Bitcoin (BTC) bounced at the $53,000 support area on May 5, creating a bullish engulfing candlestick in the process.
TRON (TRX) has been increasing since bouncing at the long-term $0.09 support area.
Ethereum (ETH) has reached a long-term reversal area and is showing short-term signs of weakness.
XRP (XRP) has been moving upwards since bouncing at the 1,850 satoshi support area.
BTC
On May 5, BTC reached the $53,000 support area and created a bullish engulfing candlestick. This is a positive sign that suggests the bullish trend and the price action is likely to head higher.
Technical indicators also suggest that the trend is bullish. This is especially evident by the bullish cross (green arrow) in the Stochastic oscillator.
ETH
On May 5, ETH reached a new all-time high price of $3,549, but has decreased slightly since.
The drop was preceded by a bearish divergence in both the RSI and the MACD. Therefore, it’s possible that this was a short-term double top pattern.
If so, the closest support areas are found at $3,000 and $2,826.
In addition, ETH has reached a likely long-term reversal area.
XRP/BTC
For an XRP/USD analysis, click here.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
Disclaimer
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