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Can Bitcoin (BTC) follow binance coin (BNB) and set a new peak soon?

Can Bitcoin (BTC) follow binance coin (BNB) and set a new peak soon?
Denys SerhiichukDenys SerhiichukU.Today

The cryptocurrency market has turned green and all of the top 10 coins are bullish again.

Bitcoin

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.

BTCUSD

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.

XRPUSD

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%.

BNBUSD

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

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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