Bitcoin is holding strong near its critical overhead resistance at $31,000 while the US equities markets have become vulnerable to adverse news on regional banks. Gold has risen close to its all-time high, indicating that Bitcoin is currently behaving as a safe-haven asset. Ether has broken out of its triangle pattern and this may pull Bitcoin price above $30,000.
– Bitcoin continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears.
– Ether has broken out of its triangle pattern and if buyers sustain the price above it, the ETH/USDT pair could first rise to $2,000 and then attempt a rally to $2,200.
– BNB is witnessing a tough battle between the bulls and the bears near the support line of the symmetrical triangle pattern.
– XRP formed an inside-day candlestick pattern on May 4 and a Doji candlestick pattern on May 5, indicating that the bulls and the bears are playing it safe.
– Cardano dipped below the 50-day simple moving average ($0.38) on May 3 and 5 but the long tail on the candlestick shows that the bulls are aggressively defending the support near $0.37.
– Dogecoin has failed to achieve a meaningful bounce off its immediate support near $0.08, suggesting that demand dries up at higher levels.
– Polygon attempted to rise above the 20-day EMA ($1.02) on May 3 and 4 but the bears successfully protected the level.
– Solana has been trading in a tight range for the past three days, suggesting a state of indecision among the buyers and sellers.
– Sellers yanked Polkadot below the $5.70 support on May 3 but the long tail shows solid buying at lower levels.
– Litecoin is stuck in a tight range as the bulls are buying on dips while the bears are selling on rallies.