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Cryptocurrency Analysis May 5, 2021

 


Bitcoin Analysis May 5, 2021

Some decline seems logical during the rally over the past two years, but so far it appears that Bitcoin has very strong support areas, the area of ​​52952 where we can notice a clear double bottom, the area of ​​47000 is a very strong and attractive support area for buyers, while we have targets that seem easy now. Around 58952, and while Bitcoin continues to trade below the 50-day moving average on the 4-hour chart, we must not forget that we tested a scenario similar to those short corrective waves before climbing to the top of 65000 a few days ago.

So far, we do not find what drives us to sell bitcoin, but we may buy and repurchase around 50% Fibonacci 53000 while investors can consolidate long positions from every corrective drop from levels of 53000 - 50700 - 47000.

The target bank may contain more than 65,000, and with the escalation of speculation in cryptocurrencies, levels of 100,000 do not seem far this year.

 


Ethereum analysis May 5, 2021

As we expected, Ethereum succeeded in rising to its highest levels ever during yesterday's trading. Currently, we are noticing some corrective decline, but Ethereum is still trading above the moving averages 50-25 on the chart today with a clear positive on the RSI. We can notice that the area of ​​3529 is the current resistance. Challenging the possibility of Ethereum continuing its rally towards the target that we set around $ 5000, but also we must note that we have not experienced any important correction until that moment, currencies and commodities need some correction during the upside and corrective waves of 20% are logical in the markets, but we are the ones who test that. The correction so far, so we may test a correction towards 2770 before returning to rush towards the target of the 5000, if this correction occurs, this will be the last opportunity for buyers to consolidate their purchases before the expected impulse.


Litecoin Analysis May 5, 2021

As we expected Litecoin will continue to perform positively, I remember that we assumed Litecoin could rise towards the $ 500 levels while it was trading around $ 148, now with a look at the daily chart, we can notice the clear positivity on the RSI and the stability of trades above the 50-25 moving averages with an attempt to re-target The resistance area of ​​341, once again Litecoin may need some correction, but noting that we experienced a previous corrective wave that started at 324, down to 210, so Litecoin may not need more deep correction before continuing the path towards the $ 500 target, the 400 levels may be A suitable area to start correcting around as a psychological resistance area, but also a rise above 400 may create a buying wave among traders that may push Litecoin higher than 500.


Ripple Analysis May 5, 2021

Despite all that the cryptocurrency was exposed to, but it made huge gains in a very short period, on the daily chart, Ripple retreated from the top of 1.9651 within a corrective downward wave targeting 50% Fibonacci, but with the stability of the trades above the 50-day moving average, and now a rally begins to re-target the top of 1.9651 Once again, the success of Ripple in breaking that area, a rally may put more targets in front of us that may not end before 3.00, provided that trades remain above the bottom of the last correction area at 1.0668.

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Cryptocurrency Analysis May 5, 2021 Cryptocurrency Analysis May 5, 2021 Reviewed by DR HISHAM M YOUNES on May 05, 2021 Rating: 5

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