTC) has held strong and is hovering near its critical overhead resistance at $31,000.
Bitcoin is not the only outperformer. Gold had risen close to its all-time high during the week. This shows that Bitcoin is currently behaving as a safe-haven asset and investors are adding it to their portfolio along with gold.
Could Bitcoin overcome the barrier at $31,000 and extend the up-move? Will the altcoins follow Bitcoin higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears. Usually, the trend that was in force before the formation of the triangle tends to resume. That means the price is likely to break out to the upside.
If the price closes above the triangle, the BTC/USDT pair could rally to $32,400. The bears are expected to mount a strong defense at this level because if the bulls drive the price above $32,400, the rally could reach $40,000.
Contrarily, if the price turns down from the resistance line, it will suggest that the pair may continue its random price action inside the triangle for a few more days.
A break and close below the triangle will indicate that the bears have overpowered the bulls. The pair may then tumble to $25,250.
Ethereum price analysis
The bulls pushed Ether (ETH) above the resistance line of the symmetrical triangle pattern on May 5. This shows that the bulls absorbed the supply and have come out on top.
If buyers sustain the price above the triangle, the ETH/USDT pair could first rise to $2,000 and then attempt a rally to $2,200. The bears may aggressively defend this level because if they fail to do that, the pair may skyrocket toward $3,000.
Contrary to this assumption, if the price turns down from the current level and re-enters the triangle, it will suggest that the breakout may have been a bull trap. The pair may then once again drop to the support line. A break below this level may sink the pair to the target objective of $1,619.
BNB price analysis
BNB (BNB) is witnessing a tough battle between the bulls and the bears near the support line of the symmetrical triangle pattern.
The flattish 20-day EMA ($326) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price breaks above the 20-day EMA, the BNB/USDT pair may continue to oscillate inside the triangle for some more time.
A break below the triangle will indicate that bears have seized control. That is likely to start a downward move to $300 and then to the pattern target of $280. If bulls want to gain the upper hand, they will have to propel the price above the triangle. That will clear the path for a possible rally to $350 and then $400.
XRP price analysis
XRP (XRP) formed an inside-day candlestick pattern on May 4 and a Doji candlestick pattern on May 5. This suggests that the bulls and the bears are playing it safe and are not waging large bets.
The moving averages have completed a bearish crossover and the RSI is in the negative territory, signaling that bears have a slight edge. The bears will try to sink the price to the strong support at $0.43.
Conversely, if the price turns up from the current level and breaks above the 20-day EMA ($0.47), it will indicate solid buying at lower levels. The XRP/USDT pair may then rise to the resistance line. Buyers will have to overcome this resistance to open up the possibility of a rally to $0.54.
Cardano price analysis
Cardano (ADA) dipped below the 50-day simple moving average ($0.38) on May 3 and 5 but the long tail on the candlestick shows that the bulls are aggressively defending the support near $0.37.
Buyers tried to push the price above the 20-day EMA ($0.39) on May 4 but the bears did not budge. The downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears. If the price turns down and crumbles below $0.37, the selling could intensify and the ADA/USDT pair may descend to $0.33 and then $0.30.
If bulls want to prevent this decline, they will have to quickly propel the price above the neckline of the inverse head and…
cointelegraph.com