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Exclusive BTC, ETH, XRP, TRX, EOS, XVG, SUSHI—Technical Analysis May 6

3 mins
Updated by Kyle Baird
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In Brief

  • BTC and XRP have bounced at a horizontal support area.
  • SUSHI has broken out from a descending resistance line.
  • Long-term indicators for EOS, TRX, and XVG are bullish.
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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.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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