Hackers have breached the security cover of one of the largest cryptocurrency exchanges, Binance and stole 7,000 bitcoins from the hot wallet of the exchange. It broke above the overhead resistance of $5,900 on May 7 but could not close above it. Both the moving averages are trending up and the RSI is in the overbought zone. If the price sustains above $6,000, the stops can further be tightened to $5,800.
The first sign of weakness will be if the BTC/USD pair turns down from current levels and breaks below the 20-day EMA. Below this support, the next major level to watch is $4,914.11. If this level holds, the pair might consolidate between $4,914.11 and $5,900 for a few days. The trend will turn negative if the price sinks below the 50-day SMA and the critical support at $4,914.11. It corrected to the 20-day EMA, which is providing some support. The 20-day EMA has started to slope up and the RSI is in the positive zone.
If the ETH/USD pair breaks out of $200, it can move up to $225 and above it to $256. Traders can trail the stops to $165 if the pair sustains above $200 for a day. The digital currency will weaken if the bears sink the price below the breakout levels of $167.20 and the 50-day SMA.
Ripple (XRP) has been trading close to the 20-day EMA for the past few days. A breakout of the moving averages can propel it to $0.33108, which is a major resistance. If the bulls fail to scale this level, the digital currency might continue its consolidation for a few more days.
However, if the XRP/USD pair breaks out and closes (UTC time frame) above $0.33108, it can move up to $0.37835. A breakout of this level is likely to start a new up move that can carry the pair to $0.45 and higher.
On the other hand, if the pair turns down from the current levels and plummets below $0.27795, it can correct to $0.24508. As the cryptocurrency has been a huge underperformer, we will wait for a confirmation of the start of a new uptrend before suggesting a trade in it.
Bitcoin Cash (BCH) is likely to remain volatile between the resistance at $335.62 and support at $255. The 20-day EMA is flattening out and the RSI is just above the midpoint.
The advantage will tilt in favor of the buyers if the BCH/USD pair breaks out of the overhead resistance zone of $335.62–$363.30. Above this zone, a rally to $424.02 and higher is likely. On the other hand, the bears will have the upper hand if the pair sinks below the support zone of $255 and $227.70. If this zone breaks down, a 100% retracement of the recent rally is probable that will take the price down to $166.98. A bounce from the current levels will carry Litecoin (LTC) to $84.3439 and above it to $91. The moving averages have flattened out and the RSI is close to 50.
The LTC/USD pair will turn positive if it breaks out and closes (UTC time frame) above $91, as it will complete a cup and handle pattern. Conversely, the pair will turn negative if it drops below the support zone of $66.70 and $60.198. We will wait for the digital currency to close above $91 before suggesting a trade in it.
EOS has been trying to stay above the uptrend line of the rising wedge for the past few days.
If the bears sink the digital currency below the uptrend line of the wedge, it can fall to $4.4930 and below it to $3.8723. If both these strong supports fail to hold, the next level to watch is $3.20.
On the contrary, if the bulls defend the uptrend line and the EOS/USD pair rebounds sharply from the current levels, it can rally to $5.50 and above it to $6.0726. We expect the pair to face stiff resistance at $6.8299.
Binance Coin (BNB) closed (UTC time frame) well below the 20-day EMA on May 7, the first such instance since Feb. 1 of this year. The bulls are currently attempting to defend the critical support at the 50-day SMA.
If the BNB/USD pair dives below the 50-day SMA, it will complete a breakdown of the rising wedge pattern that can drag the price to $15 and lower.
On the other hand, if the pair bounces off the 50-day SMA, it might remain range bound for a few days. The flattening moving averages and the RSI just below the center suggests an equilibrium between the buyers and sellers. If the price slips and closes (UTC time frame) below this support, it can slide to $0.080. The 20-day EMA is sloping down and the RSI is close to oversold levels.
Contrary to our assumption, if the XLM/USD pair rebounds sharply from the current support and breaks out of both the moving averages, it will indicate the possibility of a resumption of the recovery. We will wait for the pair to stop falling and form a reliable bullish pattern before recommending a trade in it. If this support breaks, it can plunge to $0.040. The moving averages have completed a bearish crossover and the RSI is in the negative zone, which shows that the bears have the upper hand.
However, if the support at $0.063230 holds, the bulls will again attempt to break out of the moving averages and rally to $0.094256. The ADA/USD pair will complete a reversal pattern on a breakout and close (UTC time frame) above $0.094256. Therefore, we will suggest long positions on a breakout and close (UTC time frame) above $0.094256. Until then, we remain neutral on the pair.
If the TRX/USD pair turns down from the resistance of the range, it will extend its consolidation for a few more days.
On the other hand, a breakout and close (UTC time frame) of the range will be the first sign that the markets are keen to start a new uptrend.
Contrary to our assumption, if the price plunges from the current levels, it can drop to $0.02094452 and below it to $0.0183.