When the price stops to moving up even with bullish news, it is time for consolidation or a minor correction. The bulls are trying to hold the price above $5,600, which is a positive sign.
Both the moving averages are sloping up and the RSI is close to the overbought zone.
BTC/USD
Any dip below $5,600 is likely to find support at the 20-day EMA. The BTC/USD pair has not closed (UTC time frame) below the 20-day EMA for two days in a row since breaking above it on February 8. This is a positive sign and it also confirms the 20-day EMA as a strong support.
But if the bears sink the pair below the 20-day EMA, it can fall to $4,914.11. The 50-day SMA is also close to this level, hence, the bulls are likely to defend this zone.
ETH/USD
Ethereum (ETH) has held above the 20-day EMA and the support of $167.20 after breaking out of it. The intraday dips below the supports were purchased, which shows buying at lower levels. The moving averages have gradually started to slope up and the RSI has jumped into positive territory.
If the ETH/USD pair breaks out of $180–$190.54 resistance zone, it is likely to pick up momentum and rally to $225 and above it to $256.
Contrary to our expectation, if the pair reverses direction from the overhead resistance and plummets below the 50-day SMA, it will indicate weakness.
XRP/USD
Ripple (XRP) again failed to scale above the 20-day EMA and the downtrend line. If the bears sink the digital currency below $0.27795, it can retest the yearly low of $0.24508.
If the support at $0.27795 holds, the XRP/USD pair might remain range bound for a few days. The first sign of strength will be a breakout and close (UTC time frame) above $0.33108. As the pair has been a huge underperformer, we shall wait for it to show sustained buying before recommending a trade in it. The bulls are currently attempting to hold the price above the 20-day EMA.
BCH/USD
On the other hand, a breakdown of the 20-day EMA will drag the BCH/USD pair to the support at $255. The 50-day SMA is also located close by, hence, we expect a strong defense by the bulls at this level. The trend will turn in favor of the bears if the pair sinks below the intraday low of April 29 at $227.70. Currently, we do not find a trade which offers a good risk to reward ratio, hence, we are not recommending any positions in it. A break of this support can sink the cryptocurrency to $70.3549. If this support also breaks, the next stop is $62.45. Our view will be invalidated if the LTC/USD pair rebounds off the current levels and breaks out of $91.
A breakout and close (UTC time frame) above $91 will complete a cup and handle pattern, which has a target objective of $158.91. The price is currently at the critical support of the uptrend line of the wedge. Though the $4.4930–$3.8723 zone is a strong support, we expect it to break after holding out for a short period of time.
EOS/USD
Contrary to our assumption, if the EOS/USD pair bounces off the support and rallies above $5.50, it can move up to $6.0726 and above it $6.8299. Both the moving averages are trending up, which is a positive sign, but the negative divergence developing on the RSI is a red flag.
BNB/USD
If the BNB/USD pair slips below the 20-day EMA, it can drop to the 50-day SMA. A breakdown of this support will complete a bearish rising wedge pattern that can drag the price to $15 and lower.
On the other hand, if the pair bounces off the 20-day EMA or the 50-day SMA, it will try to rise to new highs once again.
XLM/USD
Stellar (XLM) turned down from the moving averages and broke below the uptrend line once again. The bears are currently attempting to defend the immediate support zone of $0.09750928–$0.09478125. If this support breaks, it can drag the price to $0.08. The down sloping 20-day EMA and the RSI in the negative zone shows that the bears are in command.
Our bearish view will be invalidated if the XLM/USD pair reverses direction from the current levels and rises above the 50-day SMA. In such a case, it can move up to $0.12039489 and above it to $0.13250273. The moving averages have completed a bearish crossover and the RSI is in the negative zone.
ADA/USD
But if the ADA/USD pair bounces off the support and rises above the moving averages, it can move up to $0.082952 and if this level is crossed, it can reach $0.094256.
The pair will complete a cup and handle pattern on a breakout and close (UTC time frame) above $0.094256. We шиll wait for the digital currency to complete the bullish pattern before proposing a trade in it.
TRX/USD
Tron (TRX) is finding it difficult to break out of the moving averages but the positive thing is that it has not given up ground. This increases the probability of a breakout and a move to the top of the range at $0.02815521.
The TRX/USD pair will signal strength after it sustains above the range. It will confirm the start of a new up move after it rises above the overhead resistance of $0.03278079.
Contrary to our expectation, if the pair turns down from the current levels, it can drop to $0.02094452 and if this support breaks, it can correct to $0.01830.
