Another influential factor is the increasing demand for crypto-related institutions. This trend is picking-up in Asia with Companies like Huobi Asset Management launching four(4) crypto-related tracker funds.
U.S based investment management company, Fidelity also launched Sherlock, a digital asset data and analytics platform for institutional investors, on April 29. From all indications, the crypto markets are getting matured and more resilient while flipping resistance and maintaining rallies.
BTC/USDT daily chart. Source: TradingView
Currently trading at $58,476.32 the BTC/USD pair was able to break through the 20-day ($56,025.67) and 50-day ($55,249.06) moving average levels on April 30th and give the bulls a potential break-out level to a new ATH. After fluctuating along the 50-day moving average area for a few days, the bulls were eventually able to force a break out and go all the way to $58,000 and looks likely to reach $61,825 with a good pace.
If it breaks above this point, then the next resistance should be encountered near $64,849 where it may reach a new ATH. From the relative strength index(RSI) readings, the panic-sellers are beginning to dwindle and this shows that the bulls are winning back more traders. However, the resistance is expected to get stiff as the pair approaches the ATH level.
If the bears sell aggressively they may be successful in bringing the prices down to support at $52,200. A break below this point will send the pair towards $50,460 and if enough traders should join in the panic-selling, prices may go down to the next resistance level at $46,985. The next trend move is probably going to start above $64,850 and continue upward or below $46,985 and continue downward, but in the mean-time, range-bound actions will remain volatile.
Indicators
RSI is at 54.76 and looking upward to indicate that the bulls are doing a good job buying but it's not a frenzy yet. MACD histogram is growing stronger in the green area, and both MACD and signal lines are returning to their upward facing position.
ETH/USD
The ETH/USD pair has once again achieved a new ATH ($1,399.25), just 10 days after it surpassed its former ATH and touched above $2,600 when it rebounded off from resistance level around the 20-day moving average. Quite similar circumstances surround the build-up to this rally to a new ATH a few hours ago. The trend started on April 25th, and continued in an upward direction daily leading up to today.
The pair formed a Doji candlestick pattern on April 29th and May 2nd. This usually indicates a bit of hesitation near the resistance line of the ascending channel, another indication would be if we are to experience an inside-bar trading pattern today.
If this pattern should occur, then the price should also continue moving in the same direction after the pattern as it did before the pattern which is upward provided the bulls don’t give up so much ground.
ETH/USDT daily chart. Source: TradingView
The sharp rally to $3,100 early today won’t be without resistance, and the resistance around the ATH is usually stiffest. Owing to the way the bulls have handled the price corrections so far, it is more than likely that the ETH/USD pair is up to the challenge. The two moving averages (20-day and 50-day) are keeping their northwest direction as the bulls try to stay in control.
This control will be threatened by the RSI indicator heading towards the overbought section fast. Although this means that the bulls are on top of it, the bears become more likely to crash the party.
Holding on to the new ATH level is cool, but if the resistance rides for too long at this point, sentiment will likely favour the bears as more traders may book their profit and could resume panic-selling. A scenario like this could bring the price down to its 20-day moving average($2,578). A break below the support line of the channel will signal a possible trend reversal.
Indicators
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RSI is at 78.40 and quickly heading towards 80. This goes to show that the bulls are buying even at high levels, this is evident on the main trend. However, it is still heading towards a risky point where prices get turned down. MACD is looking good and has been growing strong in the green area for a whole week.
XRP/USD
The XRP/USD pair formed an inside-bar pattern on Trading View’s April 29th candlestick chart before continuing a sluggish uptrend that is currently being stalled by the bulls at $1.59 at the time of writing.
The bulls had earlier showed strength by pushing the trend above the 61.8% Fibonacci retracement level at $1.55 and reaching as high as $1.66 on the 1st and 2nd of May while battling resistance. Another inside-bar pattern is taking shape today and will likely follow the same upward continuation as the inside-bar on April 29th.
