Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin and the major altcoins have bounced off their immediate support levels, paving the way for a possible relief rally in the short term.
Bitcoin and the major altcoins have bounced off their immediate support levels, paving the way for a possible relief rally in the short term.
BTC price continues to encounter selling pressure, but a brief rally or the start of consolidation could lead to sharp gains in BNB, XMR, ETC and MANA.
BTC and altcoins produced the occasional relief rally, but technical analysis suggests that the prevailing trend will remain bearish for some time to come.
Ailing stock markets continue to impact crypto prices and technical analysis suggests BTC is at risk of falling below its recent $25,500 low.
BTC and most altcoins are facing strong selling at the top of each rally, but the short-term downside could be limited since Bitcoin bulls keep buying each dip.
Bitcoin could eventually attempt a relief rally which might trigger a rebound in MANA, MKR, ZEC and KCS price.
Traders are hopeful that Bitcoin can stage a relief rally within the $30,000 to $35,000 range, but selling at resistance could still keep BTC and altcoins in a strong bear trend.
The implosion of the Terra ecosystem appears to be manifesting contagion that is negatively impacting Bitcoin and altcoins.
BTC and many altcoins are fast approaching the “capitulation phase”, which is typically followed by the market finding a bottom.
Bitcoin has reached a critical support zone and if there is a bounce from this level ALGO, XMR, XTZ and THETA could move higher in the short-term.