Key points to watch out for:

• If bulls are able to maintain the buying of dips and push BTC above the upper Bollinger band, i.e, above the psychological resistance of $10,000, we will see BTC test the $10,500 resistance level.

• The current crucial support traders need to watch out for is at the 20-day EMA level of $9100, followed by the uptrend line at around $8800 level.

• If bears show more strength we can expect BTC to decline towards its 50-day moving average (MA) at $8000.

Indicators

The market capitalization of the first-ranked cryptocurrency slightly came down to $175 Billion along with a lower trading volume of $36.5 Billion on Wednesday, May 20. Bitcoin's market dominance can be seen at 66.7%.

With slight deceleration, the MACD line is pointing to slope downwards away from the signal line, indicating a weak trend. The relative strength index (RSI) went below 60, displaying a bearish divergence at 58 level.

ETHEREUM / U.S. DOLLAR

Price Analysis

Ethereum stays strong even after the bears seen around the recent market. The second-largest cryptocurrency also grows stronger in market capitalization against Bitcoin. The price of Ether went up to a high of $215, but just below its $216 resistance level on Wednesday, May 20. ETH made a low of $205 trying to test the downtrend line but the price closed near Ether's $210 support at $209.5 level. The price of Ethereum is in the uptrend trading within the ascending channel, as seen in the daily chart below.

Key points to watch out for:

• If bulls continue to maintain the upward momentum, we can expect Ether's price to go above the middle line of ascending channel rallying up to $227 resistance level, followed by the price reaching the resistance line of ascending channel at $248 level.

• If bears take over, the immediate support level can be seen at ETH's 20-day exponential moving average (EMA) at $201. The next support will be at the support line of ascending channel between $195 - $197 level, followed by a dip to ETH's 50-day moving average (MA) at $184 level and lower support of month's low at $175.

Indicators

The market capitalization of Ethereum is seen around $23.3 Billion with a slightly lower trading volume of $12.7 Billion on Wednesday, May 20. The market dominance of Ether is at 8.8%.

The moving average convergence divergence (MACD) is slightly accelerating with the MACD line overlapping the signal line, almost sloping up to cross above it. This indicates that the bulls are in command.

The relative strength index (RSI) shows a slight weakness by sloping down at 57 but should correct itself above 60 as bulls have the upper hand.