Exclusive BTC, XRP, ETH, AVAX, NEO, DIA, KAVA—Technical Analysis May 5

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In Brief
  • BTC has bounced at the $53,000 support area.

  • NEO has completed a fourth wave pullback.

  • DIA reached a new all-time high price on May 5.

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Bitcoin (BTC) has been decreasing since May 3 but bounced at the $53,000 support area.

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Ethereum (ETH) has been increasing since March 24 but is approaching a confluence of resistance levels.

XRP (XRP) is retracing, attempting to find support between $1.27-$1.36.

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Avalanche (AVAX) has completed and A-B-C corrective structure.

Neo (NEO) has completed a fourth wave pullback.

Dia (DIA) broke out and reached a new all-time high price on May 5.

Kava.io (KAVA) has reclaimed the $5.25 area.

BTC

BTC has been moving downwards since reaching a high of $58,999 on May 3. It broke down from an ascending support line shortly after. 

The decrease continued until BTC reached the 0.5 Fib retracement support level at $53,000, and began the current bounce. 

The MACD has given a bullish reversal signal and the RSI has generated a bullish divergence. Therefore, BTC is expected to continue moving upwards.

 
BTC Chart By TradingView
 

ETH

ETH has been moving upwards since March 24. So far, it has reached a high of ₿0.062 on May 4. 

Technical indicators are still bullish. However, the price is approaching a confluence of Fib resistance levels between ₿0.067 and ₿0.073. Therefore, it could get rejected if it reaches these targets. 

However, the longer-term chart suggests that ETH could eventually reach ₿0.085.

ETH Chart By TradingView

XRP

XRP has been moving upwards since April 23. The upward move continued until the price reached a high of $1.62 on May 1. After pulling back from this high, XRP is trying to find support between $1.27-$1.36.

The current movement likely consists of sub-waves one and two (black) of a bullish impulse. Afterward, XRP could potentially increase all the way to $2.70.

XRP Chart By TradingView

AVAX

AVAX has been moving downwards since reaching an all-time high price of $60.30 on Feb. 10. The decrease continued until a low of $19.80 was reached on April 23. The token has been moving upwards since.

The movement since the highs looks like a completed A-B-C corrective structure.

Technical indicators are also bullish, as evidenced by the positive MACD and the RSI cross above 50. A bullish cross in the Stochastic oscillator has almost transpired. 

Therefore, AVAX is expected to find support between $26.40-$28.40 before moving upwards once more.

AVAX Chart By TradingView

NEO

NEO has been moving downwards since April 19. The decrease continued until April 23 when it reached a local low of $73.36. It’s been moving upwards since.

The movement looks like a completed fourth-wave pullback. Targets for the top of wave five (orange) are found at $151 and $198.

NEO Chart By TradingView 

DIA

DIA had been decreasing alongside a descending resistance line since April 4 when it reached a then-all-time high price of $5.40. 

On May 3, it broke out from this resistance line and has been increasing since. Since then it reached a new all-time high price of $5.65. 

Technical indicators support the continuation of the upward movement. This is especially evident by the bullish cross in the Stochastic oscillator. 

The next closest resistance levels are found at $7.23 and $10.05.

DIA Chart By TradingView

KAVA

KAVA has been moving upwards since April 23 and reclaimed the $5.25 resistance area shortly after.

Technical indicators are bullish and support the continuation of the upward movement.

The wave count suggests that KAVA has just begun sub-wave three (orange) of a bullish impulse. Prior to this, it completed an irregular flat correction.

A potential target for the top of this movement is found between $13.43-$13.60.

KAVA Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate 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.

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