XRP/USDT daily chart. Source: TradingView
After breaking through resistance around and above the 20-day average($1.37), sentiment is likely to favour the bulls on the next power tussle between the bulls and the bears. If the current price level is sustained above $1.55 the pair could likely push for $1.73 and try to get back on its rally, first of all to the 52-week high($1.96), and after that to a new ATH, assuming the bulls are strong enough to get through all the resistance in between in one fell swoop.
For now all indications point towards the bulls having an upper hand and a better chance of breaking out, including the RSI readings.
However, if a reverse should be the case then the pair plunges below $1.55 and possibly the 20-day moving average, indicating a lot of selling going on at higher price levels. If the bullish momentum gets weaker, the pair could be kept range-bound for a few days.
Indicators
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RSI is at 60 and is keeping a flat trend having curved from heading downwards. This could mean that bulls are trying to regain ground. MACD histogram has resurfaced weakly in the green area while the MACD and Signal lines are looking convergent.
LTC/USD
The bulls trading on the LTC/USD pair have been able to sustain the trend just above the 20-day moving average($257.77) but the bears are keeping on their toes too considering the hesitation to move beyond $278 and into $290 range where it could likely retest $335.79. The pair has witnessed minor corrections but so far none has lasted. This is a positive sign as it suggests that traders are not waiting for a deeper correction to buy.
LTC/USDT daily chart. Source: TradingView
If the bulls can keep the price above $277.48 then the pair could continue upward towards the 61.8% Fibonacci retracement level at $286.02 and beyond. This Fib retracement level may be flipped to resistance level by the bears but if the bulls can continue climbing, it should retouch its 52-week highs with the same momentum.
With the moving averages keeping their upward slopes, it can be deduced that buyers are trying to gain more ground than they have already.
This projection will be negated if the price turns down and plummets below $257.77. A move like this will only give rise to the selling aggregate and the trend could very well be headed below its 50-day moving average.
Indicators
The RSI reading turned to the upside still under 61, which indicates an advantage to the bulls. MACD histogram has also stepped in the green area. The layered exponential moving averages converged on May 2nd. Could this be signifying an uptrend?
BCH/USD
The BCH/USD pair has been able to stay above its 20-day moving average and even go a bit higher but so far has met resistance around $1,031 where it seems likely to breakout upward today. The bulls will probably want to maintain the price level above the 61.8% Fib retracement level at $1,012.29.
BCH/USDT daily chart. Source: TradingView
If the bulls successfully push the price to Fib retracement, the pair could likely retest $1,217.95. From some indications the bulls have a minor advantage to break resistance and keep the 20-day and 50-day moving averages upward.
If the pair should get turned back at this level, it will mean that the traders are turning bearish on the rally.
Such an event could pull the price below its 20-day moving average and possibly towards $690.17 again.
If the pair successfully rebounds at current level, it means the sentiment is staying positive and will try to head past $1,176.40.
Indicators
RSI is at 63.46 and looking to resume an upward trend. This shows that the bulls are not done buying at price levels. MACD histogram looks to be getting stronger in the green area and the layered exponential moving averages converged in an upward facing direction two days ago.
Correlation
BTC/ETH: 0.68, BTC/XRP: 0.56, BTC/LTC: 0.73, BTC/BCH: 0.78
Bitcoin, as well as multiple altcoins on the crypto market seems to be regaining bullish strengths and reversing the corrections that happened between 18th to 20th April. Much of the market sentiment is on the positive and this will probably fuel bullish breakouts at resistance levels. Ethereum and Ripple are having a much lesser correlation than last week, with ETH/USD recording the best 24hour r.o.i on this list(6.7%) and XRP/USD recording the worst(-2.3%).
Key Notes
- Bitcoin looks like it’s trying to stage a comeback and probably get to a new ATH
- Ethereum bulls have been able to surpass the ATH set on April 17th
- Ripple is currently trading at $1.59 but will need to fight off stiff resistance.
- Litecoin is stalling around $279.92 and likely to breakout North.
- Bitcoin Cash is currently trading at $1,019.19 and facing major resistance.
