
Crypto Price Analysis
Crypto Signals / Goldman Sachs has started offering its clients access to Bitcoin (BTC) trading through non-deliverable forwards, according to Bloomberg Law. Max Minton, Goldman’s Asia-Pacific head of digital assets, said that “institutional demand continues to grow significantly in this space.”
Even Citigroup plans to introduce crypto-related services due to the increasing demand from asset managers and hedge funds. Although inquiries about Bitcoin surged in August 2020, the investment bank has been slow to jump into the crypto market. Citigroup’s global head of foreign exchange, Itay Tuchman told the Financial Times that “crypto is here to stay and that we are just at the very beginning of the market.”
Crypto Price Analysis
Long-term investors view dips as an opportunity to build their portfolio at favorable prices. These investors seem to be using the current correction in Bitcoin to buy. Glassnode data shows that 12,354 Bitcoin were withdrawn from Coinbase, with the intention of possibly being held in cold wallets for the long term.
While Bitcoin seems to be in accumulation mode, altcoins have continued their stellar run. Let’s analyze the charts of the top-10 cryptocurrencies to ascertain whether the altcoins have room to run or is a correction around the corner.
Crypto Price Analysis
Crypto Signals
While CryptoCurrency trading can be incredibly lucrative, you need to utilize the most reliable crypto tools available to you in order to save you spending hours of watching and waiting for possible entry and exit points. This is where Crypto signals can help, they are available for anyone who hasn’t quite got the time to deeply examine the market – allowing you to pre-set the limit-level and stop-levels for your trades. Pre-setting this information removes the limit to profit-making opportunities
BTC/USDT
Bitcoin is facing stiff resistance near the downtrend line but a positive sign is that the bulls have not allowed the price to sustain below the 20-day exponential moving average ($56,036). This indicates that traders are buying on every minor dip.
If the bulls drive the price above the downtrend line and the $58,966.53 resistance, the BTC/USDT pair could pick up momentum and challenge the all-time high at $64,849.27. A breakout and close above this level will suggest the start of the next leg of the uptrend.
On the contrary, if the price turns down from the current level and breaks below the 20-day EMA, the pair could drop to $52,323.21. A bounce off of this support will imply that the pair may consolidate between $52,323.21 and $58,966.53 for a few days.
The flat moving averages and the relative strength index (RSI) just above the midpoint indicate the likelihood of a range-bound action in the short term. The possibility of a deeper correction will increase if the bears sink the price below $52,323.21.
ETH/USDT
Ether (ETH) remains in a strong uptrend. The correction on May 4 was short-lived as the bulls pushed the price to a new all-time high on May 5 and followed it up with another up-move on May 6. This shows the momentum remains strong and traders are buying on every minor dip.
If the buyers drive the price above $3,607.14, the ETH/USDT pair could continue its northward march toward the next target objective at $4,528.97.
However, after the recent run-up, the price is trading way above the 50-day simple moving average ($2,289), implying that the pair is over-extended in the short term. A break below the $3,165.30 support will be the first sign of a correction to the 20-day EMA ($2,886).
BNB/USDT
Binance Coin (BNB) remains in an uptrend but the negative divergence on the RSI signals that the momentum is weakening. The recovery on May 5 fizzled out at $656, suggesting that higher levels are attracting selling from traders.
If the bears sink and sustain the price below the 20-day EMA ($579), the short-term traders may rush to the exit. That could intensify the selling and pull the price down to the 50-day SMA ($451).
Crypto Signals
Buyers are trying to resume the uptrend by pushing the price above the $0.69 overhead resistance. If they succeed, the DOGE/USDT pair could start its journey toward the target objective at $1.05.
On the contrary, if the price turns down from the overhead resistance, it will suggest that traders are closing their positions on rallies. The bullish momentum may weaken if the bears sink the price below the 20-day EMA ($0.39).
XRP/USDT
XRP broke above the downtrend line on May 6 and May 7 but the long wick on the candlesticks suggests traders are booking profits at higher levels. The bears are currently attempting to pull the price back below the downtrend line.
If they succeed, the XRP/USDT pair could drop to the 20-day EMA ($1.43). The rising moving averages and the RSI in the positive zone suggest the bulls have the upper hand.
A strong rebound off this support will indicate the sentiment remains positive. If the buyers push and sustain the price above the downtrend line, the pair may rise to $1.96. A breakout of this level could start the next leg of the uptrend.
CryptoCurrency Signals
Up to 11 Crypto Signals per day! We Also offer Forex Signals from our Umbrella Company FxPremiere.com
Crypto Price Analysis
1 – XRP Price Prediction if It Wins Lawsuit
2 – XRP Climbs 11% In a Green Day
3 – XRP Climbs 25% In a Green Day
SEC Crypto Exchange Regulation
About The Author: Crypto Signals
Crypto Signals by FxPremiere Group look no further for the best signals online look no further than FxPremiere
More posts by Crypto Signals