Can Bitcoin (BTC) follow binance coin (BNB) and set a new peak soon?
The cryptocurrency market has turned green and all of the top 10 coins are bullish again.
Top 10 coins by CoinMarketCap
BTC/USD
Buyers tried to recover the price yesterday morning but could not overcome the two-hour EMA55. Sellers increased their volumes from the level of average prices and, by the end of the day, the pair's decline reached $55,440.
The price bounced off this April low overnight and recovered to the $56,000 area. Recovery is proceeding slowly, at decreasing volumes.
BTC/USD chart by TradingView
Buyers might try to bring the pair back to the moving average EMA55 this morning. In the afternoon, the decline may resume and, if the bears intensify the onslaught, the price will break through the support of $55,000 and renew the monthly minimum around $54,000.
Bitcoin is trading at $57,839 at press time.
XRP/USD
Yesterday, the pair failed to gain a foothold above the psychological level of $1 per coin. The bears rolled back the price below the support of $0.900, setting the daily low at $0.855.
XRP/USD chart by TradingView
After the rebound, the pair tried to consolidate slightly above the support of $0.90, but today, the bears may push through this weak support and continue the pullback to the $0.80 level. We believe that in the area of average prices the decline will slow down and the volatility of the pair might decrease.
XRP is trading at $0.9621 at press time.
BNB/USD
Binance Coin (BNB) is the top gainer today. The rate of the native exchange token has gone up by 6%.
BNB/USD chart by TradingView
On the daily time frame, Binance Coin (BNB) has updated the peak and keeps going higher. Applying Fibonacci retracement to the chart, a rise is possible to the 61.8% level, or $430.
Binance Coin is trading at $416 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
