BITCOIN / U.S. DOLLAR
Price Analysis
The first day of this week saw Bitcoin's price taking support at the $8700-$8800 range, still facing its heavy resistance at $9300 - $9500 range, clearly seen in the image below. We can also spot the formation of a Bullish Pennant in the hourly chart.
BTC began to test the support of pennant during the first half of the day on Monday, 4th May falling down to $8500. The next half of the day witnessed BTC escalating to $8950 entering back into the bullish pennant.
Bullish Pennant
Considering the bullish scenario of Bitcoin, if its price breaks out the bullish pennant, BTC will pick up momentum after $9500 resistance, the next resistance will be seen in the range of $10500 - $11500.
In the bearish point of view, if BTC falls below $8400, key points to watch out for are:
Indicators
The total market capitalization of cryptocurrencies portrays a very similar pattern to the world's first-ranked cryptocurrency, Bitcoin's market cap. Have a look below:
To pick up an ascending momentum, the total market capitalization needs a breakthrough from its resistance of $245 Billion. But if it drops down below $230 Billion, the entire crypto market will face a 10% decline.
Bitcoin's market capitalization is currently around $165 Billion. If it breaks the resistance between $170 - $175 Billion, we will be able to see upward momentum. But if it falls below $155 - $165 billion, there might be a decline of 10% or more.
BTC is trading above the Golden Fibonacci level of $8400.
The trading volume seems to decrease but is still trying to maintain calmer levels.
We can notice the MACD line has crossed below the signal line, descending towards 0. An upward correction to occur if BTC is able to break its resistance, otherwise, the deceleration will continue.
RSI fell down to 47 and is correcting itself trying to reach 60, as seen above.
Bitcoin's price is taking the support of its 20-day Exponential Moving Average (EMA) depicted by the yellow line in the 4-Hourly chart above.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum, the second-largest cryptocurrency, by CoinMarketCap, appears to hold some gains in its key ascending channel. The price of Ether fell down to its 20-day Exponential Moving Average, at $195 on Monday, 4th May, as depicted by the yellow line in the chart below. This happened right after traders who sold their Ethers making profits from the previous day breakout of the ascending channel.
ETH recovered to $210 the same day. Bulls are trying to make continuous efforts to hike ETH above the ascending channel, though Ether might test its 90-day moving average (MA) at $190.
If Ethereum successfully breaks the key ascending channel, traders will see its price peaking to $250 followed by $289.
Key points to watch out if Ether slips below the ascending channel:
Immediate Support levels lie between $190 - $194.
Next support levels of $189, $185, $181, $177.
Indicators
The RSI level fell to 37 but corrected itself to 48 and aiming to reach 60.
The MACD line fell below 0 with deceleration, as seen in the chart below.
The Trading volume has decreased from the previous week but is oscillating to maintain calmer levels and not declining low.
