Bitcoin and other major cryptocurrencies are experiencing a slump, but analysts suggest a recovery could be on the horizon. Bitcoin’s halving cycle is expected to continue, and investor Alistair Milne believes now is the time to buy. However, the US dollar index’s relief rally could put pressure on Bitcoin in the short term.
– Analysts suggest a recovery could be on the horizon for Bitcoin and other major cryptocurrencies.
– Bitcoin’s halving cycle is expected to continue, and investor Alistair Milne believes now is the time to buy.
– The US dollar index’s relief rally could put pressure on Bitcoin in the short term.
Key points:
– Bitcoin’s long/short ratio has been climbing as the price has trended down.
– The moving averages have completed a bearish crossover with the 20-day exponential moving average slipping below the 50-day simple moving average.
– Ether has turned down from the 20-day EMA, indicating negative sentiment and traders selling on rallies.
– BNB has reached near the immediate support at $300, which had acted as strong support on April 3 and March 15.
– XRP is struggling to sustain above $0.43, indicating demand dries up at higher levels.
– Cardano’s May 11 candlestick shows that the bulls are trying to buy the dips to the uptrend line.
– Dogecoin’s buying fizzles out at higher levels, and bears may pull the price below $0.07.
– Polygon has extended its decline below the breakdown level of $0.94, pulling the RSI into oversold territory.
– Solana has been trading near the immediate support at $19.85 for the past four days, with bears having a minor edge.
– Polkadot turned up from strong support at $5.15 on May 10, but bears are trying to sink the price below this level.
– Litecoin’s bounce off strong support at $75 is facing strong selling near $82.