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Every BTC and ETH price growth is now followed by a 20-day moving average, signaling us that the market is under bearish pressure today, expecting further falls.
But this does not mean that the bulls gave up the market by not buying coins. This is just a hint that cryptocurrencies are now subject to a bearish attitude and are almost unresponsive to the positive news background. In addition, the congestion of big players near the low levels demonstrates their bullish sentiment in the long term.
At the moment, traders tend to close positions as soon as Bitcoin shows growth. But the descending 20-day moving average at $42,780 and the RSI are showing bearish power.
If the fall in BTC continues below the $34,000 mark, it will receive support at the dangerous $30,000 level. Most expected, it is on this indicator that the bulls will begin an aggressive offensive until the price rises above $48,000. If the bears "crush" the price, then sales will increase, and the next support is planned at $28,000, and then at the lower border of $20,000.
Current price: $35,270 on Binance
Ether managed to gain a little in price over the last week, having recovered. However, bulls failed to drive the value beyond the 20-day EMA. At the same time, the rising average is near the bears, and the RSI has reached pessimistic levels. This means that in case of minimal cover, the cost of the asset will immediately fall.
If the bears push Ethereum under $2,378, it will drop another $300. As for the low, it could stop at $1,728 if the decline continues below $2,000. If the bulls lead the token above the 20-day EMA, this will change the mood in the market and ETH will rise to $3,360, almost completely restoring the April dynamics.
Current price: $2,420 on Binance
Binance Coin (BNB)
Now the bear's target is under the support line at $306. If they succeed, the token will fall to $257, and then the value will drop even more to $211.
When the bulls are able to snatch the token over the 20-day EMA of $427, the rally will begin and subsequently, the coin will break through the $521 indicator. Therefore, if we see a further decline in value at levels above $428, the downtrend is over and BNB expects growth.
Current price: 32,595$ on Binance
Unfortunately, the bulls failed to hold the levels above the 20-day EMA of $1.63, although the ADA managed to break it back on May 26th. The bears managed to crash the token below the support level of $1.55.
If they manage to keep the values of the token below $1.43, then in the future its value will drop to $1.24, finding support at the $1 mark. Another outcome can happen when the bulls reverse the coin over $1.58, which will indicate active shopping at low levels and could push the coin up to the $2 price, challenging the $2.5 level.
Current price: $1.48 on Binance
For Ripple, problems with the regulator still remain relevant, although they have turned their attention to Asian markets. Meanwhile, traders try to close long positions on a slight pullback.
If the value of the token remains underneath $0.88, the bears would most likely try to “knock” it to the value of $0.65. The descending 20-day EMA of $1.14 and the RSI under 40 also dictate the further outcome at even deeper levels. In the event of a break beyond $0.65, the token will find support at $0.88 and may continue to rally to the 50-day moving average of $1.34, breaking the downtrend.
Current price: $0.87 on Binance
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