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Monday

10 May 2021

Price analysis 5/3: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

Price analysis 5/3: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH


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However, the wick on today’s candlestick shows that the bulls are struggling to sustain the price above $58,000.

If the buyers fail to do that, the bears will make one more attempt to sink the price below the 20-day EMA.

If the buyers can sustain the price above $58,000, the pair could start a gradual climb to the overhead zone.

If the bulls do not allow the price to re-enter the channel, it will suggest that traders are buying on dips as they expect the rally to continue.

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).

Such a move will suggest that traders are dumping their positions and that could pull the price down to the 50-day SMA ($1.01).

On the other hand, if the price turns down from the current level and breaks below the moving averages, the pair may drop to the support of the range at $1.03.

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.

The gradually upsloping 20-day EMA ($257) and the RSI above 61 suggest that demand exceeds supply.

This positive view will invalidate if the price turns down from $286.02 and slumps below the 20-day EMA.

If the price turns down from the current level and breaks below $950.46, the pair could drop to the 20-day EMA ($879).

A break below this level will suggest the bullish momentum has weakened and that will open the doors for a possible drop to the 50-day SMA ($703).

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.

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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