Bitcoin maintained support for $ 28,630 on May 20, indicating that bulls are buying at a lower price. The bulls pushing prices above the downtrend line were the first signs of recovery.
If prices can be maintained above the downtrend line, the BTC / USDT pair could rise to the 20-day moving average (EMA: $ 31,758). A break above the 20-day EMA and above the closing price will raise the Fibonacci retracement to the 61.8% level ($ 34,823). The bears will actively defend here.
Also, if it turns down from current levels or the 20-day EMA, sentiment remains negative, suggesting that traders are selling on the rise. The bears will try to sink prices below $ 28,630 as they may retest critical support at $ 26,700.
Ether (ETH) rebounded on the uptrend line on May 21, showing that bulls are buying a squeeze at this level. The bulls will try to push prices up to a resistance just above $ 2,159, where the bears will violently resist.
If the price turns down from the resistance directly above, it may fall to the uptrend line. This is an important level to note in the short term. If the price rebounds from the uptrend line, it could increase the prospect of breaking above $ 2,159. In that case, the ETH / USDT pair will try to rise to $ 2,500.
On the other hand, as prices turn down from current levels and resistance above and break below the uptrend line, they are likely to suggest that prices could stall between $ 2,159 and $ 1,700 for a few days.
Ripple (XRP) is trying to recover after the bulls successfully defended their $ 0.38 support on May 19. The bulls will try to push prices up to the 20th EMA ($ 0.47).
The falling moving averages and the negative RSI show that the bears dominate. The seller will try to protect the 20-day EMA. If that happens, the XRP / USDT pair could turn down from the resistance directly above and down to strong support at $ 0.38.
Conversely, bulls pushing prices above the 20-day EMA suggest a possible change in short-term trends. In that case, the pair would rise to the $ 0.50- $ 0.55 overhead zone, a major obstacle.
On the downside, the price needs to remain below $ 0.38 to retest the May 12 day-to-day low of $ 0.33.
Translation / Editing Cointelegraph Japan
The views and opinions displayed here are those of the author and do not necessarily reflect the views of Cointelegraph. All investments and trading are risky and require independent research when making decisions. Market data is provided by HitBTC.
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