ALERT!!🚨SHOCKING BITCOIN PRICE MOVE!!! SMALL ALTCOINS WITH 10x POTENTIAL!!! CRYPTO NEWS & ANALYSIS

Contents

BTC, ETH and XRP: the situation on the crypto market on May 5

BTC, ETH and XRP: the situation on the crypto market on May 5
CONTENT

  • BTC rate is trading near the area of ​​long-term resistance.

  • On April 30, Ethereum made a bearish breakout of the symmetrical triangle.

  • XRP is trading within the 2430-2490 Satoshi short-term range.

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The bitcoin rate has been declining since April 30 within a bearish pattern. At the time of writing the analysis, trades were held in the region of $ 8900.

On the eve of the third halving, expected on May 12, activity in the bitcoin network has grown in a number of parameters, and bitcoin enthusiasts promise the currency to continue to grow.

Below we will consider the top three popular cryptocurrencies and try to understand what awaits them next..

Bitcoin (BTC)

Bitcoin (BTC) peaked at $ 9,460 on April 30 and has been trading within a descending triangle ever since. At the moment, the price has managed to form two descending highs and is in the process of moving towards the support line at $ 8550.

A descending triangle is known as a bearish pattern, so a bearish breakout of this pattern can be expected. This scenario is supported by the fact that the pair is trading very close to the area of ​​long-term resistance. If possible support is lost, represented by the 200-hour MA (white line), the rate of decline could accelerate.

The target for such a bearish breakout would be the nearest support area at $ 7750.

Ethereum (ETH)

On April 30, Ethereum made a bearish breakout of the symmetrical triangle and has been declining since then.

BTC, ETH and XRP: the situation on the crypto market on May 5

At the time of writing, the price is trading just above the support area of ​​₿0.023. This area is also strengthened by the 50-day MA, which previously played the role of resistance and now became support.

Although a rebound is not excluded from current levels, the RSI does not confirm such a move. Despite the drawdown deep into the oversold zone, the indicator does not give signals of bullish divergence. Thus, although we do not exclude the possibility of short-term growth, we cannot say that at these levels the price will begin to reverse..

If Ethereum continues to decline, it could find support at ₿0.021 and possibly test the previous long-term downtrend resistance line above which the price broke earlier.

Ripple (XRP)

XRP is trading within a very short-term range of 2430-2490 Satoshi.

BTC, ETH and XRP: the situation on the crypto market on May 5

The price made two unsuccessful attempts at its bullish breakout, but did not test the strength of the support line of this range..

The hourly RSI is giving strong bullish divergence signals. This suggests that the market may head towards the upper end of the range around 2490 satoshi. This scenario is supported by the fact that XRP is holding over long-term support..

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