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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